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Internet Computer, Newbie in the Crypto Space Outplays the Old and Experienced - TCR

www.thecoinrepublic.com 13 May 2021 11:20, UTC
Reading time: ~3 m

  • Launched Monday, cryptocurrency Internet Computer (ICP) is one of the top-10 cryptocurrencies by market cap.
  • Internet Computer is a blockchain service launched and incubated by DFINITY Foundation to decentralize the internet.
  • The project began in October 2016 when Dominic Williams founded it and raised a decent sum of $121 million.

The latest addition to the crypto-verse of more than 9.7 thousand cryptocurrencies has shown incredible results. Not even 3-day-old, Internet Computer has already acquired a position in the top-10 cryptocurrencies by market cap. 

Cryptocurrency Internet Computer (ICP).

According to CoinMarketCap, the cryptocurrency Internet Computer (ICP) currently trades at $305 with a market cap of $37 billion and market rank 8. Immediately after its launch, the token traded as high as $731.2 at around noon EDT (UTC -4) on Monday, with a market cap of over $90.4 billion, positioning itself as the fourth-largest cryptocurrency, right after Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).

Ethereum Rival Aims To Decentralize The Internet.

Internet Computer [IC] is a blockchain service launched and incubated by Switzerland-based non-profit scientific research firm DFINITY Foundation that aims to decentralize the internet. Ajeet Khurana, Venture Partner and Global Expert at Blockchain Founders Fund, said, “Internet Computer is a Layer 1 blockchain protocol” that packs the potential to “rival Ethereum,” reported Financial Express. He explained, just as the name suggests, the tech turns the internet into a “large democratized computer.” The service allows anyone on the internet to “establish a presence without needing rent-seeking organizations” like Amazon or Facebook. Khurana attributes the ICP price rise “to the exuberance in the marketplace” and “the perceived need for advancement in Layer 1 protocols.”

Internet Computer: A Project Like No Other.

As explained on DFINITY’s official website, IC launches a “revolutionary public network,” providing a “limitless environment for smart contracts that run at web speed, serve web, scale, and reduce computing costs by a million times or more.” Last week on Bloomberg, the founder, president, and chief scientist at DFINITY, Dominic Williams, highlighted what distinguishes IC from other blockchains. While many blockchains run on cloud platforms, like Amazon web services (AWS) and Facebook’s services, the IC operates entirely on dedicated hardware. The scientific breakthrough that allows the Internet Computer to run at web speed is Chain Key Technology. Even so, a place in the top-10 cryptos right after the launch is a significant achievement. 

Khurana feels the Internet Computer “exuberance would be justified” if an increasing number of “DeFi, NFT, and other projects” adopt the IC protocol, but that “remains to be seen.” Nonetheless, the IC is “quite promising” on the “technology front.”

A Promising Project.

This project of Dominic Williams is a result of five years of research, which began in October 2016 when Williams founded it and raised a decent sum of $121 million. According to CoinMarketCap, the list of IC fund contributors include several big names in the crypto space, including Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, Multicoin Capital, and more. Although the present seems optimistic for the Internet Computer’s growth, only time will tell how far that holds true. 

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