What is Internet Computer (ICP)?
Internet Computer (ICP), according to its developers, is the “world’s fastest growing general-purpose blockchain to build the future of Web3.” Through the use of this unique platform, users can “Explore the ecosystem, deploy [their] first smart contract, or join the conversation around innovations made possible by the Internet Computer.”
The blockchain was created by the DFINITY Foundation, which is a non-profit organization that aims to “create a ‘blockchain singularity’ in which every system and service is rebuilt and reimagined using smart contracts and runs entirely from infinite public blockchain without need for traditional IT.” Though based in Switzerland, the foundation also has a major research member in California. Currently, more than 250 team members are working on this open-source project.
Web3, as described by the New York Times, represents “the idea of a new kind of internet service that is built using decentralized blockchains”, and is also used as a catch-all term to describe the most recent iteration of the internet. There is a significant amount of competition to create the infrastructure needed for Web3, which is something the development team behind ICP aspire to accomplish.
The Basics of Internet Computer
The Internet Computer ecosystem is described by its developers as “the fastest and most scalable general-purpose blockchain”, which will make it well-positioned to adapt to near-term changes across the world of Web3. The platform, “extends the internet with computation: dapps (smart contracts) can run 100% on the Internet Computer as it can serve web contents directly into browsers.”
Smart contracts, as described by IBM, are “digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met”—these contracts are, ultimately, what empowers blockchains to function around the world. So, through the use of the Internet Computer blockchain, users can perform a wide variety of different functions. However, contrary to some other systems, Dfinity.org states that users do not generally “need any tokens to use a dapp nor is it necessary for anyone to download blockchain state to verify correctness of transactions.”
Ultimately, this is due to ICP Crypto’s “groundbreaking chain key cryptography”, which extends usability and creates a generally seamless process.
Key Concepts of Internet Computer
One thing that distinguishes the Internet Computer blockchain from others is that its governance is primarily led by the community—more than three-quarters (76.1 percent) is led by the community, while 22.2 is led by the DFINITY Foundation. Meanwhile, the remaining 1.7 percent is led by the Internet Computer Association and node providers. This type of distribution helps to create a more democratic blockchain and development process, which is a key point of distinction within the crypto community.
The primary mission behind the non-profit DFINITY Foundation is to maximize the value and utility of smart contracts while also running these contracts on a public blockchain. The Foundation seeks to build a “next generation blockchain” that can overcome the current limits faced by other blockchains and prepare users for the inevitable “blockchain singularity.” As a part of its ambitious mission, the Foundation forecasts that, “In the process, these systems and services will be fundamentally reimagined, changing how our information systems, financial systems, economy and society works, by leveraging the many new capabilities that smart contracts provide.”
Is Internet Computer Safe?
The Internet Computer blockchain is highly decentralized, which offers quite a few security advantages from “outside intrusions”, as Director of Research, Jens Groth, helps describe. Through the use of canister smart contracts, users can easily run a range of “decentralized apps (dapps), DeFi platforms, NFTs, websites, and tokenized internet services directly on the open web.”
Privacy is a priority behind the developers of ICP and its supporting architecture. Groth cites several mechanisms that help make this particular blockchain more secure, including the use of read-only interfaces, the use of pseudonymous principals achieved via an “Internet Identity”, leakage detection infrastructure, and more. Having launched in 2020, the Internet Computer network is relatively young and its youth may deter some users. Nevertheless, it appears there is plenty of reliable infrastructure in place to help keep both the platform and its applications secure.
Internet Computer Vs. Ethereum
While many blockchain and crypto developers market their products as an “Ethereum Killer”, the team behind the ICP network dubs their product as the Ethereum Savior, noting, “The goal of ICP isn’t to disrupt or eliminate other blockchains, but instead to make them faster, less expensive, more sustainable and greener.”
So, while it is clear that Internet Computer crypto and Ether may be competing for crypto investor’s wealth, it is also clear that these two apparent “frenemies” may still end up having a mutually beneficial relationship. In other words, the development of one might promote the development of the other, which is great in a world where billions of dollars are being poured into Web3 every year.
How to Buy Internet Computer
Ultimately, a good option to invest in the Internet Computer coin (ICP) is through the use of BitcoinIRA, since there are tax advantages to investing in crypto through a self-directed retirement account. The Bitcoin IRA platform is available in all 50 states and strives to simplify the complex process, helping to make it extremely easy for users to create a wallet, compare different coins, and create a diversified investment strategy that could potentially generate long-term positive results.
Internet Computer Price Predictions
The general—though very limited—price history for the Internet Computer price is very comparable to the early stages of many high-potential crypto investments. Following an ICO in 2020, the coin opened with a value of $8.69 and remained remarkably stable over its first few months.
But by early 2021, the Internet Computer coin experienced an incredible rally, reaching an all-time high of more than $750 in May of that year. Of course, an 800-fold increase in just a few months is not something that even the most valuable coins can sustain. Eventually, the price of ICP was brought back down to Earth, dropping to just $32 per coin in June of last year.
Since then, the coin has steadied its value and, as of April 2022, was trading around $14.48—still up about 69 percent compared to its opening price, but still below its trading zenith.
Moving forward, ICP may likely take one of two paths: maintain a high potential but lose interest among investors, or, gain increased attention (and acceptability) and eventually start trading at potential volumes comparable to Ethereum. In other words, it may be likely a high-risk, high-reward investment but the potential upside is clearly still there.
Why Should I Invest in Internet Computer?
There are quite a few reasons why Bitcoin IRA is the ideal platform for investing in Internet Computer, along with other cryptocurrencies. The combination of a tax-advantaged1 investment, higher levels of custody insurance 2, and 24-hour access have all helped Bitcoin IRA3 attract tens of thousands of satisfied users.
How to Create a Bitcoin IRA Account with Internet Computer?
Creating a Bitcoin IRA account is surprisingly easy—and once you have set it up, you will be able to easily and efficiently trade ICP, BTC, ETH, and any many other coins with ease. Just visit the “Get Started” tab on the Bitcoin IRA website and you will be one step closer to becoming a successful crypto investor.
Questions on getting started with cryptocurrency investing in your Bitcoin IRA account? Our specialists are here to help! Call us at 877-936-7175 or email us today.
1Some taxes may apply. We recommend you consult your tax, legal, and investment advisor.
2Insurance may vary based on asset chosen and custody solution available.