While the two hype-filled dog-themed cryptocurrencies – Dogecoin and Shiba Inu – a few days ago, battled for canine dominance in the crypto-kingdom, ICP snuck up to steal the shine, briefly edging both coins including XRP, ADA, and BNB with a $90billion first-day value before settling as the 8th most valuable coin by market valuation.
The ICP that simply stands for Internet Computer is a newly introduced decentralized token built on a blockchain created by a not-for-profit organization – Dfinity foundation-to serve as a futuristic replacement for the internet it is known today.
Unlike Dogecoin and Shiba Inu, ICP boasts of a strong underlying utility value as it will be used by participants as a default token for democratic staking on Dfinity’s customized Network Nervous System (NNS). It is already being dubbed crypto’s third-biggest invention after BTC and ETH.
The Idea Behind ICP
The creators of the blockchain believe that the current state of the internet (known as web 2.0) is becoming increasingly centralized with only a few companies such as Facebook, Google, and Amazon exerting dominance and control over about 70% of the internet’s space.
Dfinity aims to fracture the centralized power of the internet and run it as a credible open-source, allowing developers from around the world to contribute to its protocol. The ICP is the platform’s native token, dubbed web3.0, which boasts higher scalability than a similar Ethereum Mainnet.
ICPs Trade Activity
Within the first few hours of trade on Tuesday, ICP was dragged into volatile waters as it gasped in buzz enough to place it on the $700 mark before drown down to $250.
Several hours and multiple fluctuations later, it was able to settle for an estimated middle-ground of $450. Since the start of trade today, ICP’s shaky feet have again been swept off the ocean floor as it currently trades at $322.98.
The biggest take from the launch of Dfinity’s decentralized internet is the promise that it will bring to an end, the need for antiviruses, firewalls, VPNs, and all kinds of centralized DNS services.
ICP has received over $163 million in funding from private donors, including an additional $4.1 million paid in BTC and ETH.
It already enjoys massive support as a promising coin from a serial angel investor, Andreessen Horowitz, who strongly backed Twitter during its early stage of formation.