BitBoy discussed in a YouTube video what makes Internet Computer (ICP) different from what it used to be. The 8-minute-long video discussed various factors that could trigger the price of a pump, focusing on its functions and capabilities.
According to the video, Internet Computer is still in its early stages, and its features make it a promising project to look out for in the Web3 space.
ICP launched its mainnet in May 2021 after years of development by the Dfinity Foundation. Following that, the project gained attention due to its ambitious goals and innovative technology.
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Show more +However, Internet Computer faced challenges related to the defunct FTX crypto exchange, with allegations that FTX manipulated ICP’s price. They suggested that FTX inflated the price of ICP before launch and heavily shorted it afterward, causing a massive price drop. This manipulation allegedly caused the token price to drop by 99% almost instantly after launch.
ICP’s Vision and Technology Expected to Boost Price Agai
BitBoy discussed how various technologies and the token’s vision are expected to make the price recover from its fall. ICP aims to host social networks and enterprise systems on the blockchain itself, making it scalable and efficient.
BitBoy describes ICP as a “world computer” that can scale without limits, host any amount of data, and perform computations efficiently. The protocol aspires to replace centralized technology with a more efficient and eco-friendly “crypto cloud.”
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Internet Computer has a growing community of developers building various web3 services and enterprise solutions on its platform. Many enterprises are experimenting with building tamper-proof and unstoppable systems on the internet computer.
The Network Nervous System (NNS) is a decentralized governance mechanism made up of neurons (instead of nodes), which manage protocol operations and economic policies. Staking ICP tokens in the NNS grants voting rights and earns high rewards. Lockups range from 6 months to 8 years, with longer lockups yielding higher rewards.
ICP uses canisters, which are stateful programs that communicate with each other to create decentralized applications (dApps). It also has a decentralized Internet identity solution that allows users to authenticate across different applications without traditional login credentials.
Looking forward ICP aims to put the entire internet architecture on-chain, demonstrating blockchain’s potential to disrupt traditional systems.
Although the analysts did not mention exact figures, they expect the price to spike due to various factors suggesting that the current low prices might be a “generational bottom,” giving a chance for accumulation.
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