DFINITY created Internet Computer (ICP), an open-source blockchain project. This coin, which aims to compete with Amazon and Google in the online services field, had a challenging year in 2021 but still has enormous promise for the years ahead.
Smart contracts and decentralized apps (dApps) can run at “web speed” thanks to the Internet Computer initiative. This word alludes to the notion that these network components are incredibly scalable. In addition, transactions can be verified considerably more quickly than BTC and ETH transactions can. As a result, Internet Computer is similar to Ethereum and Cardano. It allows developers to construct decentralized finance (DeFi) protocols and other services on the network.
Furthermore, Internet Computer provides developers with frameworks that make it simple to create apps. An innovative app is Distrikt. Distrikt is a community-owned social media platform built on the Internet Computer blockchain. New nodes that help confirm the network’s transactions can join using Internet Computer’s “chain key technology,” resulting in indefinite growth.
The native token of Internet Computer is ICP, and it is this token that you will acquire if you wish to invest in Internet Computer. ICP tokens can be used for a variety of purposes, including governance and remuneration. The latter is particularly appealing, as consumers can earn ICP for participating in the network. Therefore, effectively returning their investments.
ICP coin Trend
The ICP coin’s launch was on May 10th, 2021, and crashed immediately. According to CoinGecko data, ICP’s all-time high price was $700.65 on its introduction day. ICP fell by approximately 32.22 percent on the day of the coin’s launch and continued to decline over the following months, reaching an all-time low of $27.44 on July 20th, 2021.
One of the most severe criticisms of ICP is that it is not truly “decentralized.” Because numerous venture capital firms own large amounts of the tokens, they wield enormous voting power on the network. As a result, they can make changes without the entire community’s support. Many market analysts see this as a significant disadvantage because it has an almost “centralized” element.
Furthermore, because ICP debuted at such a high price, many believe the developers pulled a “rug pull.” It happens when the coin markets well and fetches a high price, at which point the coin’s developers and backers sell their stake and profit handsomely. As a result, the price will inevitably fall, leaving the remaining investors out of pocket.
The two points raised here are some of the main reasons why the Internet Computer hasn’t grown as quickly as its developers had hoped. As a result of the reputational effects, many people prefer to buy Cardano or another platform over ICP.
Our Internet Computer price prediction for 2025 remains relatively optimistic. Our analysis of the platform’s technology is promising. If Internet Computer can effectively market, we may see some price swings ahead. As a result, we believe ICP could reach $150 by 2025.
Looking ahead, our Internet Computer price forecast for 2030 is also slightly encouraging. As the crypto market expands, we can expect increased exposure to benefit smaller tokens like ICP. As a result, regardless of the platform’s performance, we expect the coin’s price to rise over the next decade, giving the currency a value of $250 by 2030.
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