The DFINITY project launched “Internet Computer” on May 8, a decentralized computing network. Immediately after listing on exchanges on May 10, ICP entered the top ten by market capitalization.
The DFINITY developers wrote that the Internet Computer core uses a blockchain with unlimited bandwidth. Cryptographic protocols called “Chain Key Technology” solve the “blockchain trilemma” – that is, strike a balance between decentralization, security and scalability.
The network is controlled by the “Network Nervous System” (NNS) algorithmic system that unites distributed data centers into a single network. The DFINITY project became known back in 2017 – it was positioned as a “decentralized cloud” for the execution of Ethereum smart contracts and strengthening the ecosystem of Ethereum Virtual Machines (EVM). In the same year, the DFINITY test network was launched, but the full launch had to wait until May 2021. Therefore, the project can be called “long-term construction”.
Two days after the launch of the first level protocol “Internet Computer”, the ICP crypto asset was listed on several leading exchanges at once and moved to the seventh place in terms of capitalization in the cryptocurrency market. As of May 11, 2021, the capitalization of the project has slightly decreased and amounts to $ 47 billion, and in the rating it settled in eighth place. However, if it grows from the current price by 25%, then it may come to fifth place.
ICP was listed on several cryptocurrency exchanges at once, and traded on them with a wide spread. For example, on Coinbase Pro it was possible to buy it for $ 645, and on OKEx the cost of ICP reached $ 750. Huobi ICP managed to get to $ 1555. On Binance, ICP peaked at $ 2,831, and on Gate.io, it reached an anomalous value of $ 63,800, even jumping over Bitcoin. Now the ICP rate has corrected on all exchanges to about $ 384.
Huobi Global was one of the first platforms to launch ICP trading. On May 11, the total ICP trading volume on this exchange reached $ 1.21 billion. Within 10 hours after their listing on Huobi Global, 680 million USDT was converted to ICP, accounting for about 56.67% of the total ICP trading volume.
A similar situation recently happened with the Chinese cryptocurrency Chia. Given the high potential demand for this crypto asset, in April, miners began buying up SSDs to mine it, which caused a shortage of SSDs in many countries, including Russia. Launched on May 3rd, CHIA (XCH) is trading close to starting levels of around $ 1000.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
