BCGAME - Free 5BTC Daily Bonus!Internet Computer (ICP) entered the top 10 cryptocurrencies by market capitalization when it was released on May 10, 2021, reaching $750 and giving the currency a total valuation of $53 billion and a market capitalization of $US 9.027.267.885.
Although the price of the ICP currency lost momentum and the price gradually declined to around $30 in early June 2021, the cryptocurrency has experienced high volatility since then, with the ICP price fluctuating from a low of $28,37 in 20 from July to a maximum of $85,45 on September 6, 2021.
On September 21, 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 operate directly on bitcoin balances.
Investors may be wondering whether the new cryptocurrency has the potential for future growth. Let's find out what ICP is and what analysts think about Internet Computer's currency forecast.
What is ICP? Blockchain that will trigger an evolution of the internet
Internet Computer is a public network powered by blockchain which provides a limitless environment for smart contracts to run at web speed and scale, helping to reduce computing costs.
The project claims to be the third biggest innovation after Bitcoin, which plays the role of digital gold, and Ethereum, which is driving the decentralized finance (DeFi) revolution.
Internet Computer has set an ambitious goal of “re-imagining how you build everything” by creating a blockchain with infinite capacity. The platform allows developers to build everything from DeFi apps to tokenized social media services for the mass market.
According to Dominic Williams, founder and chief scientist of Dfinity, responsible for building the Internet Computer, the platform could help contain the dominance of 'Big Tech' companies like Google and Facebook, thus revolutionizing the internet and creating an “open environment” and free ”worldwide web 3.0.
What Makes the Internet Computer Special
The Internet Computer expands the functionality of the Internet so that it can host back-end software, transforming it into a global computing platform. The platform allows the construction of websites and corporate IT systems, installing code directly on the public Internet, without the use of commercial cloud services and servers.
The main objective of the Internet Computer project is twofold:
- To speed up 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 decentralized protocol called ICP (Internet Computer Protocol) run by a network of independent data centers around the world. At Genesis, on May 10, 2021, Internet Computer was powered by 48 data centers across Europe, Asia, and North America, jointly running 1.300 nodes.
The network plans to grow exponentially to support the creation of new decentralized applications (dApps), with 123 data centers running 4.300 nodes by the end of this year. It set out an ambitious plan involving thousands of data centers operating millions of nodes, with the goal of creating a new 'Open Internet' in 10 years.
Internet Computer's leading edge technology is key chain technology – the 'engine' which consists of a set of protocols that orchestrate the nodes within the platform. It allows the system to have a single public key, allowing any device – from phones to smart watches – to verify the authenticity of computer artifacts from the Internet. It also allows the Internet Computer to process transactions in a second or two.
The project aims to solve long-standing IT issues such as system security. The platform can host native software in an environment that allows you to build systems that don't require backups and firewalls.
The Internet Computer is designed to make Internet software systems independent and reduce their complexity, while cutting the cost of IT services. The creation of 'autonomous software' (software that runs without its owner) will solve the growing monopolization of internet services by Big Tech companies.
People behind the Internet Computer: DFINITY Foundation
The project was started in 2016 by the DFINITY Foundation, a non-profit scientific research organization. The DFINITY team includes experts in programming and distributed systems and the world's leading cryptographers, who together hold 200 patents and over 100.000 academic citations.
ICP Price Analysis: Is There a Big Rise Ahead?
ICP is the native computer network token of the Internet, which is mainly used to process network power. The total supply of ICP tokens is 473,6 million, of which 167,1 million are already in circulation. ICP tokens are also used as a reward for users, which play a significant role in improving network functions.
As one of the newest cryptocurrencies on the market, Internet Computer has gained a lot of attention from investors and analysts since its launch on Coinbase Pro on May 10th. Traded for about $53 on October 7, 2021, the ICP token has a market capitalization of $8,8 billion, making it the 21st largest cryptocurrency, according to CoinMarketCap.
Although the price of ICP currency has dropped dramatically from its peak, do the project's fundamental value, use cases, and potential to transform the workings of the Internet bode well for the long-term ICP/USD forecast?
The recent ICP cryptocurrency news about Bitcoin integration contributes to the optimistic ICP cryptocurrency price forecast.
