Internet Computer (ICP) Price Prediction — Features of the New Crypto Platform
Since 2009, when Bitcoin was introduced to the world, and over the next few years, the cryptocurrency has not attracted much public attention. However, thanks to Bitcoin’s (BTC) unprecedentedly high growth rate, the cryptocurrency space began to proliferate with new projects and tokens appearing. While 2017, which saw the digital gold become worth more than $10,000 per coin, was perhaps the most prolific year in terms of new projects entering the scene, 2021 also saw a large number of new cryptos, with Internet Computer (ICP) being one of the most promising newcomers. You can buy Bitcoin with debit card.
While some projects, with their inarticulate whitepapers and unrealized roadmaps, look like mere fundraising schemes, others have really high practical value. As for ICP, it’s a controversial crypto project that’s going through its worst times right now. However, it is based on a technology that has the potential to change the modern internet beyond recognition. Built on Difinity, an Internet computer that performs cloud computing powered by blockchain, it offers the technology that could form the basis of the decentralized world Wide Web of the future. Because the concept of Web3 is difficult for ordinary internet users to understand, we are here to talk about this advanced third-generation solution as well as about the project’s token, which could be a good investment vehicle. So, read on to learn more about Internet Computer as well as its price prediction for the near future.
What is ICP by Dfinity
According to Dfinity, the organization behind ICP, today’s internet is entirely controlled by large companies such as Alphabet, Amazon, and some other tech giants, which own the vast majority of the servers. However, the team sees a way out in the form of applications and services capable of functioning directly on the web. As Dfinity claims, they are the developers of the first blockchain-based computing platform to run at the speed of the modern internet. The platform has excellent scalability that allows it to accommodate an almost infinite number of smart contracts and applications. It can also hold virtually unlimited amounts of data. Created in 2015 by Dominic Williams, the company continues to gain momentum, gathering a huge number of experts around it.
Originally, the Internet was a free virtual environment from which everyone could benefit on absolutely equal terms. But today’s Internet, also known as Web2, is ruled by a handful of corporations such as Alphabet and Amazon. And the main objective of the project is to transform it again into an environment that allows freedom for creativity and economic growth. So, if you are interested in a new token as well as ICP price prediction, you should first learn about the features of the platform it operates on:
Introduced by Dfinity, it is a distributed blockchain network with data centers. This network is the execution environment for numerous applications. This approach will put control of data and services back in the hands of ordinary users.
The developers have now introduced a new programming language called Motoko. In addition, a dedicated SDK is already available for developers of applications. All of these will make it possible to create corporate software systems and services that are protected from unauthorized access.
This crypto was inspired by Ethereum, a blockchain-based platform that offered smart contracts and decentralized applications that greatly expanded the use of blockchain technology. The creators of ICP essentially launched a blockchain network that is a next-generation environment for software and open Internet services.
The modern internet, also known as Web2, uses the IP protocol. As for the Internet Computer, it introduces the ICP protocol, which allows developers to put not only data but also software platforms into the global network, thereby opening almost limitless possibilities for them. This approach is fundamentally different from the traditional one, where applications are hosted on dedicated services. This is a concept where applications run literally anywhere.
In fact, ICP allows the development and running of applications which are not controlled by anyone, i.e., decentralized solutions. The ICP network also has independent data centers which perform management functions as well as being used to run applications. Each time the data centers run the application code on their computing systems, they are rewarded with ICP tokens. This means that the platform’s currency has a real intrinsic value and therefore you will most likely be interested in the ICP price prediction for the near future. Also, when making price prediction, you are unlikely to rely only on technical analysis, because behind the token there is a technology with high growth potential in the future. Independent data centers on the Internet Computer network will not be able to access any data, making it impossible to transfer this data to third parties for a fee. In fact, personal data will once again be back in the hands of individuals.
ICP Tokenomics
Also called “dfinities”, ICP tokens were released on May 7, 2021, immediately after the launch of the Mercury Genesis mainframe. Unlike cryptocurrencies like Bitcoin used primarily as a payment method, coins have several applications. Firstly, they are used to pay for the cost of services provided by data centers. For example, in order to install and run applications on the Internet Computer, it is necessary to pay a fee of some tokens. These tokens work like gas which is burned to keep the data center servers up and running. The quantity of gas depends on the complexity of the instructions in the transaction as well as the amount of data to be processed. Secondly, they are used to control the protocol. Unlike networks like Bitcoin where payment is made for providing security, Internet Computer pays for the provision of processing power.
Although ICP aspired to become the internet of the future with decentralized data processing centers, it failed at its launch. The skyrocketing price of over USD 750 allowed insiders and traders to earn good money, which led to a sharp drop in the price to USD 5 per token. Unfortunately, the team behind the project didn’t take any action to stabilize the price of the coin and disappointed the community. This also had a negative effect on ICP price prediction which still looks not very optimistic. Despite the serious drop in value, a token still ranks among the most valuable cryptos. In addition, it has many strengths that can make experts more optimistic about ICP price prediction.
ICP Analysis — Why It Is So Popular
The crypto industry today is 18,000+ projects with their native coins, and the world hardly needs another cryptocurrency with mediocre characteristics. However, among hundreds of new tokens, ICP is something fundamentally different. This crypto allows developers to create websites, applications and online services that run on a decentralized network, thus challenging traditional web applications that are currently controlled by tech giants. In essence, the project creates a decentralized network where a new generation of applications can be run. Moreover, a new platform supports decentralized finance (DeFi) so ordinary users can use crypto for conventional financial purposes. Ultimately, ICP is not just a cryptocurrency like Bitcoin, but a full-fledged blockchain-based platform for applications. There are at least three reasons why ICP is still very popular with crypto enthusiasts:
A good chance to make the Internet more democratized and freer for ordinary users. In fact, it is a technology capable of bringing the world from Web2 to Web3 much closer. Based on blockchain, a technology that provides good scalability, high speed of computation and lower execution cost, this crypto project could shake the position of internet giants. And this should be taken into account when making an ICP price prediction.
