ICP- Internet Computer protocol

The Internet Computer (IC) is a new platform for executing smart contracts. The Internet Computer (ICP) allows Web3 services to run 100% on-chain, being the only protocol on top of which developers can build and users can enjoy fully decentralized applications. It adds autonomous serverless cloud functionality to the public internet.

The IC consists of a set of cryptographic protocols that connect independently operated nodes into a collection of blockchains.

Canisters- On the Internet computer, smart contracts come in the form of canisters. Canisters can store data, perform very general computations on that data, and provide a complete technology stack, serving web pages directly to end users.

Each canister smart contract has its own cycles wallet that developers can top up with cycles — the gas on the Internet Computer. The Internet Computer protocol allows developers to burn ICP and receive cycles.

Reverse Gas model -It is a model in which gas fees are paid by dApp developers instead of end users. It is much cheaper than Ethereum.

Consensus Protocol- It uses a Novel consensus mechanism. The major consensus protocol components are

Block making -In every round, at least one node, called a block maker, proposes a block by broadcasting it to all nodes in the subnet using P2P.

Notarization- For identifying valid blocks to become notarized tow two-thirds of nodes must validate.

Finalization- For finalizing blocks two-thirds of nodes must support.

ICPUSD prices jumped more than 80% in the past one week. It hit a high of $15.25 and is currently trading around $13.61. The pair holds above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $15.25, any signifying breach above will take the pair to $18/$23.50. On the lower side, immediate support is $12.50, and any violation below targets $10/$8.50.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $10 with SL around $8 for TP of $17.85.

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