ICP Crypto: 5 Reasons to Keep the Faith

Geoffrey Miller
Geoffrey Miller
ICP Crypto: 5 Reasons to Keep the Faith

With the ICP ecosystem booming and Bitcoin integration already functional on the testnet, there is sufficient cause to look forward to an extremely bright future for the world's first Web-speed blockchain.

It's no secret that there's been a lot of commotion across the Internet Computer community lately. However, with the ICP ecosystem booming and Bitcoin integration already functional on the testnet, there is sufficient cause to look forward to an extremely bright future for the world's first Web-speed blockchain. Here are five compelling reasons to keep the faith in ICP.

5 Reasons to Keep the Faith in ICP

  1. Bitcoin Integration - The long awaited direct integration of the Internet computer with Bitcoin's blockchain is now in beta release. Moreover, thanks to the recent boost from 8 GB to 32 GB in canister stable memory, BTC states will be fully managed by canisters instead of via Internet Computer replica software. In plain English, this means code that interacts with Bitcoin will behave just like any other code native to the Internet Computer.
  2. Increasing Cycle Burns - In September 2022 alone, 8.30 K trillions of cycles were burned by software running on ICP canisters. This is way up from 2.03K in January 2022. You may remember that cycles function as a stable coin used to support computation. ICP tokens are converted into cycles as fuel for computation using canisters. Therefore, cycle burn rate is a great metric for evaluating ICP ecosystem growth.
  3. Physical World Meetups - DFINITY staff have been actively furthering the mission of Web3, and recently courted investors and interested developers at Julius Baer. Meanwhile, there have been recent ICP meetups in Paris and Los Angeles, and there is an upcoming meeting in London on November 8. The Internet Computer community is alive and well. They are becoming increasingly active, both online and offline, especially since the worst of the COVID-19 pandemic seems to have subsided.
  4. Canister Improvements - Upgraded stable memory isn't the only recent boon to software development on the Internet Computer. HTTPS outcalls are poised to revolutionize the way the ICP blockchain interacts with external data resources, including traditional Web2 sites. Most blockchain networks use intermediary service software entities called oracles to access data that exists outside the blockchain. Thanks to its unique canister architecture, however, Internet Computer canisters can call out to external data and validate the result by consensus without the need for third-party software.
  5. NFT Innovations - The NFT revolution on the Internet Computer continues full steam ahead! For example, the highly anticipated ICP Flowers collection is about to debut. Any collectors who already hold at least 1 BTC Flower and 1 ETH Flower will qualify to receive an ICP Flower airdrop. The Boxy Land sale is coming up on November 12. And, if that's not enough NFT excitement for you, Eimolad has released a teaser of their game's fighting mechanics.

Full Speed Ahead for ICP

In closing, bear markets are an ideal time to get plugged into shaping the developing ICP blockchain ecosystems. The market may have slowed down, but software and network development haven't!

The price of entry is low and the value and promise of development is high. Together, we can build the decentralized Web3 our world desperately needs and break the monopoly of Big Tech. It will be hard work, but well worth it if we keep the faith. We are much closer to achieving our goals than you might think!

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  • Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.

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