The Internet Computer (ICP) is a programmable blockchain made up of several computers spread over a network of different data centers. DFINITY, a Swiss non-profit company, is behind the initiative, which aims to reconstruct the internet as a decentralized platform. Why? A major percentage of the internet is presently under the hands of a few digital behemoths, such as Amazon, Alphabet, and Microsoft. That implies these firms have access to and control over a massive amount of user data, as well as the ability to restrict information housed on their infrastructure.
The Internet Computer, on the other hand, enables developers to run smart contracts on a decentralized network of computers, and those smart contracts may power a variety of technologies such as cloud services, corporate software, social platforms, and websites. Because those products operate independently of anyone corporate body, user data is private, and content can never be controlled.
The Internet Computer, in particular, is quick. In a recent test, the network was clocked at 11,500 transactions per second (TPS), with those transactions completed in less than two seconds. Of course, blockchains such as Solana have higher capacity (50,000 TPS). But the Internet Computer allows users to store data for a fraction of the cost of Solana. Also, the transaction costs on the network are substantially lower than on most other blockchains.
The Internet Computer, in a nutshell, is a highly scalable platform with a decentralized architecture. That value offer is certain to pique the interest of developers, but, as with standard cloud infrastructure services, those developers will have to pay to utilize the platform. They use the ICP token to pay for computer resources used by their goods. In other words, as the Internet Computer grows in popularity, so will demand the ICP token, driving up its price.
Internet Computer Roadmap
According to ICP’s 2022 plan, the Bitcoin integration will be available as part of Dfinity’s ‘Chromium Satoshi Release’ in Q1 2022. This upgrade will feature the integration of smart contracts to the Bitcoin blockchain. This will be done through the use of ‘Chain Key cryptography,’ which eliminates the requirement for a bridge.
Bridging can expose the network to hostile actors, thus this will strive to make it safer.
Price Movement – Internet Computer (ICP)
Since September 6, the ICP has been declining. It recently hit a new all-time low of $18 on January 22nd. This resulted in a breakdown from the horizontal support area of $28.50. Despite the gain, the rising trend has not been sustained, as ICP is now back below the $28 mark. The trend cannot be declared bullish until this level is regained.
