The Crypto market is promising yet volatile is evident with the recent surge in the market cap of Internet computer. It is a new digital token launched on May 10 across all major crypto exchanges such as Binance, Huobi, Coinbase, and others.
The crypto’s sudden high market cap a day after launching has stunned the market and analysts. The digital currency has garnered a market cap of $45 billion in a span of two days. This makes it the 4th largest cryptocurrency among the top 10 in the market.
What is Internet computer?
It is a cryptocurrency built by the Dfinity foundation. It has many features including it can process transactions faster than other cryptos at less cost. It is the world’s first blockchain that runs on a web speed and can increase its capacity without any bounds.
It has been placed under the control of the Network Nervous system. This system allows the crypto to be autonomous and adaptive. The launch made 469,213,710 tokens available under the Network Nervous System.
Though the cryptocurrency is being called a market competitor of Ethereum, the speculation has been denied by Dominic Williams, founder of Dfinity’s Internet computer. The currency aims to free the world from centralized farm servers and enable the hosting of data and software without the need for legacy IT.
Help me get this out 🙂
* Yes, the Internet Computer IS a blockchain
* It has nothing to do with cloud (but, yes, smart contracts run at web speed, with unlimited capacity)
* Smart contracts will rule the world
* Not an "Ethereum-killer".
* Something new
— Dominic Williams ∞ (@dominic_w) May 9, 2021
The main idea as reported is to break the monopoly of a few tech giants such as Facebook and Amazon before they invest their billions in cryptocurrency. Williams also said that he wants to build a world where a person can securely authenticate himself without any passwords or keys just by the use of his devices.
Currently trading at $341 the digital currency touched $700 before making a sharp fall to $250.
The craze around Internet computer is not just limited to cryptocurrency. Like Ethereum is not just limited to Ether, it’s about blockchain, it’s about its applications in other blockchain development, similar is the case with this cryptocurrency. This new cryptocurrency could develop a new proof of concept in blockchain like NFT’s.
Internet computer could bring new applications of concept to blockchain that have not been seen until now.