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ICP Coin, which was simultaneously launched on all popular exchanges, experienced a massive loss in value later on. Investors fled from the crypto project as it became apparent that the project’s decentralization narrative was far from true. Now, the foundation behind the stillborn project has announced an important step towards reviving it.
Latest News on ICP Coin
ICP Coin price briefly reached $4.19 after the announcement, but it was not sustainable. The DFINITY Foundation, the driving force behind the Internet Computer network, has just announced a $5 million artificial intelligence support grant program. The program, called Decentralized Artificial Intelligence (DeAI), aims to support projects utilizing artificial intelligence in ICP.
The team argues that they are the only “decentralized” artificial intelligence center in this field. According to them, blockchain networks relying on AWS or other centralized cloud providers are centralized structures, whereas ICP operates differently.
The announcement by the team states:
“There is a lot of excitement around artificial intelligence and blockchain lately, but artificial intelligence is not yet working on the blockchain. Internet Computer will be the first blockchain to run advanced artificial intelligence models in a semi-trustless (trustless) manner on its decentralized and permissionless network.”
The DFINITY Foundation is a foundation consisting of leading cryptographers, computer scientists, and distributed computing experts. With a mission to fully decentralize cloud computing, the Foundation launched the ICP project. However, due to its token economy and centralized structure (the Foundation’s full authority), it has been the target of criticism. Its price has dropped from $2800 (during the initial listing period) to today’s $4 range.
Despite the new grant program, ICP Coin may not deliver the expected performance unless its structural issues are resolved.