Internet Computer Protocol is a blockchain network created by DFINITY foundation, aiming to bring greater efficiency, speed and decentralization to computation and data storage.
The world of DeFi has been on a rollercoaster ride lately, with lots of new projects popping up. One of these projects is Internet Computer (ICP). It came with some amazing ideas to let people build cool decentralized applications. This helped ICP become a big player in the industry.
In this article we will discuss:
- What is Internet Computer (ICP)
- Features Of ICP Protocol
- Current Price Analysis Of ICP
- Price Prediction Of Upcoming Five Years, and
- Upcoming Projects
Internet Computer Protocol is a blockchain network that aims to bring greater efficiency, speed and decentralized computation and data storage service. The project developed by DFINITY Foundation, aims to address shortcomings associated with the traditional Internet, such as monopolization of services, poor systems security and misuse of personal data. Here is an overview of ICP for you!
Overview Of ICP
| Name | Internet Computer Protocol |
| Type | Blockchain Protocol |
| Governance Token Name | ICP |
| Current Price | $ 13.28 per (ICP / USD) (As of 29 April, 2024) |
| Market Capitalization | $ 6.15B USD |
| Volume (24 hours) | $127,840,293 |
| Trading Volume (24 hours) | $ 125.68M USD |
| Circulating Supply | 463,215,052 ICP |
| Total Supply | 518,086,742 ICP |
| Founder | Dominic Williams |
| Launch Date | May 2021 |
| Headquarter | Switzerland |
| Foundation | DFINITY |
| Compatible Wallet | Ledger, Plug Wallet, AstroX ME Wallet |
| Consensus Mechanism | Threshold Relay |
| White Paper | https://internetcomputer.org/whitepaper.pdf |
| Official Website | https://dfinity.org/ |
As a utility token, Internet Computer ICP allows users to participate in and govern their project on the blockchain network. The objective behind the Internet Computer protocol is to help developers create websites, enterprise IT systems, internet services, and DeFi applications by installing their code directly on the public internet.
Let’s move forward with this article to know in-depth about ICP, its features, and price predictions of 2025 – 2030.
What is Internet Computer Protocol (ICP)?
ICP is a blockchain-based decentralized network launched by DFINITY, which is a Swiss-based cryptography foundation. It’s one of the most popular web 3.0 projects designed to allow users to create websites, apps, and other web-based services without having to deal with Web 2.0 companies such as Google, Amazon, Facebook.
The main goal of ICP is to provide a refined and decentralized version of the web. Dominic Williams, the founder of Internet Computer (ICP), claims that it has the capacity to challenge internet giants including Facebook, Google, and Amazon Web Services.
Key Components of ICP
ICP consists of three key components:
Canister: A canister is a container that holds the code and data for a specific internet service. Canisters are stored and executed on the internet computer network. They are fully interoperable, meaning they can communicate and interact with each other seamlessly.
Subnet: A subnet is a collection of nodes that work together to process and validate transactions on the internet computer network. Subnets are responsible for maintaining the security and integrity of the network.
Node: A node is a computer that participates in the internet computer network. Nodes store a copy of the internet computer’s state and execute the code stored in canisters.
ICP Token Value
The ICP token sustains its value mainly due to its three main utilities.
- Cycles: ICP can be converted into “cycles” to power computations. When ICP is converted to cycles, it disappears, creating deflationary pressure.
- Staking and Governance: ICP can be staked in the Network Nervous System DAO, allowing users to create voting neurons and earn rewards for participating in governance.
- Store of Value: ICP can serve as a store of value, allowing users to invest in decentralization sales conducted by web3 services.
Key Features Of ICP
The ICP community is currently active in around 30 countries and collaborates with up to 50 well-known crypto organizations and 32 universities. Do you know how? Below are the key features that make this protocol stronger each day.
- Sovereign network
- Web2 compatible
- Multi-chain
- Tamper-proof
- Autonomous
- Cost-Effective
How does Internet Computer Protocol Work?
In the Web2 ecosystem, developers host most of the websites and applications on servers in data centers that are owned by big tech firms. The sole problem with this system is that the developers do not get complete digital ownership.
These corporate web-services providers can censor the content of a website/application if it doesn’t comply with their terms and conditions. Furthermore, there is a great chance of data tempering. Hence ICP aims at solving this problem by providing a blockchain-based alternative to cloud services. It allows developers to host their websites/applications built on decentralized structure.
Let’s delve into the functionality of ICP and see how it works.
Consensus Mechanism: ICP uses a novel consensus mechanism called Threshold Relay. This mechanism ensures the integrity and consistency of the network by requiring nodes to reach a threshold agreement before executing transactions. Threshold Relay works through three main steps:
- It first requires Nodes to participate in a threshold group, to collectively reach an agreement on the validity of transactions.
- Transactions are only executed when a threshold majority of nodes agree, enhancing security and reliability.
- Threshold Relay introduces randomness to the selection of nodes, reducing the risk of manipulation or collusion.
Network Architecture: ICP’s network architecture is designed to be highly decentralized and scalable. It consists of multiple subnets. Each subnet contains a set of nodes that work together to process transactions and execute code.
