- The Internet Computer hit the scene like a bolt from the blue to rank as the 10th-largest cryptocurrency by market capitalization.
- Presently, the Internet Computer is valued at $115 and has a market capitalization of $14.5 billion at the time of publishing.
- The Internet Computer allows individuals to build software and create content without requiring traditional internet giants like Amazon, Google, and Twitter.
- The explosive growth of the Internet Computer may be due to the strong credentials of its team and the increasing number of investors who are firm believers in the project.
The general sentiment in the crypto ecosystem is a bullish one as a handful of assets have reached and surpassed their previous all-time highs. Given this sentiment, the Internet Computer (ICP) was launched and received critical acclaim from the community.
Upon launch, the asset was valued at $737, which catapulted it firmly into the top 10 largest cryptocurrencies. The unique offering of the project, the timing, and the caliber of the investors backing it contributed in no small measure to making ICP rank high among cryptocurrencies.
The Internet Computer – What Is It?
The Internet Computer is a new cryptocurrency that shot to the limelight after a launch that placed it among the top ten cryptocurrencies in the world. Aside from all the fanfare and the flair, the Internet Computer offers users functionalities that make it relevant and indispensable in today’s digital and decentralized world.
At its core, the Internet Computer seeks to reinvent the internet as we know it. While the internet has served as the main means of connecting the world, it has some inherent deficiencies. The use of proprietary legacy stacks, such as cloud services, databases, and firewalls, greatly increases both costs and the complexity of processes.
In response, the Internet Computer allows users to build, process, scale, and store projects with unbounded speeds without the need for proprietary legacy stacks. Thus, users can build virtually anything without the need for AWS, CDNs, a database, or even a firewall because the Internet Computer blockchain is tamper-proof and scalable.
You can use it to build websites, open internet services, enterprise systems, and even DeFi applications. The Internet Computer uses a variation of smart contracts known as canisters, which are tamper-proof, scalable, and open-source, to provide users with immeasurable value.
On the Flipside
- Since its launch, the Internet Computer has fallen by over 84% from its all-time high of $737.20 to trade at $115.
- Within the last 24 hours, the asset is down by 37.87%, defying analysts’ predictions that it will soar in value.
Why It Broke Into The Top 10
Crypto enthusiasts may be wondering how the Internet Computer managed to break into the top 10 cryptocurrencies. However, a cursory look at the team behind the project reveals some highly impressive resumes. Founder Dominic Williams has a long and storied history of creating crypto innovations from the Threshold Relay to the Probabilistic Slot Consensus. Furthermore, he founded startups such as System 7, Airdocs, and Smartdrivez.
The Internet Computer also broke into the top 10 because several prominent projects have been built around the protocol, such as Enso Finance, Tacen, and SailFish, all of which are centered around DeFi. In addition, social projects, like Distrikt, CanCan, and Capsule, are indicative of the usefulness of the Internet Computer in a variety of applications.
Also, the growing number of institutional investors for the project may be cited as a reason for its meteoric rise. Notable backers include angel investor Andreessen Horowitz, Polychain Capital, Eterna Capital, and Aspect Capital. Currently, the project sits in 9th place and trades at $189.7 with a market capitalization of $23.5 billion.