Is Internet Computer the New Altcoin Wonderboy?
I discovered Internet Computer when the rainbow infinity logo caught my eye on Coinbase, but this project soon after had my attention when I saw that it fell around 90 percent over the course of a month. I talked to my dad about it and it turns out that him and the Dfinity founder, Dominique Williams had done a blockchain project a few years back. This got me very interested and what I found after researching this only heightened my curiosity. This is currently my number two holding, which isn’t saying much considering the volume of my portfolio, but the point is I have a lot of faith in this project. But what is Internet Computer?
Internet Computer is one of the most ambitious projects to date within the cryptocurrency space. ICP is a utility token that can be staked or used to power dApps. This is very important because both of these reward you with more ICP tokens, thus incentivizing use of the network. This token is backed by Dfinity, a non-profit organization that aims to rebuild the internet with more efficiency. CEO Dominique Williams and his team of over 200 researchers also plan to achieve this without the help of tech giants such as Google, Samsung, and Apple. This means that a website on Google could be taken down at any moment, but with Williams’ decentralized internet your website and all the data on it will be safe. Dfinity also said they would be funding ICP’s development with 220 million dollars. This is huge news, and it means that they’ll be funded for a long while even before they gain more adoption within the market.
The Dfinity team also just rolled out a new programming language used for their blockchain called Motoko. This is the language that will be used for programming apps and services on the Internet Computer. This will be very good for efficiency on the protocol because there will be only one language so Motoko won’t have to talk with HTML, Python, or JavaScript. Dfinity has also announced that their protocol has the ability to scale up to or beyond the size of the current Internet of Things. The program’s smart contracts are stored in ‘canisters’ that act as a data storage unit. These are totally unhackable, due to the fact that the only thing that can alter the info of that canister is the canister’s program.
They have scalability, efficiency, security, and a bunch of scientists hijacked from Cardano. Cardano founder Charles Hoskinson has come out and said that Dfinity has tried to steal Cardano’s computer scientists and blockchain developers. This crypto beef is not only hilarious, but also shows that Williams means business if he wants the scientists of what I believe to be the crypto with the most research and development behind it — Cardano. This project has a ton of potential down the road but it’s really anyone’s guess as to what the crypto’s price action will be in the near or distant future. I personally believe that by the end of the coming bull run ICP will trade at around 300 dollars per token, a 556% increase from the current price of around 45 USD. This is a very lofty goal, but I believe Internet Computer is set to win this altcoin pump.
