BUSINESS | May 12, 2021 | WOZINGA NEWS
What is DFINITY’s ICP token, the 3rd major blockchain innovation?
- DFINITY Foundation developed the Internet Computer.
- Internet Computer is made to remove any centralized data center and to achieve a decentralized governance system.
By Marielle Petere Wozinga Journalist
The Internet Computer (ICP) is the third major blockchain innovation which downs in the ninth spot as one of the top 10 cryptocurrencies at the press time, according to CoinMarketCap.
After the launch of the ICP token on May 10, it landed in the fifth position with more than $700 price when Coinbase Pro crypto exchange listed ICP token on May 11.
Now, the ICP price is $306.93 and the market capitalization is more than $38 billion at the time of writing.
Also, several supporters in the crypto community consider ICP as another breakthrough in blockchain innovation next to Bitcoin and Ethereum.
Aims of DFINITY
CoinMarketCap, a crypto price-tracking platform, noted that DFINITY Foundation developed the Internet Computer. The project started in 2015 and was founded in October 2016.
Meanwhile, DFINITY Foundation is a not-for-profit scientific research organization based in Zurich, Switzerland.
Dominic Williams is the founder and the chief scientist of DFINITY. Also, he mentioned their ambition for the next 10 to 20 years.
Williams said that they aim to become the primary computing platform for building software.
Also, they want to bring the Open Internet that will predominate and be remarkably bigger than Tech Giants’ closed proprietary ecosystem.
New blockchain revolution
It is undeniable that the internet is a global network that connects computers, other electronic devices, and people. Yet, private infrastructure regulates the internet systems and services.
In this case, DFINITY created the Internet Computer to remove any centralized data center and to achieve a decentralized governance system with numerous data centers across the globe.
To make it possible, the team of DFINITY used Chain Key Technology as an engine of Internet Computer.
“It encompasses dozens of advanced technologies such as novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, etc.,” CoinMarketCap added.
At some points, Chain Key Technology has advantages because it consists of a set of cryptographic protocols that arrange the nodes.
In addition, the locations of this network are in Asia, Europe, and North America.
Currently, the Internet Computer network has 48 data centers. All the centers run 1,300 nodes.
At the end of this year, the DFINITY plan is to have 123 data centers running 4,300 nodes.
Advantages and supporters
Furthermore, CoinMarketCap discussed the advantage of the network to contrast the traditional blockchain.
“It allows any device, including smartwatches and mobile phones, to verify the authenticity of artifacts from the Internet Computer,” CoinMarketCap mentioned.
In that event, many showed support to the DFINITY project, and the fund raised a total of $121 million.
To name a few contributors, these are Andreessen Horowitz, Aspect Ventures, Electric Capital, Polychain Capital, Scalar Capital, SV Angel, ZeroEx, Multicoin Capital, and other well-known supporters of Ethereum.
Right now, some top crypto exchanges have listed the Internet Computer. These are Coinbase Pro, Binance, Huobi Global, WBF Exchange, and OKEx listed Internet Computer.