Internet Computer is on the list of fast-growing cryptocurrencies today. As numerous projects are being developed in the crypto space, it is important to know which to invest in.
Bitcoins, Ethereum, BNB & USDT are no doubt top on investors’ lists, there are other projects that can be profitable. Such is the Internet Computer Crypto which trades by the symbol ICP.
You may be familiar with the word ‘internet computer‘, what it has in common with the token is what needs to be studied. In this post, we’ll discuss about the Internet Computer Crypto and its investment opportunities.
What is Internet Computer (ICP)?
Internet Computer (ICP) is a decentralized blockchain network. The native utility token of the platform is known as ICP.
The aim of the project is to push the boundaries of Internet functionality and support smart contract development at a larger scale globally. ICP made its official debut in May 2021 after being launched by the DFINITY Foundation.
Internet Computer is founded by Dominic Williams, a crypto theoretician, who also double as the Chief Scientist of DFINITY (a non-profit research organization).
What is Internet Computer’s Worth in the Crypto Market?
Internet Computer (ICP) is undoubtedly one of the fastest growing cryptocurrencies today despite making its debut in 2021. As at the time of writing, ICP is ranked 36th among thousands of crypto assets by CoinMarketCap.
The current price of ICP is $14.04 USD with a 24-hour trading volume of $154,540,902 USD. It has a live market cap of $3,166,347,976 USD. ICP has a circulating supply of 225,508,517 ICP coins.
Internet Computer is available for purchase on many cryptocurrency exchanges globally just like every other top cryptocurrency. You can purchase ICP on Binance, Coinbase, KuCoin, Huobi Global, and so on.
Internet Computer Among Other Crypto Assets
Cryptocurrencies have things in common as they are built on the blockchain. However, these cryptos are different in what they offer to their users.
The comprehensive mission of Internet Computer is to turn the public Internet into a world-class computing platform. Also, with the help of Internet Computer, developers can create DApps and install its code on the Internet.
Similar to the Bitcoin network, the Internet Computer is the only other 100% sovereign infrastructure in blockchain.
ICP is among the fastest cryptocurrencies when it comes to transactions. Bitcoin, despite being the most successful and popular crypto isn’t as fast with transactions. Several other altcoins like Ethereum, Dogecoin, etc. have worked to be better by becoming faster. With ICP, transactions can be completed in less than a second, and at a low cost.
Internet Computer represents the third major blockchain innovation, alongside Bitcoin and Ethereum.
What Makes Internet Computer Unique?
With Chain Cryptography, Internet Computer has seen numerous scientific break-throughs and countless advancements in crypto engineering. These has made it one of the brightest projects to watch out for in the future.
The Network Nervous System (NNS) DAO is one of the features that make it unique. The NNS DAO is an open, permissionless and decentralized algorithmic system governing the Internet Computer.
Decentralized data storage on the Internet Computer is with a very low fee. It costs $0.46 per 1 GB / month or $5 per 1 GB / year. In comparison, it costs $310m (Ethereum) and $800k (Solana), as of January 17, 2022, to store 1 GB per year on legacy blockchains.
ICP is also unique for its user-friendly web 3 experience. The Internet Computer is the only public blockchain that runs smart contracts that directly serves HTTP calls to users.
One thing the Internet Computer is known for is its lightning speed. ICP is 11 times faster than Solana which is one of the fastest in the crypto industry. In fact, it has been labelled as being ”bloody fast” as it can complete transactions in 1-2 seconds.
Why Investors Need To Consider Internet Computer (ICP) Crypto
The Internet Computer crypto provides several opportunities for investors due to its exciting features. They are discussed below.
1. Anyone can create a software and run it on the internet– With Internet Computer, absolutely anyone can create software and run it on the Internet. Any user can get acquainted with blockchain technology, any developer can create a DeFi application.
2. It is fully decentralized– All work processes take place in a decentralized network on special equipment. Meanwhile, many other blockchains run on the cloud. This is an assurance of what cryptocurrency-built on blockchain is all about.
3. Internet Computer is very fast– This is one of the major selling point of the network. It is the fastest and only infinitely scalable general-purpose blockchain. The ICP cryptocurrency is known to work at web speed.
4. ICP token can serve many purposes– ICP token holders may stake ICP in the Network Nervous System (NNS) DAO to create “Neurons”. This is being used to to vote on governance proposals and earn voting rewards. ICP tokens can be burned and converted into cycles (gas). This can be used used by developers to pay for computation and storage costs for their decentralized applications running on the network via canister smart contracts.
How Fast is Internet Computer?
As stated above, the selling feature of the Internet Computer Crypto is its speed. It’s Chain Key Cryptography allows the Internet Computer to run at web speed.
ICP is the world’s fastest public blockchain at 250,000 queries per second (read), 11,500 transactions per second withe 1 second transaction finality (write).
Is it Safe To Invest In Internet Computer Crypto?
Internet Computer is volatile like every other cryptocurrency except stablecoins. There are lot of exciting features about the project which can lure investors. This doesn’t mean that is safe to invest in.
Cryptocurrency is the most risky form of investment. No one is safe as you can reap or lose all what you have invested in it.
However, looking at the height attained by ICP in it’s short time of existence, it is a crypto that cannot be toyed with.
Internet Computer is one of the ‘hottest project’ in the crypto industry today. In fact, it represents the third major blockchain innovation, alongside Bitcoin and Ethereum.
ICP is known to be one of the fastest for processing transaction in the industry as well as other exciting features. Despite this, you must study the project before putting your money. If you must put your money, put what you can afford to lose.
Also Read- Which To Buy Between Filecoin & Litecoin?