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Internet Computer ICP ICPUSDT

In Less than A Week, How Internet Computer (ICP) Climbed To The Top 10

Reynaldo Marquez
by Reynaldo Marquez
4 years ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Internet Computer Price (ICP) is Dfinity’s solution to give users more control over the internet. Research firm Messari has compiled a report, written by Mira Christanto and Wilson Withiam, on this project. Launch less than a week ago, it has managed to smash its way into CoinMarketCap’s top 10 with a $36,312,740,874 market capitalization and a $1,18 billion in trading volume.

Its developer, Dfinity, sits amongst the longest and best-funded smart contract platforms in the crypto space, claims Messari. As shown below, only Polkadot has raised more capital than the $121 million obtained by Dfinity for their project with an estimated additional $40 million for ecosystem development.

Internet Computer Price ICP ICPUSDT
Source: Messari

Build since 2016, Internet Computer hasn’t gained more interest due to its complexities and “abstract vision”. Its objective is to give developers the tool to create and host software without relying on big corporations.

Thus, the internet, its uses cases, data, and ecosystem will no longer be in the hands of a few big tech companies and users will enjoy more benefits. Under this platform, they will have a saying on how “a new internet” should be run. Messari claims:

The problem Dfinity is addressing extends beyond just blockchain technology. It aims to build a decentralized, scalable cloud-like platform that can store data, perform computation, and support community-driven governance. It’s addressing the issues plaguing traditional internet, such as relatively low data security and an oligopoly consisting of big tech companies.

ICP has been launched on major exchanges, such as Huobi, Binance, Coinbase Pro, OKEx, and others. At the time of its debut, ICP traded for around $506 and dropped south of the $290 price mark. Since then, it has oscillated in this range.

ICP ICPUSDT
ICP on a downtrend after exchange debut. Source: ICPUSDT Tradingview

Internet Computer Price (ICP) And Its Unique Tokenomics

Dfinity’s platform could be defined as a project to expand internet access, eliminate the “monopoly” enforced by big tech, and offer developers, users, enterprises, and governments a mechanism to deploy “software and services directly to the public internet”. Messari adds:

It aims to not only reduce platform risk but also reduce complexity in building and maintaining systems. This would also accelerate the time it takes developers to launch a new product. Executed correctly, Dfinity hopes to offer the first blockchain that runs at web speed and can scale to support any volume of smart contract computations and any amount of data.

ICP will have a total supply of 469,213,710 with the majority distributed to seed investors, the DFINITY Foundation, team members, early contributors. 0.80% will be destined for a community airdrop and 0.48% for early community members.

Internet Computer Price ICP ICPUSDT
Source: Messari

As researcher Mira Christanto pointed out, ICP will have initial low inflation. As the image above shows, a large percentage of its supply will remain locked for at least 3 years. ICP will be used for 3 purposes: incentive and enable the governance model, provided validators with rewards, and produced a stablecoin called CYCLES.

The stablecoin is produced from ICPs and will have a burn mechanism to “fuel computation” for the Internet Computer.

Internet Computer Price ICP ICPUSDT
Source: Messari

As Christanto said, this burn mechanism will contribute to the stabilization of computation demand, maintaining low gas feed, and keep ICP’s price “independent”. The researcher concluded:

Competition among programmable Layer 1s is intense. Dfinity has luckily launched during a bull market. But creating the ultimate world computer is still at play.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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