ICP Price Drops 10% As DFINITY Foundation Unveils Updated Internet Computer Roadmap
May 16 2024 - 6:00PM
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The DEFINITY Foundation, the company behind developing the Internet
Computer protocol, has recently unveiled an updated roadmap to
facilitate increased artificial intelligence (AI) blockchain
adoption. As the native token of the network, ICP continues
to lead among AI tokens and holds the 22nd position in the top 100
cryptocurrencies. However, recent price drops have prompted the
Foundation to focus on key areas of development to revitalize the
token’s price action and further advance the protocol’s
capabilities. Internet Computer Roadmap The highlighted aspects of
the roadmap outline two critical steps called “milestones” in the
Internet Compute platform domain: Tokamak and Stellarator. Tokamak
focuses on reducing latency by maximizing the block rate of each
subnet and introducing a new synchronous ingress submission
endpoint. Related Reading: Shiba Inu Price Makes Decisive
Move: Is Now The Ideal Time To Buy? Stellarator, on the other hand,
will reportedly increase the storage layer, enabling subnet
blockchains to host over 1TB of canister smart contract storage
while improving the efficiency of the consensus layer. The DEFINITY
Foundation aims to integrate AI capabilities as smart contracts on
the Internet Computer protocol to address the resource-intensive
nature of AI training and inference. The Cyclotron milestone
outlined in the roadmap will increase on-chain inference for larger
AI models through performance improvements in the WebAssembly
runtime and inference engine. The Gyrotron milestone, on the other
hand, explores the integration of AI-specialized subnets with GPU
support, enabling compute—and memory-intensive computations
on-chain. ICP’s Interoperability With Bitcoin, Ethereum, And Solana
ICP’s Chain Fusion technology will allow direct interoperability
with major blockchains, including Bitcoin, Ethereum, and other
Ethereum Virtual Machines (EVMs). Nonetheless, the roadmap
introduces several milestones to expand interoperability.
Tritium milestone enables ICP to interact with Ethereum and EVM
smart contracts, facilitating cross-chain communication. Deuterium
milestone extends Chain Fusion support to emerging Bitcoin
protocols. Interestingly, the Helium milestone aims to
increase Chain Fusion for the Solana network, enabling
decentralized applications (dApps) leveraging the capabilities of
both networks. Related Reading: Whale Watch: Ethereum Fresh Buy
Signal Sparks Speculation Next, the Solenoid milestone
decentralizes the operation of the ICP boundary nodes, “empowering”
the network’s participants. The Levitron milestone provides
visibility into the Internet Computer’s edge infrastructure,
allowing developers to gain insights into dApp usage patterns and
generate user statistics. Lastly, ICP will incorporate two
governance systems: the NNS (Internet Computer’s DAO) and the SNS
framework governing individual dApps. Tokenomics incentivizes
voting participation and aligns DAO decisions with long-term
interests. These governance mechanisms will allegedly ensure
decentralized decision-making and community involvement. As of the
current press time, the price of ICP has experienced a significant
increase of 120% year-to-date. However, it is currently trading at
$12.05, 98% lower than its previous all-time high (ATH) of $700
achieved in September 2023. Once implemented, the impact of
the roadmap on the cryptocurrency’s price and its potential to
regain bullish momentum and drive adoption for various use cases
remain to be seen. Featured image from Shutterstock, chart from
TradingView.com
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