According to Dominic Williams: “The Internet computer is powered by a new 'chain key crypto' that allows you to sign transactions for other blockchains such as Bitcoin. This feature will be used to provide smart contracts hosted on the Internet computer with native bitcoin addresses through a seamless integration of networks.
“Internet Computer's smart contracts will gain access to bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality without the need for cumbersome [but] reliable bridging services,” adds Williams. "This will help realize Satoshi's vision, enabling bitcoin to drive a new generation of Web 3.0 Internet services."
Internet Computer (ICP) Price Forecast: Analyst Opinions
The Internet Computer (ICP) is still in its early days, but it has made a strong debut in the cryptocurrency market🇧🇷 Commenting on the future prospects of the Internet Computer, analyst Mikhail Karkhalev said:
“Internet Computer is a very ambitious project and another killer of Ethereum. It's hard to say whether it's worth it, because Ethereum and ICP have absolutely different goals and objectives – Ethereum acts as a global computer to create and develop decentralized applications, while Internet Computer actually acts as a decentralized Internet, which seems more interesting and on a large scale”.
“The project's ambitious plans were supported by more than $100 million in investments from prominent funds, which is perhaps an advantage because venture capitalists invest in cryptocurrency start-ups after a more thorough and in-depth due diligence than in Traditional IT,” adds Karkhalev . "And if an ICP manages to get funding, it means that there is indeed a strong team behind the project and that large-scale work is being done."
Meanwhile, the analyst pointed out that overly ambitious goals are not always good and do not guarantee success.
Said Karkhalev: “In 99% of cases, these Ethereum killers or complex technology projects simply drowned in their own ambition, without coming close to the goal. Internet Computer has very ambitious and even revolutionary plans for the crypto industry and has received funding from experienced investors, but it's one thing to make plans, another thing to build a business. The project is worth paying attention to, but we should pay more attention to milestones and their implementation in the roadmap. ”
Meanwhile, algorithm-based forecasting services share mixed views on a 2021-2025 long-term ICP price forecast (as of October 7, 2021).
Portfolio Investors consider Internet Computer a “bad” long-term investment. They give it a price target of $6,155 over the next 12 months and believe it could fall to $1,279 by the end of 2025.
Digital Coin shares a more optimistic view on the movement of computer prices on the Internet. They estimate that the price of the ICP could reach $81,3 at the end of 2021, increase to $91,46 in 2022, rise to $157,34 in 2025 and reach $229,95 in 2028.
Always remember that any analyst prediction can go wrong, as cryptocurrencies are volatile assets and the price can always go against you. And never forget that past performance does not promise future returns.
Do your own research and always remember that your decision to trade depends on your attitude to risk, your experience in this market, the distribution of your investment portfolio and how comfortable you feel about losing money. Never invest more than you can lose.
FAQ
Will the Internet Computer cryptocurrency (ICP) increase / decrease?
Analyst opinion and pricing targets for Internet Compute (ICP) pricing differ.
However, if you believe that the newly released cryptocurrency is worth watching and trading, you should always follow Internet Computer (ICP) crypto news and conduct your own technical and fundamental analysis before making the decision to include ICP currencies. or any other cryptocurrency in your investment portfolio.
Is the Internet Computer (ICP) a good investment?
The innovation behind the Internet Computer project draws investors' attention to the ICP cryptocurrency. While it is difficult to make a full technical analysis of ICP's performance because it only started trading on May 10, 2021, its fundamental value could make it a strong player in the market. You can add it to your watch list and wait for some trading opportunities ahead. In the meantime, you should do your own due diligence before making a decision to invest in ICP.
Can the ICP currency reach its highest point again?
The ICP reached its all-time high of $737,20 on May 10, 2021. On October 7, 2021, algorithmic-based forecasting services show less positive price targets for the currency for years to come.
According to Digital Coin, the price of the Internet Computer (ICP) could reach $157,34 in 2025, while Wallet Investor is bearish on its ICP price forecast, suggesting it will drop to $1,279 by the end of 2025. However, you must always remember that the cryptocurrency The market is very volatile, making it difficult for analysts to set price targets set for any cryptocurrency.
