Internet Computer (ICP), a digital cryptocurrency that was released on Monday, May 10th, 2021, is now one of the world’s biggest cryptocurrencies, with an initial price of $731.
It is the 8th largest digital asset among the top ten in CoinMarketCap.com’s rankings, with a market valuation of about $45 billion.
The estimated market capitalization of cryptocurrencies is now $2.48 trillion.
The coin and its associated public database, a decentralized blockchain, were created by the Dfinity Foundation to allow web developers and content producers post whatever they want on the internet without needing to go through digital behemoths like Amazon or Facebook, or use servers or commercial cloud providers.
According to Dominic Williams, the project’s founder, the aim is to escape corporate walled gardens and save money.
Developers and developers will be able to unleash applications and utilities that operate on global nodes, apparently immune to control and regulation by conventional web hosting and platforms. Any node in the network serves as an internet server in any way. It’s as if the Internet is hosted on BitTorrent or anything similar.
Smart contracts, or automated programs that perform functions, are used by the coin’s underlying network.
Williams said ICP provides a “hackproof platform,” reduces costs “dramatically,” and is interoperable. He also says that the protocol is intended to make the Internet “fun again,” by allowing people to build a “new open Internet” and give users a “better deal.”
The framework is designed to help the creation of decentralized apps (dapps) such as social media clients, decentralized finance (DeFi) services, and more. Future technology upgrades promise to make the network operate at “web speed,” and the platform is designed to support the development of decentralized apps (dapps) such as social media clients, decentralized finance (DeFi) services, and more.
Williams, a serial entrepreneur and Dfinity’s chief scientist, created the company in 2016. The mission of the venture is to make the Internet more accessible, allowing more users to build on it and reversing “Big Tech’s monopolization.”
Per CoinDesk, ICP started trading at $249 on Monday and soared to $737 in early trading before settling just above $400 by the end of the day. On Tuesday, the price continued to fall, and it began trading at about $372 on Wednesday, just to end up around $300.
Last Friday, the price of TCP fluctuated between $320 and $340.
Despite the fact that the majority of the market is down right now, none of the top ten coins have sunk as hard as Internet Computer, which is far less known than the others.