The Internet Computer is a blockchain network that powers the development of internet services through its secure, decentralized protocol. It uses the ICP token, formerly known as DFN, for facilitating app development, handling transactions, compensating network contributors, and making governance decisions. The ICP token, created by DFINITY founder Dominic Williams in 2016, is essential for Internet Computer’s functionality and future development.
As a crypto investor, I’d describe the Internet Computer ($ICP) as a groundbreaking blockchain network where I build and use decentralized internet services through its secure protocol, the Internet Computer Protocol (ICP). This token, formerly known as DFN, plays a pivotal role in transforming the web. It enables app development, processes transactions, rewards network contributors, and grants me a say in shaping the network’s future via governance decisions. In essence, the ICP utility token is essential for both the functionality and decision-making process of the Internet Computer ecosystem.
As a researcher delving into the origins of the Internet Computer, I’ve discovered that this groundbreaking concept was brought to life by Dominic Williams, the visionary chief scientist and founder of DFINITY, a forward-thinking non-profit organization. Since its inception in early 2016, DFINITY has been instrumental in fostering the growth of the Internet Computer project, leading us all the way to its launch.
In 2019, the ICP token’s development gained momentum with key achievements like the debut of Copper, culminating in its formal introduction in May 2021. This event signified the commencement of a blockchain platform that could independently accommodate web functions such as hosting, storage, and services without external intervention. Akin to Ethereum, the Internet Computer facilitates decentralized applications (DApps), but differentiates itself with sophisticated smart contracts called Canisters. ICP token is considered the third groundbreaking innovation in blockchain technology after Bitcoin and Ethereum, as it strives to propel the internet into its upcoming significant evolutionary phase.
The Internet Computer is imagined by the foundation as a powerful instrument to challenge the dominance of big tech companies in the cloud services sector and revolutionize the traditional model, leading to a more distributed global network. This objective is part of a larger mission to convert private internet infrastructure into an accessible, decentralized system that isn’t reliant on existing security frameworks and technologies. By providing sufficient resilience, this new network aspires to underpin the fundamental components of the web, including up-and-coming areas like Web 3 and decentralized finance (DeFi) applications.
In my latest interview with The Block, I shared my honest perspective on the current crypto and blockchain landscape. I believe that an excessive focus on captivating stories is leading many investors astray, overshadowing the true value of technological innovation. Based on my analysis, approximately 95% of existing blockchains can be classified as subpar. Sadly, these projects frequently provide incomplete or misleading details about their offerings.
Williams raises doubts about the capability of well-known blockchains like Bitcoin, Ethereum, Solana, and Avalanche to support a broadly adopted, scalable, and decentralized internet for mainstream users. He believes that these “traditional blockchains” have limitations due to their sequential processing of transactions, which hinders their efficiency and expansion potential.
Williams sets the Internet Computer Protocol apart as a “next-level” blockchain, distinguishing it from its predecessors due to its superior scaling and computational abilities. He emphasizes the importance of these features for creating advanced web3 applications, like decentralized social networks, that can effectively challenge their centralized equivalents.
To clarify the existing inefficiencies within the web3 domain, Williams employs the analogy of exorbitant expenses related to storing a 3-megabyte image on well-known blockchains such as Ethereum and Solana. He underlines that this process would entail a cost of approximately $110,000 and a duration of one week on Ethereum, while the expense on Solana would amount to roughly $400.
Despite the ICP token’s supposed superior technical features, its price underwent substantial fluctuations following its debut. The token first surged to over $400 and amassed a market capitalization exceeding $18 billion. However, its value subsequently plunged. Nevertheless, there have been indications of a price rebound, especially since the close of last year.
As I pen this down (at 7:45 p.m. UTC on April 27), ICP is currently valued at $13.15 on the market, marking a 0.9% decrease over the last 24 hours but an impressive 131.1% increase within the past year.
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2024-04-27 23:00