0.1 ICP overview Flashcards
What are canisters?
Smart contracts on ICP
Canisters make up dapps and define functions that can be called by users or other canisters.
How do canisters communicate?
Through asynchronous messages. Meaning that it is non blocking (multiple tasks can occur at once).
What are cycles?
A unit of measurement for resources consumed on ICP by canisters.
Cycles are burned during the execution of canister operations
What are cycles purchased with?
With ICP utility tokens
What is a cycle ledger?
The management of cycles throughout a system canister. Cycle ledgers are managed by controllers
What is the NNS
Network Nervous System
It is a DAO
Responsible for voting on proposals
How do you make a proposal on the NNS?
By burning ICP
What is the SNS?
System Nervous System
It decentralizes a single dapp
How do people join the SNS of a dapp?
By staking the dapp’s native token e.g. HVD
How are dapp’s created?
Through the development of canisters (smart contracts)