This project is backed by several major venture capitalists including Andreesen Horowitz and Polychain Capital. Firstly, this means that ICP gets enough funding to realize its goals. Secondly, there are major market players who see the proposed Internet of the future concept as viable and very promising. The support of venture capitalists makes its price prediction more optimistic.
Good social media coverage. Some analysts and opinion leaders are predicting a big future for the Internet Computer, so the likelihood that you will come across a good ICP price prediction is quite high.
So, ICP is a token with real intrinsic value. This means that it can be used not only as a payment method for goods or services like Bitcoin but also as a gas needed to power the computing centers that are part of the decentralized network. Before you pay attention to the ICP price prediction from the experts, it is worth knowing what makes this cryptocurrency different from others. Here are 3 things that distinguish this crypto from other representatives of the cryptocurrency space:
The high speed of the ICP platform. The developers claim that next-generation applications will be able to run at the speed of the internet. While many cryptocurrencies include high transaction speed in their list of benefits, in practice the waiting period for a transaction to complete can be 10–30 minutes. With ICP, all transactions are almost instantaneous.
A great opportunity for developers of software for the Internet. ICP offers an SDK and a proprietary programming language that is easy to learn and understand. Using the tools provided by Dfinity as well as the extensive blockchain capabilities, developers will be able to create powerful software solutions without being dependent on technology giants like Microsoft or Google.
Full decentralization. Applications running on the network are completely decentralized, i.e., they are not controlled by anyone like those operating on cloud services using servers of a specific company. The Internet Computer network is built on hardware owned by independent parties.
Although ICP is much more than just another cryptocurrency, you can still trade this token. The good news is that it has been listed on major crypto exchanges like Coinbase and Binance. In addition, this crypto is available on many decentralized brokerage platforms and exchanges.
ICP Price Prediction
Before we tell you the price forecast of ICP from the experts, there is some important technical information about the coin which is necessary for your analysis. For example, it is an inflationary digital asset with an unspecified maximum supply. At the moment, the total supply of coins is estimated to be around 480 million, with an active supply of around 210 million tokens. The network uses a mechanism called neurons, and around 45 million tokens have been blocked to make it work. In addition, about 80% of the total token supply has been locked in for 12 months, making it a long-term investment. Notably, due to effective supply management and some preset ecosystem parameters, ICP’s annual inflation rate is declining and is around 5% at the time of writing.
At the time of writing, the token was trading at just above $4, which is almost 99.50% below the all-time high of $750. That said, we are seeing a downtrend in price which is down more than 8% in the last 7 days and more than 3% in the last 24 hours. Add to that a rather sluggish community with minimal posts and comments published on Twitter and other social platforms. So, ICP today looks like the project was put on pause, but the reason may be a bleak situation in the global economy that influenced many representatives of the cryptocurrency space, including Bitcoin itself. So, if you are interested in ICP crypto price prediction, here are some experts who gave their opinion about the nearest future of the coin:
According to Wallet Investor, the coin will only be worth around $0.60 at the end of 2023, well below its current value. Moreover, experts predict a slight increase in value to $0.70 in 2025.
DigitalCoinPrice experts were more optimistic in their ICP price prediction with a coin price of around $8 in 2023. They believe it could be worth more than $13 per coin in 2025.
According to PricePrediction, the coin could be worth over $100 in 2025, which is the most optimistic price forecast for ICP.
Keep in mind that when making forecasts, many experts rely heavily on results of technical analysis, which is the wrong approach when evaluating prospects of projects like ICP. So, Wallet Investor specialists predicted the price of a token at about $0.60 by the end of 2022, but actually, it costs just above $4. Moreover, there are very pessimistic experts such as Gov Capital supposing that the ICP price can fall to zero after a year. Although Internet Computer promises great benefits, you should invest in digital assets responsibly. You need to learn how to manage risk so you don’t fall into the trap of making emotional investment decisions.For more information about cryptocurrencies, visit j2tx.com.
F.A.Q.
1. What is ICP?
It is a blockchain network that is a software environment for the operation of decentralized services and applications corresponding to the next-generation Internet.
2. Who created the Internet Computer?
This crypto project was created by the Dfinity Foundation, a non-profit public blockchain development organization to realize their primary goal of building Web3.
3. What makes it so special?
There are at least three things that make the Internet Computer such an attractive crypto project so far. First, it opens up great opportunities for developers of decentralized applications. Second, it runs at the speed of the internet providing almost instant transactions. Third, it is backed by significant venture capitalists, which suggests it may have a bright future.
4. What are the uses of an ICP token?
It is a utility token that gives voting rights to community members. It is also used as a means of paying for computing resources provided by data centers.
5. What is the value of the token?
At the time of writing, the price of the coin was around $4, which is 99.5% lower than its peak value. This drop is due to the bad situation in the global economy, which has affected the crypto space.
6. Is ICP a good investment?
Given that this cryptocurrency is used in a project that tries to build the internet of the future, it has high growth potential. However, in the current volatile market conditions, you should do your own analysis to find out if this token is suitable for your investment portfolio.
