Internet Computer (ICP) enters CoinMarketCap’s top ten after its exchange debut. ICP sat as high as fourth place, but after heavy selling pressure, it fell to seventh place while writing, just before XRP.
The CoinMarketCap leaderboard has seen a number of changes during this bull run. However, it doesn’t often happen that a relatively unknown token makes the top ten. Many wonder if ICP is a legitimate project.
What is an Internet Computer (ICP)?
Internet Computer launched simultaneously on several major exchanges yesterday, including Binance, Coinbase Pro, Huobi, and OKEx.
The sudden appearance of ICP in the top ten caused a stir that ICP has achieved a lot in a relatively short period of time. For example, ICP is already listed on Coinbase Pro, while ADA, which has been around since the end of 2017, only achieved this in March of this year.
In reality, ICP is part of a project that has been in the works for five years. The project, developed by Switzerland-based Dfinity, has several prominent supporters, including venture capitalists Andreessen-Horowitz from Silicon Valley and Polychain Capital.
Since 2016, Dfinity has been developing a decentralized blockchain network to expand the functionality of the Internet. Research specialist Messari said Dfinity’s obscure and technically complex goals made it a highly misunderstood project.
However, as the speed of developments increases, more and more people are becoming familiar with the project.
“Dfinity is one of the most consistent and best funded smart contract platforms for crypto. But it is also one of the least understood. Most of Dfinity’s obscurity is due to its technical complexity and abstract vision. The launch of your token and eventually the open sourcing of your code will generate more interest and understanding of the project. “
What is the use case?
With Internet Computer, Dfinity wants to create a decentralized, scalable cloud solution to store data, perform computing tasks and enable community governance.
It hopes to address Internet-related concerns in their current form, namely the poor security and dominance of the big tech oligopolies. Hence, Dfinity doesn’t focus that much on delivering the blockchain technology. Instead, the main goal is to build a free and open Internet that is controlled by the users.
With its network of independent data centers, apps can be run on the network itself. This is in contrast to the current internet, where apps run on servers the lion’s share of which is controlled by Google, Amazon, and Facebook.
Stanley Jones, engineering manager at Dfinity, said that instead of apps that run on a dedicated Google Cloud server with internet computers, the software doesn’t have a fixed physical address as it switches between servers run by independent data centers. This means that apps can exist that no one owns or controls.
The ICP token comes into play when developers pay data centers to run their code. However, the data is inaccessible, making it difficult to track advertisements on this network.
Source: ICPUSD on TradingView.com