WHY Internet Computer (ICP) Will Be Worth TRILLIONS | Weekly Review 67

WHY Internet Computer (ICP) Will Be Worth TRILLIONS | Weekly Review 67

ICP will one day be worth trillions of dollars and there is literally nothing that anyone can do to stop it and just to put it into perspective when it will reach $1 trillion market cap that is over 150 times more than it is worth right now which would mean that a single ICP token would be worth just shy of $2,000 this sounds crazy but let me tell you why there is a huge problem that the world is facing today because right now if you’re using a centralized social media platform like Facebook Twitter Instagram Tik Tok or any other platform for that matter you are at the mercy of the company that is behind those platforms and let’s say that they decide to change something about the platform you know mess with the algorithms or decide to ban whoever they want to ban for whatever reason there is nothing you can do about it and it’s been like this for so many years that we don’t even think that this is wrong you either accept the changes and learn to live with it or you leave the platform and you lose your follower base or even worse you try to speak against the changes and your account gets terminated without really giving you a reason and they can do everything they want because once again it’s their platform and here’s how the internet computer protocol solves this issue ICP is a decentralized blockchain that is governed by its token holders meaning that any change or upgrade to the network needs to First be approved by the community and last Sunday Dominic Williams the founder of definity the company building the internet computer protocol made a post on the forums about an idea he had to reduce the ICP inflation but before we go into the post let me first explain to you how new ICP is created new icps produce daily for people who have Stak their ICP tokens in the network nervous system and who vote on the different proposals to upgrade the blockchain currently the voting rewards range from 8% up to 15% depending on how long you decide to stake your icp4 the minimum duration for staking is 6 months and it goes all the way up to 8 years and what dominic proposed was to reduce the maximum staking period to 5 years down from8 and thus reducing the max staking rewards to 12.3% down from 15.2 this would have meant a 20% reduction in rewards and although you’d be able to unstake your tokens like 3 years earlier most people that stake their ICP for 8 years they were not ever planning to unstake the ICP and to ever get it out what they wanted instead was to one day be able to live off of the the ICP rewards that they received so naturally people were super upset and they didn’t even want to hear about this and the most beautiful thing is that definity cannot enforce this change if the community doesn’t approve of it because the internet computer protocol is a fully decentralized blockchain and the only way to update or upgrade or change anything about the internet computer protocol has to be done via proposals that are submitted and then voted by the community people were going back and forth on the Forum discussing ways to make it work and in the end Dominic came to this updated proposal where people will be able to choose to keep their ICP Stak for 8 years and then new investors would only be able to stake their ICP for a maximum of 5 years and this right here was such a beautiful demonstration of how a decentralized platform would work because the definity foundation although is the main contributor to the internet computer protocol they don’t own it all the token holders together they own the internet computer protocol and every single modification or upgrade or anything you want to change about the internet computer protocol the community has to vote on it first and I think to this scale this has never been done before and this is a massive change because we’ve had daas ever since 2016 but the big difference was that although the community got to vote on proposals in the past the teams had the final say with what would ultimately happen What ICP allows is to have an entire platform hosted on chain and then to decentralize this platform and give it away to the people and this is only possible if everything is hosted on chain and not if parts of the DAP are hosted on Amazon web services or Google cloud or on any centralized software so in order to achieve this full stack decentralization you need everything to exist on the blockchain and the cool thing is that not only has definity created the first true da in crypto they also created the tools necessary for any team to be able to decentralize their project or their platform or their daap or whatever they want to decentralized they created those tools and gave it away to everybody who wanted to build their dap on the internet computer protocol and to be able to decentralized in such a way where there is no controller besides the community itself and there are currently 21 dowas that launched via the SNS platform and they function similarly to ICP itself and I feel that the world is starting to change and people are getting tired of getting banned or spending time on platforms that change the rules whenever they want and without asking what the community wants people no longer want to only depend on one platform because then what happens if you get banned if you get banned from one platform and that is the only platform that you’re using you’re basically gone but all that risk would go away if the power would not be centralized to a single entity and would instead be decentralized to the entire Community honestly I think that is the way things are going to happen moving forward and now the crazy thing how I think that the internet computer protocol will get to trillions of dollars in valuation is when the first country will decentralize and use the ICP technology to do everything related to voting resource allocation and all the big decisions are going to be voted directly by the citizens of that decentralized country I think that is when the internet computer protocol will be worth trillions of dollars because people will realize that it is the only blockchain which would allow such a thing and all the other blockchains are just cheaper and faster versions of one another and I think that the impact