New and advanced cryptocurrencies are emerging in the market today regularly. One such digital token that gained much traction just after its launch is Internet Computer (ICP). It was launched in May 2021 and is already one of the largest cryptocurrencies in the world.
With its unique technological features, crypto analysts predict that Internet Computer is going to explode tremendously in 2023. Let's see the driving factors that boost the value of this token in the market.
Looking At 2023: Is The Internet Computer All Set For A Massive Rally This Year?
This digital token was launched by the Dfinity Foundation and is already making new waves in the blockchain world with its advanced technologies. ICP is a utility token that allows users to participate and govern the Internet Computer Blockchain network. This non-profit platform has garnered strong support from the crypto community and is set to explode in 2023.
Here are some of ICP's significant features, price rally, and price predictions that make it a viable investment opportunity.
#1. Unstoppable Rally Since Its Launch
The ICP coin was initiated in the market in May 2021. Within a few days of its launch, it surged high to hitting an all-time high of $737.20 on May 10th. It is now one of the top cryptocurrencies in the market, securing the 32nd position in the CoinMarketCap ranking with a market cap of $3.8 billion.
Today, the internet is a vast network that connects everybody and everything in the world. But the systems and services still run from private infrastructure. The purported goal of the Internet Computer is to expand the public internet to become the world's computing platform.
Though the ICP coin has been recently launched in the market, it has been in work for over five years. During its development, it has garnered strong support from several impressive firms like Andreessen-Horowitz and Polychain Capital.
Currently trading at $25, ICP is expected to recover and grow price again in the coming years, placing itself in the investor-favourite list.
#2: Significant Features That Makes Internet Computer A Unique Crypto Project
Internet Computer is a revolutionary public network that facilitates a limitless environment for smart contracts that run at web speed and reduces computing costs a million times. It is a public blockchain with multiple novel features making it far better than other smart contract-enabled blockchains.
The network enables developers to create DeFi applications by installing their code directly on the public internet. It provides faster transactions, which is less than a second, at a very low cost.
Further, the developers of ICP claim that now developers can completely negate centralized services and commercial cloud services. They can deploy ICP to create websites, internet services, enterprise IT services, and many more at an affordable price.
The Founder and Chief Scientist of the Dfinity Foundation, Dominic Williams, describes Internet Computers as the third major innovation in blockchain after Bitcoin and Ethereum, boosting its value in the market.
#3: The ICP Tokens
ICP, the native utility token of the Internet Computer network, is primarily used for processing power on the network. As the tokens used in the transactions are burned, it is turned into a deflationary currency. There is a maximum supply of 475 million ICP tokens, of which 190 million is already in circulation.
The ICP token is also used as a reward to incentivize those users who play a significant role in enhancing the network functions. Broadly, the token has three critical roles in the network. They are:
- Facilitating network governance
- Production of cycles for compute
- Rewarding participants
#4: Internet Computer Is Going To Explode In 2023-2026. Experts Speak Up
Within a brief period, ICP has gained so much popularity and attraction that analysts predict that the coin is going to explode with a bullish momentum in the coming years.
According to DigitalCoinPrice, ICP is a great long-term investment option for investors. It predicts that ICP may be worth up to $40 in 2026.
While experts from Trading Beasts have a more bullish prediction. They say that we can expect ICP to trade at $98 in 2024.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Chain Key Technology: Significant Technology Behind Internet Computer Network
The chain key technology is the engine that drives this blockchain network and its operations. It is the scientific breakthrough behind the network and the method by which transactions are confirmed.
This project allows the Internet Computer to finalize transactions that update smart contract state in 1-2 seconds. To increase the network scalability, it also adds new nodes on the network to form new subnets.
In addition to this, Chain Key Technology facilitates the operation of Internet Computer with a single public key. This further allows any device from smartwatches to mobile phones to verify the authenticity of artifacts from the Internet Computer. Therefore, this unique technology allows the blockchain to provide a more scalable method of verifying transactions and digital objects compared to its competitors.
Adding to its popularity, Dfinity has explained this unique feature taking it to their Twitter handle recently.
Why Internet Computer Is Going To Explode In 2023
One significant reason for the increase in adoption of this blockchain network is that ICP launched with decentralized programs already operating on the blockchain. A few of these programs include a decentralized exchange (DEX), social media platform, and a messaging application. Having these protocols on ICP can boost it to do well in the current bull market.
Therefore, the Internet Computer provides a revolutionary way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and traditional enterprise systems and websites.
Yet another significant milestone that drives Internet Computer to explode in 2023 is releasing all its source code into the public domain. This makes the internet function as a decentralized global computer. Also, the ICP utility token facilitates thousands of community members to govern the network.
The token has garnered much popularity as several other crypto platforms took it to their Twitter handles.
Final Thoughts
Therefore, there's no denying that Internet Computer is one of the unique and promising cryptocurrency projects recently released in the market. With strong support from prominent VC firms and a dedicated team of strong cryptographers of the Dfinity Foundation, investors can expect more updates and a bullish ride in the coming years.
Moreover, ICP addresses some of the significant challenges like poor system security, monopolization of internet services, and misuse of personal user data faced with the traditional internet today.
Therefore, considering all these factors, we can say that Internet Computer is going to explode in 2023, making it a potential long-term investment option for investors.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.