In this video, the presenter discusses the ICP or Internet computer protocol, which is a new way of thinking about building applications and systems using blockchain technology. However, the project faced controversies due to its launch and manipulation by FTX exchange. The presenter delves into the core values of ICP, its potential partnerships, and the complex technology behind it. They also question whether ICP can deliver on its promises and regain people’s trust. Despite the launch’s negative impact, the ranking of ICP at 37 shows the potential for a comeback if the project continues to deliver.
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Introduction
Welcome back to another video from CryptoBusy! In this video, we will be discussing ICP, also known as the Internet Computer Protocol. We will go through its controversies and its potential to make a comeback in the next Bull Run.
About ICP
ICP is a new way of thinking about how applications, especially in web3, can be built in and around the blockchain. You can build fully decentralized systems such as DeFi and smart contracts on the Ethereum blockchain through ICP. Its core value was initially seen as a store of value, but it has been struggling in recent months due to its launch being manipulated by FTX and the New York Times. Despite this controversy, ICP is still ranked number 37 and has the ability to climb back up to its all-time high.
Controversies
FTX manipulated several tokens, including ICP, during its launch, inflating the price with a fake purp. This has caused a lack of trust and confidence in ICP and other cryptocurrencies involved in the controversy. However, the core technology behind ICP still stands strong, and they are having a proof of concept with their mission to find a different way of creating various blockchains and inputting them into ICP.
The Technology Behind ICP
ICP runs entirely on the Sovereign Network of dedicated node machines, which are installed in independent data centers by independent node providers. This is a new way of thinking about how a blockchain can be created, utilizing a proof of useful work, where independent providers and data centers physically validate transactions on the blockchain. This technology can be complicated and complex, but it is the foundation of ICP’s potential.
Final Thoughts
If ICP can continue to deliver on its promises and regain people’s trust despite the controversies surrounding its launch, it has the potential to climb back up to its all-time high, and even further than that. Its ability to create decentralized systems and connect web3 apps with the blockchain makes it an exciting prospect for the future.
