The Internet Computer (ICP) enters the top ten on CoinMarketCap after its commercial debut. The benchmark exchange rate was up to fourth place, but after strong selling pressure it has since slumped to seventh, just ahead of XRP, when writing.
CoinMarketCap has seen a wave of changes during this uptrend. But it is not often that a relatively unknown symbol hits the top ten. Many wonder if the ICP is a legitimate project.
What is an Internet computer (ICP)?
Internet Computer was simultaneously launched on several major exchanges yesterday, including Binance, Coinbase Pro, Huobi and OKEx.
The sudden appearance of the ICP in the top ten caused a sensation as the ICP had accomplished so much in a relatively short period of time. For example, ICP is already listed on Coinbase Pro, while ADA, which has been in existence since late 2017, only achieved that goal in March of this year.
In fact, the ICP is part of a project that has been going on for five years. The project was developed by the Swiss company Dfinity, and has many prominent backers, including venture capital owners in Silicon Valley Andreessen-Horowitz and Polychain Capital.
Since 2016, Dfinity has been developing a decentralized blockchain network to expand the functionality of the internet. Messari researchers said Dfinity’s vague and technically complex goals make it a poorly understood project.
But as developments accelerate, they are seeing more and more people becoming aware of the subject matter of the project.
“Dfinity is one of the most sustainable and best funded smart contract platforms in the crypto space. Yet it is also one of the least understood concepts. Much of Dfinity’s ambiguity is due to its technical complexity and abstract vision. The launch of their token and finally the open sourcing of their code will create more Interest and understanding of the project. “
What is the use case?
With Internet Computer, Dfinity strives to create a scalable and decentralized cloud solution for storing data, performing computing tasks, and enabling community management.
He hopes to address concerns about the Internet in its current form, namely poor security and the dominance of big tech oligopolies. Therefore, Dfinity doesn’t focus much on introducing blockchain technology. Instead, the main goal is to create a free, open, user-controlled Internet.
Thanks to its network of standalone data centers, the applications will be able to run on the same network. This contrasts with the internet today, where applications run on servers, with Google, Amazon and Facebook controlling the lion’s share.
Stanley Jones, head of engineering at Dfinity, said that instead of applications running on a dedicated Google cloud server, along with an internet computer, the software does not have a fixed physical address when it travels between servers run by independent data centers. This means that there can be applications that no one owns or controls.
ICP token is triggered when developers pay data centers to run their code. But the data is not accessible, which makes it difficult to track the ads on this network.
Source: ICPUSD on TradingView.com
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