Like most cryptos today (6 January) Internet Computer (ICP), the blockchain and native token of the Dfinity Foundation, has taken a big price hit in percentage terms but with ICP’s faded grandeur from a lofty $750 price tag last May it looks more like the extension of a long tail of decline.
Looking at the full 2021 picture it shows how ICP is struggling to gain any traction after a May launch and a price high of $750. By June it was below $50 and it has never since strayed far from that mark. Today, with this latest fall it is at $30.21.
See more: Icp coin prediction
The general gloom hanging over cryptocurrency prices can be partly blamed on bellwethers like bitcoin (BTC) which has had 7% knocked off its value today and ether (ETH) down 11% with the sudden drop in the market’s temperature possibly being stimulated by the hawkish outlook of the US Federal Reserve.
Investors may be wondering if this cryptocurrency has any potential for future growth. Let’s find out what ICP is and what analysts think about the Internet Computer coin forecast.
What is ICP? Blockchain that will spark an internet evolution
Internet Computer is a blockchain-powered public network that provides a limitless environment for smart contracts to run at web speed and scale while helping to reduce computing costs.
The project claims to be the third-greatest innovation after Bitcoin, which plays the role of digital gold, and Ethereum, which is powering the decentralised finance (DeFi) revolution.
Internet Computer has set an ambitious goal to “reimagine how you build everything”, creating a blockchain with infinite capacity. The platform enables developers to build anything from DeFi apps to mass-market, tokenised social media services.
According to Dominic Williams, founder and chief scientist of Dfinity, which was responsible for building the Internet Computer, the platform could help curb the dominance of ‘Big Tech’ companies such as Google and Facebook, thus revolutionising the internet and creating an “open and free” worldwide web 3.0.
Maybe you are interested: Harga Holo (HOT), grafik, kap pasar, dan metrik lainnya | CoinMarketCap
What makes Internet Computer special
Internet Computer expands the internet’s functionality so that it can host back-end software, transforming it into a global computing platform. The platform allows the building of websites and enterprise IT systems by installing code directly on the public internet without using commercial cloud services and server computers.
The major goals of the Internet Computer project are two-fold:
- To increase the speed of most blockchain technologies;
- To limit the presence of Big Tech protocols such as Amazon Web Services (AWS), which are widely used by websites and blockchains.
Internet Computer uses a decentralised protocol called ICP (Internet Computer Protocol) run by a network of independent data centres around the world. At Genesis on 10 May 2021, Internet Computer was powered by 48 data centres from Europe, Asia and North America, together running 1,300 nodes.
The network is intended to grow exponentially to support the creation of new decentralised applications (dApps), with 123 data centres running 4,300 nodes by the end of this year. It has set an ambitious plan involving thousands of data centres running millions of nodes, with the goal of creating a new ‘open internet’ within 10 years.
Internet Computer’s key breakthrough technology is chain-key technology – the ‘engine’ that consists of a set of protocols that orchestrate the nodes within the platform. It enables the system to have a single public key, thereby allowing any device – from phones to smart watches – to verify the authenticity of artifacts from Internet Computer. It also allows Internet Computer to process transactions within one to two seconds.
The project aims to solve long-standing IT issues such as system security. The platform can host native software in an environment that allows systems to be built that do not require back-ups and firewalls.
Internet Computer is designed to make internet software systems self-contained and reduce their complexity, and to cut the cost of IT services. The creation of ‘autonomous software’ (software that runs without the owner) will address the increasing monopolisation of internet services by Big Tech companies.
On 21 September 2021, the DFINITY Foundation – the company behind the Internet Computer blockchain – announced an integration with the Bitcoin network, which should result in smart contracts that will directly operate on bitcoin balances.
On 23 November it was revealed that internet celebrity, Paris Hilton had joined a $20m funding round in the non-fungible token (NFT) project Origyn Foundation. Origyn runs on Dfinity’s Internet Computer Project.
On 3 December it announced an integration project with Ledger, a popular hardware wallets for safely storing crypto assets.
On 14 December it announced it had generated more than 391 million blocks at a peak speed of 28.18 blocks per second.
On 23 December Dfinity announced that its community had approved a “major” set of motion proposals outlining R&D plans for the coming years. The Foundation, a not for profit organisation, abstained in the vote “to allow the results to reflect the community’s will”.
People behind Internet Computer: DFINITY Foundation
The project was started in 2016 by the DFINITY Foundation, a not-for-profit scientific research organisation. The DFINITY team includes programming and distributed systems experts and the world’s top cryptographers, who collectively have 200 patents and more than 100,000 academic citations.
ICP price analysis: Is there a massive rally ahead?
ICP is the native token of the Internet Computer network, which is mainly used for processing the network’s power. The total supply of ICP tokens is 476 million, 191.8 million of which are now (6 January) in circulation. The ICP tokens are also used as a reward for users, who play a significant role in enhancing network functions.
As one of the newest cryptocurrencies on the market, Internet Computer has gained a great deal of attention from investors and analysts since its launch on Coinbase Pro on 10 May. Trading currently at around $30, the ICP token has a market capitalisation of $5.8m, which makes it the 31st biggest cryptocurrency, according to CoinMarketCap.
Although the ICP coin price has drastically plunged from its peak, do the project’s fundamental value, use cases and potential to transform how the internet works bode well for the longer-term ICP/USD forecast?
The recent ICP crypto news regarding Bitcoin integration contributes to the bullish ICP crypto price prediction.