Canister Management: Canisters are a decentralized ledger that records all transactions and changes to the state of the network. Users can create, update, and delete canisters using smart contracts.
Current Price Analysis
As of May 1, 2024, the global cryptocurrency market cap is $6.00 B with a-1.97% change in the last 24 hours. ICP’s current price is $12.98, with a 24-hour trading volume of $182,860,974 USD. ICP has shown a decrease of 1.74% in the last 24 hours, with a circulating supply of 463.27M ICP coins. The token has a 24H high of $13.34 recorded on May 1, 2024, and its 24H low so far is $12.41, recorded on May 1, 2024.
Below is the current price chart for you:
ICP Price Analysis
Internet Computer has experienced significant growth over the past 12 months, recovering from a bear market. Due to this recent growth, Internet Computer is expected to reach a high of $47.62 over the next few years. Over the last 7 days, ICP has been showing bearish signs as the coin dropped by 16.73%. Due to this, we expect a slight recovery within the next week as investors take advantage of this low as an opportunity to buy ICP.
After the most recent ICP coin rally, the market is hyped up due to the following news of ICP integration with Bitcoin (BTC). According to ICP, the integration of Internet Computer (ICP) with the Bitcoin network allows ICP smart contracts to directly interact with the Bitcoin network. This integration brings forward new possibilities for DeFi and dapp development. Moreover, ICP smart contracts can directly hold, receive, and send BTC, and also facilitate the creation of a ckBTC token that is backed 1:1 by BTC.
On January 2, 2024, US SEC, dubbing ICP as an unregistered entity became another factor that poised ICP in a condition where it moved forward with the above said integration. Nonetheless, this move is pushing up the ICP value towards up and now it carries a notable bullish trend.
To predict how ICP value will navigate by the end of 2024, here is a background for your better understanding.
| Date | Price (USD) | Event |
| Mid-April 2023 | $5.48 | ICP started just below $5.48, breaking above initially but facing strong resistance, leading to a downtrend. |
| June 2023 | $4.03 | Bearish momentum pushed ICP’s value below $4.03. |
| September 2023 | $3.07 | Renewed bearish rally sent prices below $3.07. |
| October 2023 | $10.65 | Bulls regained strength, initiating an upward trajectory, leading to gains, reaching $10.65 by December. |
| December 2023 | $10.65 | Minor pullback followed by a rebound, reaching $15.51. |
| January 2024 | $15.51 | Intense market contention as ICP’s price oscillated around this high mark. |
| February 2024 | $15.51 | Continued oscillation around $15.51. |
| Mid-March 2024 | $10.65 | Notable pullback, retracing to $10.65. |
| April 2024 | $15.13 | Slight recovered from recent low, trading at $15.13. |
According to AMB Crypto, if the bullish rally continues, ICP may reclaim $15.51 and surge to $25. If another rejection occurs, the price might crash again to $10.65. However, in the long run, we may predict a bullish trend, with average prices reaching $535.43 by 2028 and $4514.38 by 2031.
ICP Price Prediction
During March 2024, ICP reached a significant milestone as it experienced a notable price surge, reaching approximately $17.00 $ICP . This surge was not just a short-lived moment but a reflection of the vibrant activity within the Internet Computer ecosystem, which has seen a 467.32% increase over the past six months.
Several key factors are involved in the ICP price surge, including technological advancements and the growing adoption of the Internet Computer ecosystem. Notably, following two factors played the major role:
- The integration of chain-key cryptography has enhanced security
- The use of the TRAX decentralized music platform illustrates the blockchain’s potential in revolutionizing industries.
Let’s see based on these factors, what’s the price prediction from 2024 till 2030.
ICP Price Prediction 2024
By ICP crypto prediction, it is estimated that the ICP coin may trade between the range of $9.75 to $23.28, where $9.75 is the minimum price and $23.28 is the maximum price. At the same time, there are assumptions that the ICP coin may have an average price of $16.515.
ICP Price Prediction From 2025-2030
| Price Prediction | Potential Low ($) | Average Price ($) | Potential High ($) |
| 2024 | 18.89 | 22.88 | 26.87 |
| 2025 | 23.29 | 28.96 | 34.63 |
| 2026 | 32.71 | 37.88 | 43.05 |
| 2027 | 40.40 | 46.485 | 52.57 |
| 2028 | 49.68 | 55.225 | 60.77 |
| 2029 | 57.03 | 65.645 | 74.26 |
| 2030 | 63.18 | 79.49 | 95.81 |
Conclusion:
In conclusion, Internet Computer Protocol (ICP) represents a significant advancement in decentralized network technology, offering a solution to the limitations of traditional internet infrastructure. With its innovative consensus mechanism, multi-chain architecture, and active community, ICP has demonstrated its potential to revolutionize the internet landscape. The recent integration with the Bitcoin network has further enhanced its capabilities, opening up new possibilities for DeFi and dApp development. Despite recent price fluctuations, long-term predictions indicate a bullish trend, with ICP expected to reach significant highs by 2030.
Disclaimer: These price predictions are based on current market trends, technological advancements, and the potential growth trajectory of the Internet Computer Protocol. However, it’s important to know that cryptocurrency markets are highly volatile and subject to rapid changes due to various factors, including regulatory news, market sentiment, and technological developments.
