Internet Computer (ICP) has one of the highest levels of funding in the blockchain environment and the highest hype. Its dynamics are comparable to that of the market but differ in a positive way.
Internet Computer (ICP) was launched less than half a year ago. This is a token of the distributed Internet computer Dfinity, the mainnet of which was launched in December 2020. Immediately after listing on May 10 on the leading crypto exchanges Coinbase, Huobi, OKEx, Binance, the ICP price soared above $730. Within one week, the cryptocurrency entered the top ten largest currencies according to Coinmarketcap.
Then the decline began, which coincided with the fall of the market. Now the ICP is gradually decreasing along the extended parabola. According to analysts, the bottom was reached in mid-June at $20. According to experts, now ICP is rising also along an extended parabola, this promises returning to the maximums before the end of the summer.
The ICP token is used to manage the Dfinity network and launch smart contracts. Dfinity is positioned as a decentralized public network, internet computer. Its work is supported not by the one company, but by all participants in the protocol. Dfinity competes with giant cloud services owned by Amazon, Google, Microsoft which monopolize the Internet and deprive it of development opportunities, according to the founders of Dfinity.
The creator of Dfinity is the British Dominic Williams, who has been involved in cryptography since 2014. Earlier he launched the successful gaming project Fight My Monster. Williams created the Dfinity Fund in 2016. Andreessen Horowitz, Polychain Capital, Scalar Capital, CoinFund, Multicoin Capital, Greycroft Partners have already acted as Dfinity partners. Good funding makes it possible to set and reach ambitious goals. Williams previously announced on Coindesk:
– Bitcoin created digital gold, inventing this whole market. The second big contribution was smart contracts, which Ethereum proved work. The Internet Computer offers the third step, infinite blockchain.
ICP will not become Ethereum’s killer, Williams assures. Without Ethereum, it cannot exist. But, nevertheless, Williams emphasizes that the Dfinity network is 150 times more efficient than Ethereum, and 900 times more than the bitcoin blockchain. Dfinity is much better suited for launching DeFi projects than Ethereum.
The success of the ICP cryptocurrency will now depend on whether the developers support Dfinity. It’s not only about DeFi projects but also about decentralized versions of well-known and popular services. A trial launch of the LinkedIn analog, LinkedUp, already happened a year ago.