The Dfinity internet computer token ICP was officially launched and it immediately moved into the top 10 cryptocurrencies by market cap as we can see more in our latest altcoin news today.
After five years of development, the Dfinity Internet Computer token got launched with a goal to revolutionize the World Wide Web by creating a decentralized Internet computer that launched the long-awaited governance token and it landed among the top 10 coins after a day of trading. The token was launched on the American crypto exchange Coinbase Pro on Monday and since then, other major exchanges like Huobi Global, Binance, OKEx were adding support for it. According to CoinMarketCap, the ICP average price surged to around $730 after the launch and dipped to as low as $146 in about 40 minutes. By now, after a day of trading, the token’s price stabilized at the $400 price level.
ICP is trading at $374, marking a 33.45% increase on the day with a market cap of nearly $46 billion and the token ranking 8th among the top 10 cryptocurrencies, pushing LTC out of the top 10. Dfinity’s blockchain-based Internet Computer was launched last Friday and its creators said that the network should allow developers to create new websites, enterprise IT systems, and hyper-scale open interest services like NFTs by deploying their codes on the public internet. The founder and chief scientist Dominic Williams explained:
“The Internet Computer represents the third major innovation in blockchain after Bitcoin and Ethereum. The first blockchain to support smart contract software that runs at web speed, serves user experiences directly to users, and scales its compute capacity without bound.”
In other words, the blockchain really wants to replace the traditional internet and allow developers to deploy their applications and websites on the network without having a need for cloud services, hosting companies, providers, and other additional sources of assistance from the big tech. In its turn, ICP is being a utility token and will allow its holders to vote on different decisions and other proposals across the network and to participate in the governance. For example, the token can be staked on the blockchain to produce voting rewards or to convert into cycles and power smart contracts.