The last May listed cryptocurrency, Internet Computer (ICP), saw significant traction within a short duration, with its unique goal of expanding the public internet to become the world's computing platform.
It successfully secured its position as one of the top 10 cryptocurrencies in the market, with a market cap of $37 billion days after being launched. It garners much support from developers and investors who are extremely curious to know whether Internet Computer could be a millionaire-maker coin.
Internet Computer is the ultimate expansion of blockchain science and is designed with advanced technologies, making it a unique project in the crypto space. Let's see some of the factors that can drive Internet Computer ICP to be the next millionaire-maker coin.
Internet Computer: What Is It?
Internet Computer is a digital token that runs on its protocol called the Internet Computer Protocol. It aims to expand the internet, allowing anyone to build software or publish content without using intermediary services from big companies like Amazon, Google, or Facebook.
Though the internet is a vast network connecting the farthest corners of the globe, its systems and services are still run through private infrastructure. What Internet Computer aims to do is reduce the reliance on systems like Google or Microsoft and create a new free space for independent ideas.
ICP uses smart contracts and other software to expand its boundaries. Therefore, it can be a viable competitor to Ethereum and other decentralized smart contract networks in the market. The project was founded by the Dfinity Foundation and backed up by several talented cryptographers.
Is Internet Computer A Millionaire-Maker Investment?
The developers of Internet Computer have hailed it as the third major blockchain innovation in the world, after Bitcoin and Ethereum. The underlying idea behind this unique cryptocurrency is that it would extend the functionalities of the public internet so that it can host software.
In simpler terms, the Internet Computer would be akin to a massive, blockchain-powered cloud network that allows programmers direct access to the internet to build and host their own software or smart contracts.
Another significant feature that makes Internet Computer a potential investment option is its core blockchain features. It has autonomous code and tokenization, enabling developers to build services that end users can interact with without holding any tokens.
The project ICP has been in the pipeline for over five years, and finally, Dfinity Foundation launched it in May 2021. It soared up after its launch, hitting an all-time high of $737.20 on May 10, 2021. Currently trading at $19.14, investors expect Internet Computer's price to rise again soon and ICP to be the next millionaire-maker coin.
Don't Miss: Why Internet Computer is Going to Explode
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Factors That Could Make Internet Computer A Millionaire Maker
Now let's take a look at some of the factors that fuel the prediction of ICP's tremendous explosion in the coming years.
A Blockchain That Runs At Web Speed
One of the common complaints about blockchain networks is that they are too slow and less scalable. The Internet Computer was designed to smash all these barriers and host smart contracts that perform better than any other codes. The most exciting part of this public network is that it runs at web speed.
Thanks to its unique application, the Chain Key Technology finalizes transactions that update smart contract state in 1-2 seconds. It also adds new nodes to the network and forms a new subnet to increase network scalability.
It is the world's first blockchain that runs at web speed and can increase its capacity to higher speeds. Along with running at web speed ICP also reduces the computing costs a million times compared to its competitors.
Removes Intermediaries From Blockchain System
Most of the public blockchains available today rely on intermediaries, which undermine their crucial purpose. These intermediaries or websites are often running from insecure cloud accounts and are vulnerable to cloud operators. The Internet Computer resolves this issue allowing hosted smart contracts to serve content directly into the web browsers of end-users.
This enables ICP developers to design systems and services without trusted intermediaries with end-to-end security. Needless to say, this feature adds to its popularity.
Huge Support
During its five long year developments, the Internet Computer has garnered sizeable financial backing from established crypto groups like Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, etc.
Several developers and crypto enthusiasts have also tweeted about the coin's features, making it a viable long-term investment option with tremendous support.
The ICP Token
The utility token of the Internet Network Protocol, ICP, also has several exciting features. It gives token holders a chance to participate and govern the Internet Computer blockchain network with their voting powers, making it an efficient governance token. Additionally, ICP is also used as a reward coin, given to users who contribute to the functionalities of the ecosystem.
Internet Computer Protocol
It is the decentralized proprietary protocol that the Internet Computer uses. This protocol creates a unified, easy-to-use, seamless ecosystem that hosts smart contract software and its data. The protocol does this by weaving together the compute capacity of special node machines installed by data centers worldwide.
Could Internet Computer Be A Millionaire-Maker Coin?
Several investors and crypto analysts are betting high on this unique cryptocurrency as it enables anyone to publish anything they want onto the internet seamlessly without any intermediaries. It reduces their operational costs and allows them a platform to reach out to the world.
Along with that, the Internet Computer has successfully solved the blockchain trilemma by providing a blockchain network that is decentralized, secure, and scalable.
Internet Computer is expected to reach new heights in the coming decades as it opens up a unique opportunity for its users. Tokenized internet services, DeFi applications, pan-industry platforms, and traditional enterprise websites are directly built on the internet reducing intermediary costs by deploying ICP.
Even crypto analysts predict that Internet Computer is expected to soar much higher, likely exploding by the end of 2022, which could make it a millionaire-maker coin for investors.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Final Thoughts
By promising a vastly convenient blockchain experience, the Internet Computer is alluring investors, traders, and institutions alike. It is charting new and advanced territories by empowering consumers with its ability to coordinate blockchain projects and manage data at a faster rate and pace than ever.
It aims to expand the internet for a larger public by reducing operational costs and enhancing accessibility with unconditional speed. Considering all these factors, Internet Computer could be a millionaire-maker coin and a viable long-term investment option for investors.