In the last 24 hours, the Internet Computer (ICP) has gained by 10%, outperforming most large-cap cryptocurrencies by a large margin. This has been triggered by a combination of positive developments from within the ICP ecosystem.
Deploying LLMs As Blockchain Smart Contracts
Amongst other things, the Dfinity team’s latest win is their announcement regarding supercharging AI smart contracts on the Internet Computer blockchain. In a tweet, they said that they had made advancements towards improving deterministic floating-point instructions by up to 10x. This represents a crucial step forward in deploying powerful Large Language Models (LLMs) as smart contracts.
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For example, during the demo, it was shown that image classification now works at over three times its previous speed because of consensus across 3-4 blocks as opposed to before when it took up to 10-12 blocks. Similarly, gas and cycle costs associated with AI inference have dropped significantly.
More Of AI On Internet Computer – Speeding Up AI Smart Contracts
This achievement was achieved through deep-down low-level work, including contributions to the public Wasmtime virtual machine implementation of WebAssembly. More optimizations, the team noted, are being done, which will see Single Instruction, Multiple Data (SIMD) instructions integrated into smart contract execution environment. This will allow multiple floating-point calculations to be executed parallel via a single instruction.
Say hello to a massive acceleration of AI smart contracts 🧠 on the Internet Computer #ICP blockchain.
Brilliant work by the @dfinity team has accelerated deterministic floating point instructions by 10X. We continue on our mission to run sophisticated LLMs as smart contracts… pic.twitter.com/PmoBXwTjvm
— dom.icp ∞ (@dominic_w) April 19, 2024
Furthermore,32-bit WASM will move aside for 64-bit WASM in the ICP smart contract environment so that AI model weights can be loaded into contract memory like never before. Moreover, the ICP team noted there are plans to introduce new APIs that enable canister smart contract code export AI computations for faster processing on GPUs.
These improvements could lead to exponential speedup in AI smart contract inference and training. According to this vision, many more such models should be running as well since they act like know-your-customer process security checks while verifying Ethereum virtual machine programs’ integrity.
Allowing For Better Integration With Ethereum And Other L1s
Looking forward, the Dfinity team noted that the critical technology behind Internet computers will allow easy integration with traditional chains. These include Ethereum, Solana, and NEAR, which sets it up as one of the key players in future Web3.
ICP Team Launches Sister Token
Meanwhile, within the ICP community, there has been excitement over a recent project announcement by the Internet Computer Protocol group, TailOfIcy. This is an on-chain initiative whose nature remains unknown but hints strongly towards some form of involvement with artificial intelligence – something that aligns well with the broader goals of ICP.
The Internet Computer Protocol ($ICP) community is currently abuzz with speculation, particularly ignited by a recent tweet from @dominic_w. In his message, he delineates the distinct roles of decentralized finance (#DeFi) contracts, primarily associated with Ethereum, and user… pic.twitter.com/agfn3afIxa
— SimbaTheCat 🌙 ∞ (@simbacat12345_1) April 13, 2024
Overall, ICP has performed exceptionally well today, relative to other large-cap cryptocurrencies, due to big news around it combined with the rising optimism in the cryptocurrency market as a whole due to the Bitcoin halving. With AI being one of the most watched technologies at the moment, ICP will make for a top crypto to watch going forward.
Internet Computer Crypto Price Prediction
Internet Computer (ICP) price reveals rising bullish sentiment after it bounced off the weekly support level at $12.386. Bulls are currently eyeing key resistance at $18.865, which, if breached, could pave the way for further price appreciation above $20 in the coming days. However, failure to break above this resistance may result in price consolidation between the $18.865 resistance and the $12.386 support levels.
On the contrary, if bears take control and breach the $12.386 support level, it could trigger a more significant downturn, with prices potentially plummeting below $10 over the weekend or early next week.
Why Bulls Hold The Most Sway For ICP
While the market is always unpredictable, and bears could take control, the odds favor bulls. One key factor likely to push ICP higher is the AI narrative. AI is big right now, and AI is positioning itself in this space by bringing large language models into the decentralized space to enhance power and efficiency. This is likely to draw more investors into ICP in anticipation of it benefiting from the fast rise of AI as an integral part of the world economy.
Additionally, the now completed Bitcoin halving will play a role in driving optimism in Bitcoin going forward. Altcoins, like ICP, which already have big news around them, could benefit most as FOMO hits the market.
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