The internet is an essential part of modern life. People use the internet for a series of purposes, such as connecting with the outside world and acquiring knowledge. Whatever reason you may have for using the internet, you should agree that it is an indispensable tool for technological advancement. Internet computer (ICP) is a group protocol on the blockchain that aims to give a limitless environment for smart contracts and DApp. It’s safe to mention that DFINITY launched this product to upgrade blockchain networks. This upgrade may help in scaling numerous networks in the digital asset space.
The digital asset space is rapidly growing with numerous kinds of assets. Because of the complexity of these assets, experts need to proffer modern solutions. They hope that this solution will scale networks, enabling faster and cheaper transaction execution. In a way, popular networks like Ethereum may benefit from the needed upgrade.
What Is Internet Computer (ICP) ?
Internet computer is like other projects that promise to revolutionize the digital asset industry. To enable smooth-running of the network, it has a token called ICP. The ICP token is similar to another digital asset, which means that users can buy, sell or hold the token. While the token has continually fallen due to the market situation, it did help early investors record notable profits.
ICP is essentially a means to create decentralized internet. Decentralization is a common concept in the space and has helped users achieve some form of liberty, particularly in making decisions. In a decentralized system, there is no central decision-making body; users get to vote for the space’s benefit. Additionally, it hopes to create a cloud service devoid of central control, differentiating it from the present position. If successful, ICP will develop a protocol that will run through several computers.
The team behind this protocol believes that a decentralized system may be more beneficial when compared to centralized bodies. For instance, decentralization removes the problems associated with conflict of interest. This happens with centralized protocols, which may affect the protocol’s usage. It’s also safe to note that the ICP token is a fundamental part of the network and has numerous uses.
What Is ICP Token?
ICP token is the governance token for ICP. Governance tokens are essential to every project. They make decision-making more accessible and more efficient. With a governance token, you can participate in project politics and vote on internet computer matters. This would ensure that members of the community take active roles.
Decentralization and governance go hand in hand. With ICP’s decentralization, members can take part in decision-making. And with a governance token, they can vote on matters that concern them. Thankfully, when you own the ICP token, you can take part in making decisions.
Why ICP Exists
Experts agree that the internet is a highly centralized set of networks. While the internet cannot be destroyed, it may be modified to promote decentralization. Centralization is one of the biggest problems that the community has pointed out while using the internet. Users cannot make decisions, making it difficult to enjoy the network entirely. The internet is so centralized that most applications are closed-source and are primarily owned and managed by some of the biggest technology companies. In a way, the networks become vulnerable, especially if a data center fails. When this happens, it may affect internet users.
Besides the potential crash, it may also censor and filter some results that may interest the users. Because the internet is controlled by some of the world’s most influential companies, centralization is bound to affect outcomes. Companies would want to control and censor some parts of the interest for their interest.
ICP gives access to alternatives necessary for developers to ensure decentralization. With this, they can host and serve applications, thereby promoting transparency. Transparency is a feature that may help users understand and utilize the internet more efficiently. With transparency, they can understand when some decisions are made.
How ICP Works
Internet computer converts cryptocurrencies into processing power. Once the user pays the required fees for the network, it will run. This makes it easily accessible and open-source. Also, the technology may support different kinds of applications. Theoretically, it can help social media applications similar to Twitter and Facebook.
It’s important to understand that ICP is a blockchain-based protocol; the developers explain that this may help it run at an unbounded capacity. Founded in 2017, it has won the hearts of many investors interested in finding the next big thing in the industry. Today, its token is one of the most prominent assets in the fast-paced industry. This has helped it record some profits, thereby promoting community growth.
Understanding ICP’s Uses
Experts created internet computers to solve numerous problems encountered during internet usage. Besides helping users access a decentralized internet, it hopes to scale smart contracts. Smart contracts are unique kinds of contracts initiated automatically by the network. Once certain requirements have been met, the network activates the contract and becomes binding.
The primary reason for smart contracts is to reduce or eradicate problems with humans enabling contracts. Experts believe that humans are prone to error and corruption, affecting the network. When networks are well-scaled, they will perform faster and more efficiently. However, to achieve this feat, it uses numerous technologies.
In other words, the DFINITY network believes that 2022 would become a holder of more significant opportunities for ICP. This project aims to be one of the most extensive crypto networks to help it achieve widespread acceptance. Despite launching at a relatively high price, it is currently far from its all-time high, which may be attributed to the unstable market. The digital asset market is currently unstable, causing price falls.
How ICP Relates To Web 3.0
ICP may also help the world achieve Web 3.0. Theoretically, Web 3.0 is a kind of web that gives users power over the internet. And this means that it would be highly decentralized, allowing people to control their network. There has been a lot of buzz over web 3.0, and many people believe that it would revolutionize internet usage and promote transparency and liberty.
While web 3.0 is still in development, creating a web that gives users some form of control may ensure better internet use. Also, web 3.0 is a blockchain-based network, which needs other related projects to assist in its growth. With the internet Computer’s help, accessing Web 3.0 may be more straightforward. One of ICP’s significant proposals for 2022 is building support for web 2.0 and HTTP systems. Creating this support would ensure a robust and comprehensive network.
ICP’s Goals And Vision
Dfinity’s founder, Dominic William, explains that internet computers would reduce the dominance of big tech firms like Facebook. Facebook is one of the biggest companies globally, making it a significant shareholder in the tech industry. ICP envisions a world without centralization, making interest open and accessible.
A fundamental feature of this technology is enabling code installation without using commercial cloud services. Commercial cloud services are typically centralized, which is why it hopes to remove them from the equation. That said, it believes that removing commercial cloud services would save time and effort. Time is crucial, especially when executing transactions. When networks take too long to process, using them becomes inefficient or time-wasting. This is why this project hopes to minimize time usage.
Another goal is to remove dependency on big tech firms. Facebook, Amazon, and Google have been some of the biggest firms in the industry. They provide commercial cloud services used by many people. Since these services are centralized, users don’t have a say in decision-making, mandating internet decentralization.
ICP Price Prediction
At the time of writing, ICP is around the $20 range, showing how low it has fallen from its all-time high. Because of this token’s potential, it may attain $50 before the end of 2022 with the right market conditions. Also, if the bear market persists, the token may go as low as $10, resulting from Bitcoin dominance. Still, Bitcoin maintains some level of stability, which may signal price growth. When Bitcoin returns to the $50,000 range, coins like Internet Computer will find it easier to record greater profits.
Where Can You Buy The Internet Computer token ?
ICP is a reasonably popular coin, making it more accessible to buyers globally. Below are some of the best places to buy this digital asset.
Conclusion
Trading in the digital asset market is a sure way to gain profits at a particular time. However, most of these seasoned traders have strategies that bring them greater rewards. However, it is advisable to do deeper research into the kind of crypto you’re purchasing. This will help you to navigate your way should the token trade sideways. It is also advisable to diversify your portfolio in case of a general market decline.
