ICP Coin by DFINITY Foundation shook the entire crypto market upon its launch in 2021. The launch price of $450 was tempting enough to gain investors’ trust in the project. However, what seems like a never-ending run, came to halt when the price slumped below $50 the same year.
From being called the project of the future, Internet Computer has lost over 95% of its value within a year. Investors lost their money and faith in the project. But many believe that the project is ahead of its time and it can rebound in no time.
To keep up the pace, DFINITY launched a clear roadmap for this year and quoted “the year of ICP“. Is it the right time to jump into the ICP bandwagon? Let’s check the roadmap to conclude –
Make yourself familiar with Internet Computer. Checkout the in-depth review of ICP Coin
Internet Computer (ICP Coin) Roadmap 2022 –
From DeFi to developing bridges for Ethereum (ETH) and Bitcoin (BTC) blockchains. Internet Computer has a long list of activities planned for the year that can help propel the price of ICP Coin. Here’re the top proposals in development.
ICP: Mid of Q1 (Titanium)-
Enabling Smart Contract:
Earlier, only NNS (Network Nervous System) Canister smart contracts and users can interact with the ICP ledger on the NNS subnet. After the upgrade, all canister smart contracts can interact with the ICP ledger to control the ICP tokens (transferring ICP and checking account balances).
This will bring in more transparency and decentralization into the ICP Network
Expanding the Reach:
The proposal continues the expansion of supporting devices by including more browsers and devices that support WebAuthn. Starting with Windows, users can access DAPPS through internet identity. Checkout Windows Hello (security feature by Microsoft) for details.
Bitcoin Integration (Preview):
Bitcoin Integration will help Internet Computer to interact with the Bitcoin blockchain. It will help enable powerful Bitcoin smart contracts to run on the Internet Computer, something similar to wrapped BTC.
Smart contracts on Internet Computer will be able to receive, hold and transfer Bitcoin on the Bitcoin network. The developer preview is already live for developers to work on building the smart contracts using Rust and Motoko.
Motoko is the primary language of Internet Computer
Dawn of DAPPS:
Q1 will introduce DAPPS development to grow its ecosystem. Examples include NFT marketplace, DEXEs (like SundaeSwap) and more.
ICP: End of Q1 (Chromium)-
Internet Computer will add smart contracts to Bitcoin. The integration between the two blockchain networks will operate in a trustless manner i.e without the involvement of any additional party. Users can hold, send and receive Bitcoin on Internet Computer using smart contracts.
Decentralized Node Addition:
This upgrade will allow node providers to establish and manage their nodes independently and automate the onboarding of new node providers. This feature will help the network scale faster than expected.
Web 2.0 Integration:
The smart contract/dapps on the Internet Computer can make HTTP (S) requests to services outside the Internet Computer ecosystem. This will help integrate it with web2.0 which is the current internet as we speak.
This feature has a broader use case. It will allow DeFi applications obtain the exchange rate data from external servers. Apps can use real data when it comes to weather forecasts and much more. Maybe eliminate the need for Oracles like Chainlink crypto.
Internet Computer will allow developers to create decentralized, token-based governance for their DAPPS using Service Nervous Systems (SNSs). SNS is similar to NNS with a much simpler and flexible design.
Canister based URLs are very hard to memorise like ” https://7e6iv-biaaa-aaaaf-aaada-cai.ic0.app”. This upgrade with help the developers to create custom subdomains that are short and easy to remember.
dfx 0.12.0-beta.0 is available for manual installation and testing!— DFINITY Developers ∞ (@DFINITYDev) August 17, 2022
This brings"System wide dfx" to your local environment. Greatly simplified dev experience. Let us know what you think.
Run on terminal:
DFX_VERSION=0.12.0-beta.0 sh -ci "$(curl -fsSL https://t.co/i7QdED99QZ)"
ICP: Q2 (Carbon SNS)-
From Subnet splitting to EVM (Ethereum Virtual Machine) support, Q2 has a lot of proposals in development which can be seen in the image shared below –
AMD SEV Virtual Machine Support:
Internet Computer will deploy AMD SEV to enable node images to be run as virtual machines to aid data center adoption and support privacy protection subnets.
ICP: Q3 (Vanadium)-
Internet Computer will roll out its integration plan for Ethereum in Q3. The development is similar to that of Bitcoin Integration (discussed above). After successful deployment, the canisters smart contracts will be able to buy, send or hold Ethereum on the Internet Computer network (Something similar to wETH).
The Vitalik release plan is shared below –
Big Map is an advanced scaling solution for linking an unlimited quantity of Canisters together. We have to wait for the complete details to roll out on this upgrade.
ICP: Q3 (Iridium)-
Iridium is about multi-chain integrations such as layer 2, establishing a peer-to-peer network, decentralizing backups and much more. The complete proposal is shared below –
ICP: Futurium 2023 –
2023 is the way forward for the ICP coin. The project has hinted at post-quantum cryptography, automation subnets creation and management and more. We have to wait until the roadmap announcement.
ICP Coin Price:
Please check the latest ICP Coin price, shared below –
Conclusion (ICP Coin Prediction):
ICP coin has its ups and downs. At the moment, the market sentiments seem to be quite unfavourable for the project. Despite the drawdown phase, the team behind Internet Computer is continuously working on its said roadmap and doesn’t seem to slow down anytime soon.
With Bitcoin and Ethereum integrations, Internet Computer will further spread its wings into the crypto space. This followed by Web2.0 integration will help onboard millions of users into its ecosystem which may further propel the project in the right direction.
The team is focused on developing DeFi protocols and other dapps to help grow the ecosystem and gain back the trust lost in the project. The fundamentals are strong and the technicals seem to be shaping in its favour.
It’s too early to predict the rise of ICP coin but after looking at the roadmap, if the team delivers what it promised, it won’t be long for Internet Computer to regain the lost ground and may even surpass the previous highs. Wait for Q3 and the results will speak for itself.
This completes the roadmap of Internet Computer ICP Coin. In the next post, I will cover the Hyphen Protocol by Biconomy and COSMOS (ATOM Coin) partnerships. If you’re a fan of blockchain technology then please do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.