The Internet Computer ($ICP) protocol is a blockchain network with a goal of improving computing and data storage efficiency, speed, and decentralization. Consequently, it aims to address the shortcomings of the legacy global internet, such as monopolized centralization, poor security, and the mishandling of personal data. The Internet Computer network aims to be the base layer for Web3.
ICP Price Performance
The native coin of the Internet Computer Protocol ($ICP) has recently seen its price soar. In the past 24 hours, the token is up 31.40%, trading at $9.13 per coin. In the past month, the coin’s price has risen by 103.17%, up 138.18% in the past 12 months.
ICP trading volume has increased 239.07% in the past 24 hours and currently stands at $426,379,521. As of December 16, 2023, the coin’s market cap is over $4.1 billion. Most of the coin’s trading volume is on Binance, Coinbase, and the OKX exchange, accounting for 39.91%, 9.46%, and 6.58% respectively.
Unique Features of Internet Computer
Several unique features make Internet Computer stand out from other blockchain networks. These Are:
DApp Creation
Due to its simplified user interface, anyone can launch a DApp on Internet Computer.
Decentralization
A decentralized network of independently-run hardware nodes secures the Internet Computer.
Quick Transactions
Internet Computer can process transactions fast. Theoretically, ICP does not have a TPS maximum speed limit. Its throughput can scale exponentially with every new subnet added to the network. Best of all, smart contracts on different subnets can always communicate without worrying about bottlenecks caused by adding new subnets.
Direct Connection to Web2
One interesting aspect of ICP is that users can connect their smart contracts directly to Web2 APIs. Traditionally, blockchain networks have had to rely on slow and costly oracles to acquire off-chain data. The capability opens up endless possibilities, including sending and receiving emails, push notifications, and more on the blockchain network.
Consensus Mechanism
The IC Protocol relies on a unique consensus mechanism that ensures cryptographically guaranteed finality. That is unlike Bitcoin, which only has probabilistic finality.
ICP Coin Details
$ICP is the native coin of the Internet Computer ecosystem that uses the ICRC-1 standard. It has several roles within the ecosystem. They are a governance coin that can holders can stake to participate in governance decisions.
It is also a utility coin, which ecosystem users burn to obtain ‘cycles,’ the ecosystem’s gas. The gas is used for storage and computation in canister smart contracts. Additionally, ICP node providers that provide the storage and computing for the ecosystem receive newly minted ICP.
ICP can also be used for decentralization swaps, with participants owning a stake in an SNS DAP. Additionally, the coins provide access to the numerous smart contract services built on the network. There are currently $1.8 billion worth of $ICP coins locked in governance.
ICP coins have both a deflationary and inflationary mechanism built into them. Governance participants can convert their voting reward into a new ICP anytime. Additionally, node providers receive rewards in newly minted ICP coins. However, ICP is also burned when it is converted into cycles to pay for storage and computing. As a result, the developer team predicts that the burned ICP via cycles will exceed that minted by node providers and governance rewards as the use cases grow
The circulation supply of ICP is 451,179,950, while the total supply is at 511,212,023 ICP.
Social Media
Internet Computer has 680.1k Twitter followers, 29k Reddit members, and 4,687 Discord members.
ICP Price Prediction
The current sentiment for ICP is bullish, with the Fear & Greed Index at 67, which is Greed. In the past month, ICP has been rising 60% of the time, with price volatility at 12.10%. Based on its current performance, analysts predict it could reach $.79 by the end of next week.
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