After launching on Friday, the ICP (Internet Computer) token is the fourth largest cryptocurrency by market capitalization, according to CoinMarketCap.com.
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How did it happen? The project’s token, called Internet Computer Price (ICP), has been launched on a number of high profile cryptocurrency exchanges over the past week, including OKEx, Huobi, Binance, Gate.io, Coinbase, and others.
The token’s sudden appearance in such a high place on CoinMarketCap’s official ranking has stunned a number of analysts within the blockchain community.
While the ICP token may have only recently been launched, the project has actually been in the works for five years and was developed by Zurich-based nonprofit organization Dfinity. It has also attracted several formidable supporters, including Andreessen-Horowitz and Polychain Capital.
According to CoinDesk, the project started late last week with “several ecosystem companies” including “Enso Finance (a decentralized exchange), District (a professional social network), Fleek (infrastructure for the decentralized web) and Origyn (a platform of origin for) luxury goods), amongst other things. “
Some members of the crypto community are skeptical about the internet computer
The goals of the project are ambitious. Dominic Williams, chief scientist at Dfinity, told CoinDesk: “We want people to give up traditional IT and move all systems and services to smart contracts.”
Internet Computer Association (ICA)
– Geneva non-profit
– Advocate for Internet Computers
– Coordinates and supports ecosystem participants
Excited to see what the ICA can do for the ecosystem.https: //t.co/wfUJfhfRAE
– Dominic Williams ∞ (@dominic_w) May 11, 2021
However, the project has been criticized by members of the crypto community. Twitter user @GreatGrandBear described the project as “centralized crap + some marketing”. Others have described the project as an attempted “Ethereum killer”.
What is the internet computer? A brief technical overview
However, the project is pushing back. Dominic Williams said the internet computer was “not a killer of Ethereum”. Other proponents of the network have suggested that the new blockchain could be used to protect Ethereum.
Help me get that out 🙂
* Yes, the internet computer is a blockchain
* It has nothing to do with cloud (but yes, smart contracts run at web speed and unlimited capacity).
* Smart contracts will rule the world
* Not an “Ethereum killer”.
* Something new
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Tick Tack …
– Dominic Williams ∞ (@dominic_w) May 9, 2021
The internet computer has dubbed itself “the last original Layer 1 blockchain project,” launching a revolutionary public network that provides an infinite environment for smart contracts that run at web speed, serve the web, scale and compute costs around lower a million times or more. ”
According to the project’s website, the Internet computer aims to “extend the functionality of the public Internet so that backend software can be hosted and transformed into a global computer[ing] Platform. “The project claims that developers can eliminate the need for centralized servers and commercial cloud services and instead use the Internet computer to build websites, Internet services, enterprise IT services, and more.
@dfinity focuses on building the “Internet Computer”, a blockchain network designed to expand the functionality of the Internet.
The aim is to build a decentralized, scalable cloud-like platform on which data can be stored, calculations can be carried out and community-driven governance can be supported.
– Messari (@MessariCrypto) May 10, 2021
The “chain key technology” of the Internet computer
In addition, the project features the creation and use of Chain Key technology that is used to confirm transactions on the network. According to the project website, the technology enables the Internet computer to complete transactions that update the status of a smart contract in 1-2 seconds.
In addition, chain key technology enables the Internet computer to operate with a single public key that “allows any device, including smartwatches and cell phones, to verify the authenticity of artifacts from the Internet computer”. In other words, the blockchain reportedly has a more scalable way of verifying transactions and digital objects than other blockchains.
The most notable innovation in Chain Key technology is that the #InternetComputer has a single public key that any device can use to verify the authenticity of artifacts generated by Internet computers, even smartwatches and cell phones.
Watch live: https://t.co/PrfUvyAO9V pic.twitter.com/UsWpWXyFIZ
– DFINITY Foundation (@dfinity) May 7, 2021
The project was officially released as an open source project on May 10th. According to the project, developers “can create the code and verify that it originates from the same binary image referenced in upgrade proposals published through the Network Nervous System (NNS). . ”
On May 10th at 10:00 a.m. CEST @dfinity got the #InternetComputer Open Source.
After starting the #InternetComputer, the source code of three main components is active: replica, node manager and NNS canisters. pic.twitter.com/iMt7T3vRhd
– DFINITY Foundation (@dfinity) May 10, 2021
What do you think of the internet computer? Let us know in the comments below.