The eagle eyed among you may have noticed that there’s a new entrant in the CoinMarketCap rankings.
Seemingly overnight, Internet Computer became the world’s eight-biggest cryptocurrency. At the time of writing, a single coin is worth $338.92, and it’s got a market cap of $41.5bn.
Launched by Dfinity after more than five years of development, this platform is designed to deliver smart contracts that run at internet speeds.
It’s intended to rival tech giants such as Amazon Web Services and Facebook, giving social media users a way of side-stepping corporations.
Although an altcoin suddenly gaining such a whopping valuation in a matter of days may seem suspicious, it is worth noting that the project has been supported by Andreessen Horowitz — a company that has previously invested in the likes of Pinterest, Slack, Facebook and Instagram.
Another big factor in ICP’s success likes in how it has been listed by a number of major exchanges in quick succession — including Coinbase, which quoted founder Dominic Williams as saying: “The Internet Computer represents the third major innovation in blockchain after Bitcoin and Ethereum.”
According to Messari, Dfinity is trying to tackle issues related to the traditional internet — enabling developers to build and host software without having to rely on big-tech monopolies that have a vice-like grip on user data… pointing to the high-profile clashes that Zynga has had with Facebook, and Fornite has had with Apple.
Messari’s report, written by Mira Christanto and Wilson Withiam, added:
“Dfinity is one of the most tenured and well-funded smart contract platforms in crypto. Yet it is also one of the least understood. Most of Dfinity’s obscurity is due to its technical complexity and abstract vision. The launch of their token and finally open sourcing their code will create more interest and understanding in the project.”