What is an Internet Computer Coin (ICP)?
A new cryptocurrency Internet Computer Coin (ICP) made its insane debut this week and became one of the largest digital coins in the market. It is developed by Dfinity Foundation and it is the newest rival for Ethereum and Bitcoin. Dfinity mentioned that they have been working on this Internet Computer silently in the past 5 years. ICP debuted with the price of $731 on May 10 then dropped at the price of $146. However, after 2 days, it was priced at $280.
Currently it is trading around $368.02 but it is extremely volatile. Its total market cap is $34.6 Billion. Bitcoin’s total market cap is $988.9 Billion and for Ethereum it is $470.7 Billion. But these numbers can change while I was writing this article. Normally coins have to be around and exist for a while before Coinbase adopts them. However, it is directly listed in Coinbase.
Internet Computer Coin is currently no 9 on the list of top 10 cryptocurrencies.
It is basically a digital token that runs on its own protocol called Internet Computer Protocol. It is for people to let anyone build new content or software on the internet without being controlled by Amazon web services. According to the founder of the company, this protocol will make the internet fun again.
Why ICP is Special?
It surprised everybody with its opening in Coinbase. The Dfinity Foundation is the company behind this coin. This company was started by game designer Dominic Williams. The Dfinity foundation is based in Silicon Valley and Zurich. They got the technical background to make all of ICP’s claims so these points made ICP to the top10 coin list by market cap. It launched on May 11, 2021. Some people say it will kill Ethereum however Dominic Williams said that this coin is not here to replace Ethereum.
Dominic Williams who is the founder of the company said that The Internet Computer works differently than any other blockchain to Bloomberg. Internet Computer Coin blockchain is faster and less costly. ICP has evolved smart contracts to encompass their expanded interoperability. They keep their contracts and developed applications in the canisters. It means this system has the ability to create an app and upload it directly to the internet. No cloud servers.
What Are The Risks Of Investing In Cryptocurrency And Internet Computer Coin?
If you want to invest in cryptocurrency today you should be prepared to lose your money. There is no guarantee for anything in finance world. You can be a millionaire in one night but also you can lose everything that night. Prices are volatile and change every time so you should research and be careful while investing in crypto such as Bitcoin, Ethereum, Internet Computer coin. You should consider the impact of fees and charges for your investment because it may cost more than those regulated investment products.
This is a new decentralized internet, and it is a big deal. There will be resistance to that idea. That resistance to the blockchain in the future is futile. ICP which stands for Internet Computer coin, is entering a red ocean of competition. Ethereum is the most popular in the smart contract space and it is very hard to be its competitors.
New competitors in that space such as Cardano have good followings but do not have an app. Therefore, as I mentioned earlier, ICP has to prove themselves that they can deliver on their roadmap. Do not forget that that could have a lot of upside down the road.
This article is for information purposes only. Do not take any of this content as a investment strategy. Do your own research and make your own decisions. Do not forget that there is no investment without a risk.