Internet Computer Protocol (ICP) is a utility token that lets users take part in and control the Internet Computer (ICP) blockchain network. The network aims to allow developers to create websites, internet services, enterprise IT systems and DeFi applications by “establishing their code instantly on the public Internet.” Internet Computers (ICP) can also stake or “converted into cycles” that can power computation for dApps and traditional applications.
What is Internet Computer Protocol (ICP)?
Internet Computer Protocol (ICP) is a group of protocols that allow independent data centres worldwide to collaborate and offer a decentralized option to the recent centralized internet cloud providers. The Internet Computer Protocol (ICP) token use for control (holders can vote on the future of the network), to reward network parties for good conduct, and to pay fees for transactions.
Like a ton of tasks in the cryptocurrency space, the Internet Computer Protocol is much better than a form of digital coin. The Internet Computer Protocol (ICP) token is just one part of a much larger idea. The primary concept of Internet Computers Protocol (ICP) is to build a unique decentralized Internet and international computing strategy. Independent data centres worldwide could join to create an option for cloud services—that power most of the recent Internet. Internet Computer (ICP) prepares to have the protocol operating on millions of computers worldwide.
ICP developers say the resulting network has critical benefits over the centralized options. For one, it uses open standards and bypasses the conflicts of interest when a primary cloud-computing provide hosts products that contest with its services.
Originally named DFINITY, Internet Computer (ICP)’s a global and distributed network of databases that can run all applications available via traditional Internet standards such as DNS.
Internet Computer Protocol (ICP) Coin Live Price, Market Cap, Volume, Supply.
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How do Internet Computers (ICP) work?
The Internet today is highly centralized. Popular applications on the Web are usually closed-source, proprietary, and hosted on a handful of data centres owned by big tech firms. And if one critical data centre fails, vast swathes of the Web can also shut down with it. Another primary concern (particularly for privacy advocates) is that centralized, corporate web-services providers can censor or deplatform applications.
The Internet Computer (ICP) offers a fundamental alternative so that developers can build, host, and serve applications more decentralized, qualifying websites to be deployed straight onto the public Internet. Further, the Internet Computer (ICP) would incentivize open source and transparent software development.
As explained in the MIT Technology Review’s profile of the Internet Computer (ICP), “Instead of running on a true server in Google Cloud, for example, the software would have no fixed physical address, moving between servers owned by self-dependent databases roughly the world.”
One method you can think of as Internet Computer (ICP) is to transform crypto into processing power — the network will set a fee based on the quantity of computing power required by a developer’s task. The website will use on the public Internet as long as they settled the payment.
In theory, any application can create and run on the Internet Computer — from social networks like TikTok and LinkedIn to software similar to all the regular applications you know today to new types of applications not yet designed.
Who created the Internet Computer (ICP)?
The Internet Computer Protocol (ICP) was produced by the DFINITY Foundation and was started by a designer named Dominic Williams in 2016. The DFINITY Foundation is a nonprofit organization dedicated to analyzing and developing the Internet Computer — behind years of analysis. It officially launched in May 2021. Researchers worldwide contribute to the foundations’ work — including cryptographers with around 100,000 scholarly sources and 200 patents.
History of ICP and Internet Computer
They conceived the Internet Computer platform (at the latest) in 2016, when the DFINITY Foundation was formally founded in Zug, Switzerland. Since 2016, the goal has been to develop a blockchain that can host websites, systems, internet services, and financial systems based on smart contracts with no centralized servers or infrastructure.
This idea was enough to attract a 2018 investment of $173 million from the likes of Andreessen Horowitz and Polychain Capital. With such capital, DFINITY could progress substantially with the project, which launched its main net in December 2020. It went live on May 7, 2021, with the ICP token hitting its current all-time high of $700 only a few days later.
As of writing, there have been none significant developments or updates since the May launch. Although, as stated above, the DFINITY Foundation announced the launch of a $220 million developer fund towards the end of May to speed up the platform’s development.
Advantages of Internet Computer Protocol (ICP)
The core of the Internet Computer platform is its use of chain key technology. In contrast to proof-of-work and proof-of-stake consensus mechanisms, its use means that the entire Internet Computer platform needs only one public key to verify transactions instead of thousands or millions. It allows it to operate at scale and speed, outstripping the likes of Ethereum and Bitcoin.
The Internet Computer is a highly ambitious platform, aiming to offer a decentralized version of the Web. If it can come anywhere close to realizing its ambitions, this would likely make ICP an exceedingly valuable cryptocurrency. As an innovative contract platform, it can also run applications in decentralized finance (DeFi), giving it a solid base within the existing crypto ecosystem to branch further out.
Internet Computer Protocol (ICP) price prediction
Things are not looking promising after Internet Computer Protocol (ICP)’s latest price revision.
WalletInvestor’s Internet Computer Protocol (ICP) coin price prediction expresses it is a poor long-term asset. It expects the currency to fall dramatically to $0.16 in a year. The site predicts the coin will ultimately rally again, fluctuating between $1 and $2 in 2024. WalletInvestor’s ICP price prediction for 2025 is more harmful, hoping it to fall to $0.80 by the year-end.
However, PricePrediction.net’s latest forecasts seem unaffected by ICP’s recent drop. Its Internet Computer price prediction expects a steady rise over the next decade, surpassing the $100 mark. Its ICP price prediction for 2022 will reach an average price of $9.86, which will race to $31.14 in 2025. Its ICP price prediction for 2030 is $181.28.
There are other optimistic ICP price predictions, although not as ambitious. DigitalCoinPrice expects a steady price growth for Internet Computers, from $6.62 in 2022 to $9.77 in 2025. Its furthest ICP price prediction forecasts the cryptocurrency to be trading at $23.28 in 2030.
The TradingBeasts Internet Computer Protocol (ICP) crypto price prediction counts the coin to go above $15 by 2024. Its Internet Computer Protocol (ICP) price prediction for the end of December 2025 is near $20.
Meanwhile, CryptoNewsZ said we expect A bullish movement for 2022, with the price nearly doubling by the year-end.
Internet Computer Protocol (ICP) has had a rocky past, with its price fluctuations last May, making it an extremely volatile cryptocurrency. Internet Computer (ICP) has its work cut out if it is to start reaching these good marks.
- Is Internet Computer (ICP) a good investment?
It might be: that Internet Computer (ICP) price predictions vary, trusting on who you request. DigitalCoinPrice predicts a steady rise for the coin, predicting it will go to $20 by the next decade. Meanwhile, WalletInvestor shows another crack for the internet coin, with the cryptocurrency expected to lose most of its worth over the next few months.
Remember, cryptocurrency prices can be highly explosive, so you should never invest more than you can afford to lose.
- Will Internet Computer (ICP) go up?
It could. The consensus from most price predictions, except WalletInvestor’s, predicts Internet Computers (ICP) to increase over the next decade, but the rate of this growth changes. PricePrediction.net hopes to get $180 in 2030. Meanwhile, DigitalCoinPrice forecasts it to hit just $23 by then.
Investors should always analyse before selecting to put any funds into a cryptocurrency.
- Should I invest in Internet Computers (ICP)?
It depends. The organisation has confirmed it is still working hard on Internet computers with the release of the Terabithia bridge, but you should constantly do your analysis before funding.