that ICP is going to going to have on the world is going to be like nothing we’ve seen before and if you don’t think that this project is going to be worth trillions then I don’t know what else to tell you and okay maybe it’s not going to start with the United States it’s not going to be the first country to decentralize and to use the internet computer protocol tools to decentralize itself and become the first decentralized nation but people said the same thing about Bitcoin yeah it’s not going to be adopted no country is going to adopt it and then we saw El Salvador adopt Bitcoin as legal tender and starting this year we had Bitcoin spot ETFs and now hedge funds were able to invest in Bitcoin all of a sudden it’s not only magic internet money anymore Bitcoin and cryptocurrencies are becoming the 13th financial sector and I think that the first big step would be for a few talented teams to build some amazing social media deps or other social platforms that are going to gather a lot of attention from the crypto space and afterwards the government or a city to decentralize using the ICP technology and that is when ICP is going to be worth thousands and thousands of and to think that you can buy iccp right now for under $13 is crazy so let’s have a look at the ICP price and what else has been going on inside the ICP ecosystem the previous week So currently the price is sitting just under $13 we’ve been here for so many months I think this is one of the longest accumulations that I’ve personally seen because we’ve been in this range since the beginning of the year between $10 and $20 here as long as we don’t break below $10 we’re looking great there is nothing major that happened with the ICP price there is a bunch of iccp related events this month and I’m super excited about them and the first one is the ICP Community Conference which is finally almost here on May 10th iccc 2024 is going to happen it’s going to be 9 hours of exclusive ICP content there are going to be 25 Global meetups around the world 35 ICP projects are going to be showcased and there will be over $20,000 in air drops and over 12 top influencers involved I also took part in ICP Community Conference 2024 and I made a video about my top three deps on the internet computer protocol and I hope that you will enjoy it so make sure you get your ticket to ipcc 2024 the tickets are free and the link is going to be down in the description below the other big event of May is icp’s 3rd anniversary which is going to happen at the defini HQ in Zurich and it’s going to be a full day event featuring Keynotes panels demos and an Afterparty and basically all the definity foundation is going to be present in and many of the ecosystem Builders are also going to be present on May 23rd in Zurich I will also be present there so if you’re going to be in Zurich for this event shoot me a message and let’s connect the link to register to this event is going to be also in the description below so make sure you check it out and we have a few quick updates from the SNS projects on the internet computer protocol dragons posted a few sneak peeks from what they have been working on quick UI preview of our new compass and Quest log I really love this here at the top I think that you know the quest are going to be on the compass there like similar to what we are used to and they have also been working on updating some of the models including the male elf and different Dragon stages so I really love seeing this from dragons like those guys are building and with them it’s just a matter of when and not if and I’m absolutely looking forward to playing this game and seeing the world that they have built we have an update from openhat which is a decentralized messaging app built on the internet computer protocol and they have updated their road map so let’s have a quick glance at it this is the new road map and I think right now we are here in quarter 1 2024 we already have voice and video calls tokenization and growth nfts contracts profile Pages personas super cool Integrations endtoend encryption native apps and Blue Sky Thinking and then we have an update from booma who announced their boom Dow grant program everybody who wants to build the game and use the boom Dow infrastructure can now get in touch and apply for a grant and the grants start at $5,000 and then go all the way way up to $10,000 and $25,000 and this is another way for Builders and for projects to be able to develop their game and to integrate the Boom Out tools I think they mentioned there is already over 10 games in development using their tools and I’m looking forward to see what else they will do and finally we have an update from Sonic which is one of the first decentralized exchanges on the internet computer protocol they announced that Sonic V3 on bitfinity net public test will go live on May 15th and they have a surprise for for testnet users stay tuned for more updates so we’ll update you as soon as we have more details do you think that ICP is going to be one of the top three cryptocurrencies in the world and will we ever reach $1 trillion the simple fact that nobody else can do what ICP can do to me is prove that this is the right choice and I’m curious to find out what you think let me know in the comment section below thank you and I’ll see you in the next video

In this episode we explore one of the reasons why ICP has the potential to become a $1+ trillion marketcap token.

Last Sunday Dominic Williams proposed an idea that would help reduce ICP inflation, but in order to make any change to the Internet Computer Protocol, you need the community support.

This was, in my opinion, a beautiful example of how a completely decentralized platform works, and sooner or later the world will have to adopt this technology in order to decentralize.

Afterward we check what else has happened in the ecosystem.

Episode 67 of the Blockchain Pill Weekly Review!

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Timestamps
0:00 Intro
0:22 Problem with Web2 Platforms
1:08 ICP Introduction
2:00 How ICP is created
3:13 DFINITY Forum Post
4:17 ICP is the First True DAO
5:23 Anybody can leverage ICP tech
7:00 ICP Price
7:30 ICP Community Conference Update
8:15 ICP 3rd Anniversary
8:45 Dragginz Update
9:21 Openchat New Roadmap
9:45 Boom DAO Grants Program
10:17 Sonic V3 Public Test net
10:35 Outro