If you are a regular in the crypto market, you might have heard many investors being wary of investing in the Internet Computer coin. After all, what can be a reasonable goal of this cryptocurrency?
This article will explain ICP and help you decide whether to incorporate it into your portfolio or not.
What is ICP (Internet Computer) coin?
Internet Computer (ICP) is a blockchain-based distributed network that offers users high-speed connectivity and robust dApp support (smart contracts). The DFINITY Foundation created the ICP to make the Internet a top computing platform. Internet Computer’s creative team developed smart contracts for decentralized apps. The Internet Computer has top-tier security and an infinitely scalable architecture.
ICP stands out among other networks since its blockchain can easily access and is highly functional. ICP has made internet speeds and cheaper computer costs available to users worldwide. Because of this, transactions close in a flash at minimal expense. ICP brings much-needed decentralization to the Internet. The power of the Internet’s computers is in the hands of their users and creators. The use of Chain Key Technology guarantees this.
The ICP uses chain key technology to add nodes from other subnets, allowing the blockchain to grow in size. It fixes any bugs in the protocol and replaces any malfunctioning nodes. The scalability of the ICP network allows for secure monetary transactions. One such example is the practice of using a single public key for all of your online transactions.
The increased scalability decreased computing costs, and shorter transaction times made possible by the Internet computer prompted its rapid adoption. Thus, unlike other cloud-based blockchains, ICP lets users work on a decentralized network.
In what way does an Internet Computer function?
Internet Computer provides front- and back-end software computing infrastructure worldwide. Websites and large-scale IT systems can be developed on the platform by deploying applications to the open internet without needing private cloud hosting or dedicated servers.
The Internet Computer project has two primary objectives:
- To make blockchain technology run faster;
- To reduce the prevalence of Big Tech protocols like Amazon Web Services (AWS), which are utilized by many websites and blockchains.
Internet computers employ the decentralized ICP (Internet Computer Protocol) maintained by a distributed collection of data centers. On May 10, 2021, Internet Computer went live, running on the combined power of 48 data centers in Europe, Asia, and North America, with 1,300 nodes.
By 2021, 123 data centers would house 4,300 nodes to support app development. A new “open internet” was planned to be built using thousands of data centers with millions of nodes within a decade.
Price Prediction of Internet Computer for 2023
Due to the remarkable Internet Computer price rise this year, some consider ICP one of the most impressive new cryptocurrencies. Estimates for the second half of 2023 place the ICP price rise at as high as $8.20.
The rise will be more gradual than other cryptocurrencies, but there will be no steep drops. Setting price goals as high as $7.66 per unit is ambitious but doable with the support of anticipated partnerships and developments shortly. ICP can be purchased for as little as $6.56.
Internet Computer Price Prediction for 2024
Estimates for the price of an ICP in 2024 show a sizable buffer for increase. Various new alliances and projects will be announced, driving the price of ICP above $13.67. Waiting for the relative strength indicator to leave the oversold level is one way to tell if the ICP is getting set to make a bullish turnaround. ICP will fluctuate between $10.94 and $12.03 daily due to market volatility.
Internet Computer Price Prediction for 2025
For ICP to turn a profit, the price needs to keep rising at the same rate until 2025, when it will have reached $19.14. The market decline may render the goal unachievable. Experts estimate that by 2025, ICP will be between $17.50 and $16.41.
Internet Computer Price Prediction for 2030
In 2030, the cost of an online computer will reach an all-time high. A range of $43.75 to $46.49 is possible, with an average of $44.85.
Conclusion
Keep in mind that the cryptocurrency markets are still extremely unpredictable, making it tough to forecast the internet computer price in the short or long term. That is why it is possible, and even common, for analysts and algorithm-based forecasters to get it wrong.