The Internet Computer Protocol, often known as ICP, is a collection of protocols that enables separate data centers located in different parts of the world to work together and offers a decentralized alternative to the centralized internet cloud providers that are now in use. The ICP token serves multiple purposes, including governance (holders of the token have a say in the direction the network will go in the future), rewarding network players for ethical behavior, and covering the cost of transactions.
Internet Computer went online on Coinbase Pro on May 10, and it quickly moved into the top ten cryptocurrencies on CoinMarketCap. It is a smart contract platform that uses blockchain technology to offer online versions of well-known programs. However, the founder seems to have bigger plans. Using only smart contracts, developers can use it to make tokenized social media services for large markets, according to the idea.
Dominic Williams, who made Internet Computer, says that it could give a new and more open way to make software. Many people in the software industry still think that big IT companies have a monopoly on making software and that they shouldn’t be able to own the Internet and make money from it.
Many people believe Williams’ claims because he was able to raise more than $100 million for his launch. Even though trading in the coin has just begun, price changes have been all over the place so far.
Supply and demand determine the price of virtual currency on the Internet. A lack of readily available coins on the market is one of the factors contributing to the price growth of Internet Computer. As a result of the relatively low “free float” (the word used to describe this if it were a stock) relative to the total quantity of coins, demand now exceeds supply, driving up the price.
One of the main risks is that the code has not been tested outside. Because the developers chose to keep their cards close to their chest, there has been no outside testing. The Dfinity Foundation is helping with the launch, and CEO Williams wants to use it to build a Web 3.0 that isn’t controlled by Google and other companies.
Why Bitcoin can’t take the place of the Internet?
We don’t think that Internet Computer is the next Bitcoin. Instead, it’s something completely new that aims to make the Internet more democratic and change it. People’s worries that the first generation of social media and search companies have become too powerful add to its appeal.
The next few months will be very important for ICP’s success. This doesn’t look like it was made by a small group of people working in a garage. Instead, it looks like it was made with the help of a large group of software engineers. This is also shown by how much it was worth when it first went on the market. It seems to have come a long way since Dogecoin.
ICP seems to be part of a revolution, which is a movement to change how software is made and distributed, as well as how the Internet works, in order to free it from the grip of corporations that have almost completely controlled the market. If Facebook’s decision earlier this year to sue the Australian government worries you, ICP might be worth a look. It seems to be going in a new and different direction.