What is the Future of Internet Computer in this guide? We will answer questions such as who created it, what is its features and project.
Like many projects in the cryptocurrency space, the Internet Computer Protocol (or ICP) is much more than a form of digital money. In fact, the ICP token, which can be bought and traded through cryptocurrency exchanges, is just one part of a much larger idea.
Internet Computer (ICP) is a set of protocols that allow independent data centers worldwide to converge and provide a decentralized alternative to existing centralized internet cloud providers. The ICP token is used for governance (owners can vote on the future of the network), to reward network participants for good behavior, and to pay fees for transacting.
What is ICP Coin?
The Internet Computer (ICP) is a blockchain-based decentralized network that aims to provide an “unlimited” environment for smart contracts and other decentralized applications to run at web speed. Started by Switzerland-based cryptography foundation DFINITY, Internet Computer provides significant infrastructure upgrades that could potentially solve the scaling problems of other blockchain networks such as Ethereum.
Using DFINITY’s site advocates, Internet Computer, developers can build anything from mass-market tokenized social media platforms, entire DeFi ecosystems, and even Ethereum-based dApps that run seamlessly on-chain.
Part of Internet Computer’s toolbox is the devolopment of traders to nodes or supernodes where the system has a slight tendency to centralization. Eliminates environmental limitations for developers such as firewalls, network topology and port management, as well as physical or virtual network configuration requirements; Developers don’t even have to worry about database configuration and maintenance.
Internet Computer’s bold mission should rightfully be critically scrutinized by blockchain advocates, as it could change the blockchain industry if it works at the scale promised.
Features of Internet Computer
Internet Computer is basically an innovation in blockchain technology that enables it to run web speed with unlimited capacity. This claim is purely conceptual as of writing.
Founded by Dominic Williams in October 2017, Internet Computer (ICP) quickly rose to prominence and rose in the market capitalization rankings. At the time of writing, it has a market cap of around $14 billion, making it the 10th largest cryptocurrency by market capitalization.
Williams invented the Threshold Relay and Probabilistic Slot Consensus and is an active member of the Bitcoin and Ethereum technical communities. Prior to ICPO, he worked as the CTO of String Labs and was the Founder and CEO of Fight My Monster, a multiplayer online (MMO) game and fun social media network for kids.
ICP is designed to scale smart contract and data computing, run them at web speed, and process and store data securely and efficiently.
It has created software frameworks to make it easy for developers to use as well. Internet Computer aims to revolutionize tokenized Internet services, supporting decentralized financial systems, and perhaps even traditional corporate systems and websites.
However, becoming the world’s computing platform by expanding the public internet to the blockchain is no easy feat. Internet Computer uses a variety of technologies in its enterprise:
Chain Key Technology: Chain Key Technology uses multiple encryption protocols to organize the nodes that make up the Internet Computer. It has only one public key. CKT allows any device, such as a smartphone or smartwatch, to verify the authenticity of artifacts on the Internet.
Non-Interactive Distributed Key Generation (NIDKG): This non-interactive, publicly verifiable secret sharing scheme consists of a vendor creating the Shamir secret share of domain items. These dealers then distribute the shares to multiple buyers in a confidential and verifiable manner. Shamir’s Secret Sharing was formulated by Adi Shamir and is one of the first secret sharing schemes in cryptography based on polynomial interpolation over finite fields.
Network Nervous System (NNS): The tokenized open governance system is responsible for the administration of Internet Computer. It stores information about which nodes belong to which subnet and manages the updating of the information.
Internet Identity: The online identity that the Internet user creates in online communities and websites.
Chain Key Technology is the engine that runs Internet Computer. It allows adding new nodes and creating new subnets that can theoretically scale the network infinitely. Faulty or crashed nodes can be replaced with new ones without compromising the system.
Chain Key Technology allows Internet Computer to operate at web speed where searches are executed in milliseconds and update searches take between one and two seconds to result.
On Genesis, Internet Computer has a block rate of 2.5 blocks per second (Bps) and is expected to gradually reach 10.3 bps by the end of 2021, with an access target of 1,000 bps.
The old signers must each broadcast a message to the new signers in the non-interactive key resharing protocol. This is done securely through non-interactive zero-knowledge proofs as well as encrypted forward secrecy. Since the resharing protocol is non-interactive, it is highly adaptable to an asynchronous environment.
The Internet Computer token, ICP, is responsible for:
Facilitate Network Management: ICP tokens are locked to create “neurons” that participate in network management through voting. Users receive economic rewards for doing so.
Generation of Cycles for Computer: The ICP token acts as a source value store that can be converted into “cycles”. It runs the power calculation, sort of like fuel. Fuel is burned as it is used. The NNS turns the ICP into “cycles” at a variable rate, which is continually configured by the NNS in response to external markets.
Reward Participants: The network issues new ICP to reward and incentivize network participants. To be rewarded with ICP, users can participate in a variety of roles, including governance, voting, and operating the node machines hosting the network.
In May 2018, DFINITY announced plans to distribute CHF 35 million worth of DFINITY tokens in an airdrop to promote a “Cloud 3.0” to community members to help them become early users.
DFINITY launched its alpha mainnet on December 18, 2018.
Internet Computer is currently powered by 48 independent data centers running a total of 1,300 nodes in North America, Europe, and Asia. The network is predicted to grow exponentially to support the next generation of large-scale dapps.
Genesis has a maximum of 469,213,710 ICP tokens and the circulating supply is dependent on market dynamics. At the time of Genesis, an estimated 23.86% of the tokens were held by the DFINITY Foundation, 18% by Internet Computer team members, 24.72% by seed donors, 9.5% by early contributors, and the remainder distributed to other investors.
The Future of Internet Computer (ICP) and Review
CryptoNewsZ has a price prediction of $115 for 2022. This represents an impressive 240% increase from current prices. CryptoNewsZ adds that as long as other major cryptocurrencies such as Bitcoin and Ethereum remain stable, ICP crypto should also gain. Additionally, CryptoNewsZ has a $200 price prediction for 2025, which represents a 492% increase.
Coin Price Forecast has a price forecast of $40.39 for 2022. This figure represents an increase of 19%. Specifically, this prediction was formulated using “prediction models, a set of parameters that the computer can use to make decisions, and a learning component that allows the system to change the parameters based on experience.” The Coin Price Forecast states that over time, predictive models will evolve based on past learning experiences.
Wallet Investor’s price forecast for 2022 is $1.73. That’s a staggering 94% negative. Wallet Investor’s proprietary sentiment meter states that sentiment surrounding ICP crypto has dropped slightly over the past 30 days. The website adds that ICP crypto could possibly be a “bad, high-risk 1-year investment option.”
Where Can I Buy Internet Computer (ICP)?
If you want to buy, sell or trade Internet Computer (ICP), you can do so on popular exchanges such as: Binance, Coinbase and Huobi Global.
What is the Future of Internet Computer in this guide? We answered the questions of who created it and how it works. Keep following us.
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