When the Internet Computer was launched in early May, expectations were high. The development of the decentralized Web 3.0 project, which declares war on the monopoly position of Internet companies in cyberspace, took a good five years. The live event also made waves beyond the crypto space, and the token of the same name hit like a bomb. Early on, the utility token reached a market capitalization of over US$20 billion, and on May 10, the ICP unit price was over US$700. However, not much remains of this. Because as fast as the token rose, it disappeared from the scene just as quickly.
From an investor perspective, the timing could hardly have been worse: on May 12, just two days after the official launch, the crypto market was in crisis and the total market capitalization almost halved in both following weeks. And so the ICP price has been aimlessly falling below $100 since June 7th. The all-time high of $700 is now down 94 percentage points.
The Liberation ?
At least today, the Internet computer is once again one of the climbers. At the time of this writing, the Internet Computer is up $41, up 14% in the past 24 hours. In a weekly comparison, the ICP price is still 12% in the negative range, but the first sign of life gives investors hope that the internet computer is gradually picking up speed.
The hopes do not seem unjustified. The DFINITY Foundation has developed the project on several levels in recent weeks. After three years of development, the Motoko programming language is available in open source on June 10 under the Apache 2.0 license, which can be used to create smart contracts and dApps on the Internet computer. By releasing the code, the developers hope for greater programming activity on the network and active participation in the “broad community”, as noted in the correspondent Tweeter called.
A week ago, the “Quill” ledger and governance toolkit became available as an open source version. Quill is used to self-manage ICP tokens in cold wallets and, according to the DFINITY Foundation, “provides an easy way to create signed messages for the Internet Computer Ledger and Governance Cartridges on an offline computer” . Ledger canisters are essentially smart contracts that process transactions on the ICP network. To be executed, the transaction data must be transferred to an online calculator and then transferred to the Internet computer.
Goldman Sachs ennobles internet computers
Last but not least, the project received a boost from a Goldman Sachs report that paints a bright future for the decentralized project. As one of eight projects, the Internet Computer has been promoted as part of the next generation of blockchains which aims to “reinvent the Internet as a decentralized platform”. Although the project is still “at an early stage”, it is distinguished by innovative approaches and thus paves the way “for the future”.
The “ambitious blockchain-based platform” claims to “replace the current internet with a new paradigm in which all data and applications are hosted cohesively.” The stone had already started rolling. “Decentralized applications are already being launched with the aim of replacing centralized technology platforms such as Facebook, Google and LinkedIn.”
The rating given to the internet computer in the report may be a partial explanation for the current price spike. Although the report is two weeks old, it took the Reddit channels a while to bite.
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