The digital marketplace is constantly evolving, and a new player has entered the arena claiming the title of the world’s fastest
ordinal marketplace. This new platform is revolutionizing the way transactions are handled by introducing a built-in wallet with a Google login option through web3 off. What sets it apart is its policy of not charging network, transaction, or gas fees to the trader, a significant shift from the norm that could reshape the landscape of digital trade.
What is Internet Computer – ICP?
Internet Computer Protocol (ICP) is a digital asset that has been gaining significant attention in the crypto community. As a top pick for the upcoming bull run, ICP has shown impressive growth, with its price surging from around $4-$5 to nearly $12 before settling closer to $10. ICP stands out due to its remarkable scalability and speed, which are essential features for blockchain networks.
How Has ICP Recently Performed in the Market?
Recently, ICP has experienced a notable price increase. After a considerable purchase of approximately 1000 ICP tokens, there was a spike from the $4-$5 range up to almost $12. As of the latest recording, the price stands at $9.44, after reaching highs of around $11 on most exchanges. Despite a slight pullback, ICP has maintained a strong position near the $10 mark. Market analysts suggest that ICP may consolidate before escalating to higher price targets, potentially reaching $20 or more.
What New Developments Have Been Added to ICP?
ICP has introduced game-changing subnet launches, which are tailored to assist developers in building GDPR-compliant decentralized applications (DApps). The Swiss nonprofit DFINITY Foundation announced the launch of a European subnet on ICP, offering GDPR-aligned infrastructure, which is a significant advancement for developers aiming to protect personal and financial data while adhering to strict regulatory standards.
How Does the New Subnet Launch Benefit Developers?
The new subnet launch provides developers with the tools necessary to deploy DApps in the European market that comply with GDPR requirements. This includes the ability to choose between public or private data storage, ensuring that sensitive information can remain encrypted and secure. Additionally, the ICP’s support for data mutability aligns with GDPR’s rectification and erasure rights, giving developers full control over their data.
What Makes ICP’s Scalability and Security Stand Out?
ICP boasts unparalleled scalability and security features. Unlike other blockchains with limited scalability, ICP offers virtually unlimited scalability, rapid transaction speeds, and the ability to run services directly on the public blockchain network. Furthermore, services on ICP are tamper-proof and can interact with the outside world in a trustless manner, which is a testament to its robust security measures.
How Does the Integration of Ordinals Marketplace on ICP Add Value?
The integration of the ordinals marketplace, Bionic, on ICP, backed by Polychain Capital, is a significant milestone. Bionic leverages ICP as a Layer Two network, tapping into its time and cost savings through wrapped assets. The ordinals protocol allows for the inscription of NFT-like assets on the Bitcoin blockchain, and Bionic’s launch on ICP signifies an innovative approach to NFT marketplace construction, offering benefits such as no network or transaction fees and a user-friendly experience with optional Google login.
How Does the Token Wrapping Process on ICP Work?
The marketplace operates on the Internet Computer Protocol (ICP), known for its high speed and gas-free transactions. It utilizes a token wrapping process where Bitcoiners can transfer their Bitcoin and ordinal assets into the marketplace’s wallet.
To wrap an ordinal asset, it’s sent to a Bitcoin wallet address for safekeeping, and an identical NFT is generated on the ICP network. This allows assets to be traded on the ICP network without incurring gas or transaction fees, leveraging the speed and cost benefits of ICP over Bitcoin.
What Are the Perceived Advantages of ICP Over Traditional Ordinals Marketplaces?
Traditional ordinals marketplaces often use partially signed Bitcoin transactions (PBSTs) to handle transactions on the slower Bitcoin network. This can result in slow transaction times and high fees, particularly in high Bitcoin fee environments.
With ICP’s approach, everything that is wrapped can be transacted at the speed and cost of ICP, not Bitcoin. This provides users with a faster and more reliable trading experience, irrespective of the Bitcoin network’s fee spikes.
How Do Bitcoin Enthusiasts Feel About Ordinals on ICP?
The reception among Bitcoin maximalists to the idea of launching ordinals on Bitcoin has been mixed. Some concerns include the potential for slowing down transactions and introducing high fees on the network.
The new marketplace aims to alleviate these concerns by offering an alternative that provides the benefits of the Bitcoin network without its limitations, although it ultimately depends on user preference whether to move their ordinals to ICP.
What Are the Price Predictions for ICP in the Upcoming Bull Run?
Price predictions for ICP are varied, with conservative estimates suggesting a range between $50 to $100 in the next bull run. Given that ICP has already hit significant milestones early, a 5x increase to $50 is deemed feasible, with $100 being a possible yet optimistic target.
Some speculate prices could soar to $400 or $500, but such figures would require a substantial increase in market cap. Investors are advised to be conservative and take profits early, avoiding the risks associated with unpredictable market tops.
What Future Prospects Does ICP Hold for Investors and Developers?
For investors and developers, ICP presents a promising future with its robust infrastructure, GDPR compliance, scalability, and integrated marketplace for ordinals. With the potential for NFTs to surge in the upcoming bull run and ICP’s position as a top pick for investment, the protocol is poised to play a pivotal role in the growth of the blockchain and crypto space. As blockchain technology continues to advance, ICP’s innovative features and commitment to regulatory compliance make it a project to watch closely.
Conclusion
The introduction of this new marketplace is a significant development for traders interested in NFTs and digital assets. With its innovative approach to transaction fees and the integration of the ICP network, it offers an attractive alternative for those looking to trade efficiently and cost-effectively. As the market continues to evolve, keeping an eye on platforms like this will be crucial for anyone looking to capitalize on the next bull run.
If you had invested in the top 100 cryptocurrencies five years ago, you would find that the majority have underperformed Bitcoin. In fact, since 2018, Bitcoin has outperformed 97% of the other cryptocurrencies in the top 100. This trend is likely to continue, emphasizing the importance of understanding the odds are against you picking the right cryptocurrency.
The post The Bridge Between Bitcoin and Ethereum: The Internet Computer and Where to buy ICP appeared first on YourCryptoLibrary.
Wil je op de hoogte blijven van het laatste nieuws, artikelen en YouTube video’s? Abonneer je dan op onze push-berichten op Telegram of Twitter.
Heb je vragen of wil je in contact komen met andere crypto fanaten join dan onze Telegram chat!