Compared to the hype the Internet Computer (ICP) sparked when it launched in early May, things have died down on the decentralized Web 3.0 project that is declaring war on Google and Facebook. Virtually overnight, the ICP token raised a market capitalization of over US$20 billion, the price stabilizing at listing after a brief surge at US$700 to US$460 on the exchange. But the course’s fireworks turned out to be a false start. The ICP price – also due to the general imbalance in the crypto market – led to a miserable price performance. Just a month after the all-time high, an ICP token was still worth just under $20.
Since then, however, the growth curve has picked up again. At press time, the ICP rate was trading at $75. Compared to the previous day, the token was able to gain 14% and thus underline a strong weekly trend. In a 7-day comparison, the cryptocurrency recorded an impressive 86% increase in value. Apart from the current optimism in the crypto market, part of the reason for the recovery is the growing adoption of the blockchain protocol.
PKI Adoption: Increased Number of District Users
On August 7, the DFINITY Foundation, the originator of the Internet computer, launched the social network district known on the internet computer. The platform aims to be a counterweight to LinkedIn, Twitter, and Medium, “except it’s decentralized, user-driven, and user-owned.” 20,000 users have already registered on the young platform.
We envision a future where people can enjoy all the benefits of social media platforms without paying with their data and privacy. As a district user, you own your data and your identity. You don’t have to be the product just to enjoy the product.
district co-founder Andra Georgescu
Similar to Twitter and Co., text snippets can be set up through district, except users retain control of their data on the blockchain-based platform. A token system will also be used for governance decisions in the future. The native token is intended to “incentivize users to participate in self-governance by granting them the right to vote to decide proposals under consideration.” However, the token is not yet listed.
DSCVR: Decentralized Reddit Alternative
About 20,000 users are now also on DSCVR, a “decentralized social content aggregator” also based on the Internet computer. The platform is intended as an alternative to Reddit which, contrary to popular belief, is operated by the media group Advance Publications, which publishes, among other things, the fashion magazine Vogue. DSCVR, pronounced Discover, works very similarly to the model, except “users not only control the content, but also the platform itself”. Governance rights are covered at DSCVR through a two-token system: social tokens and service tokens, each representing 50% of the voting rights. The platform is currently in beta phase.
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