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Price (USD)$ 12.98
Circulating SupplyICP 459.54721M
Volume (24h)$ 129.05783M
Market Cap$ 5.96258B
Low/High 24h$ 12.78 - $ 13.22
Change (24h)-$ 0.134035
At the moment, the world of cryptocurrencies is still at an early stage of Web3, which envisions value and data being seamlessly moved across decentralized platforms, where ownership and control are distributed. However, there are still a few hurdles that need to be overcome for the vision of this new web to be fully implemented. One of the projects that keeps working on it is Internet Computer (ICP).
Internet Computer is a blockchain designed especially for developers, businesses, and organizations. The company standing behind this cryptocurrency is DFINITY Foundation: its platform has been created to host backend software and harness its power as a computational tool. A network of computers globally can offer various cloud services using ICP, creating a decentralized alternative to legacy software providers. These services would operate transparently and also be interoperable through ICP. Internet Computer aims to create a blockchain with infinite capacity. The platform enables developers to build anything from DeFi apps to mass-market, tokenized social media services.
The Internet Computer is composed of a set of standards that allow for a fully decentralized global network that can still offer modern web speeds and data storage. The network also utilizes the native ICP token to perform decentralized governance. This allows all holders the ability to vote on the future development of the network.
In addition, ICP is planning on launching fully decentralized governance of all social media via an upgrade known as the Service Nervous System (SNS). The SNS will allow users to vote on the direction of any platform in the network. These could be things as simple as basic UI upgrades, all the way up to implementing new dApp features or user incentivization models.
The Internet Computer was conceived in 2015 by programmer Dominic Williams. He took the idea of a world computer that cannot be shut down from the Ethereum ecosystem. In 2016 Williams founded DFINITY, a non-profit organization with headquarters in Zurich, Switzerland.
In 2018, prominent venture capital firms such as Andreessen Horowitz, Polychain Capital, SV Angel, Wanxiang Blockchain provided financial contributions for less than 10% of the network's governance tokens. DFINITY raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round. A further $102 million funding round in August 2018 brought the project's total funding to $195 million.
In May 2018, DFINITY distributed around 35 million Swiss francs worth of DFINITY tokens in an airdrop. Due to regulatory concerns, none of the tokens were meant for US residents. In April 2022, Eva Oberholzer joined DFINITY as Chief Growth Officer and continued to lead the crypto project into the future.
The network now boasts of throughput of 11,500 transactions per second (TPS) with a 1-second finality, a stark difference from Ethereum and Bitcoin which cite a maximum of 15 and 7 TPS respectively.
There are also over 49,000 unique canister smart contracts deployed, with an average data storage cost of only $0.46/Gb per month. This is a figure that differs wildly from Ethereum which currently costs $127m to store 1 GB worth of data. Lastly, the current value of all the ICP staked on the network is about $5.8 billion, based on current market conditions.
Due to its infinite capacity to scale, low data storage costs, and reverse gas fee model, the Internet Computer has found somewhat of a niche in creating decentralized social media or DeSo projects. For example, DSCVR is a social media platform similar to Reddit, that is owned and governed by the users themselves. DSCVR has amassed 40,000 users since it launched its beta in June 2021.
Another popular project is Distrikt, a completely decentralized, community-owned professional network with 70,000 users. Users of the platform will vote on upgrades, and no user data will ever be mined or sold. The platform is the first professional social network that is entirely blockchain-based. All of Distrikt’s engagements, uploads, and exchanges occur on-chain.
DFINITY also recently developed an HTTP equivalent standard protocol designed specifically for Internet Computer, giving all services complete compatibility with the existing Web2 internet infrastructure. This brings an open flow of data communication between both the legacy internet and Web3 space, eliminating the need for additional services acting as ‘blockchain oracles.’
ICP is a governance token used to stake, propose, and vote on measures via the NNS. ICP tokens are important because they can be converted to cycles that, in turn, are used to pay for resource consumption. Cycles reflect the real costs of operations for applications hosted in the Internet Computer blockchain including resources such as physical hardware, energy, storage devices, and bandwidth. ICP can also be staked in a neuron (a container within the NNS holding staked ICP tokens). Once you stake your ICP, the neuron locks your tokens in and allows you to participate in governance matters. The more you vote, the more participation rewards you get. Additionally, if you don’t want to personally maintain a level of activity to reap rewards, you can delegate your ICP tokens to other, more active neurons.
The DFINITY Foundation has outlined a 20-year plan that has the potential to culminate in an open Internet that is larger than today’s closed ecosystems run by huge tech firms. On blockchains like Ethereum, the system requires users to first download a wallet and purchase crypto tokens prior to using the platform’s services. In addition, ICP crypto uses a reverse gas model, which means users don’t require specific tokens or wallets to access blockchain services or apps. As a result, the company may be one of the few projects to lead the technological change.
At the moment, ICP coin ranks 35 on CoinMarketCap and has a market cap of $1.5 B. It reached an all-time high a year ago, in May 2022, when it appeared on the website. It was back then when Internet Computer coin price skyrocketed to $750.73.
The future of the cryptocurrency is looking bright, with all the new developments and the efforts that the team is making. While the DFINITY Community website promises that ICP coin price may reach a minimum of $323.85 in 2030, other sources are far from being this optimistic. For instance, WalletInvestor experts state that the ICP may drop in price drastically and cost less than a dollar. On the other hand, many, like PricePrediction analysts, believe that by 2030 ICP crypto price will fluctuate around $130. According to a variety of crypto analysts, ICP coin may prove to be a potentially good investment.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.
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According to ICP price prediction, by the end of 2030, the price of Internet Computer coin may rise to $200