Internet Computer Protocol launched on May 2021. The cryptocurrency is created by Dominic Williams – a British Computer Scientist. The cryptocurrency is backed by Dfinity Foundation, a swiss non-for-profit. The cryptocurrency took the blockchain space by a storm right after its launch. The price of the token exploded and even crossed $700 subsequently after launch. It quickly became a sensation and everyone started talking about it. The offering of the network is as unique as they come and is believed to revolutionize the internet space. ICP also reached the top ten cryptocurrencies by market capitalization in just a couple of days.
However, the hype quickly died down and the explosion of the cryptocurrency was regarded as a clever marketing tactic. Internet Computer Protocol was launched simultaneously on many major cryptocurrency exchanges which resulted in the hype. The launch also caused huge discrepancies in the price among different exchanges. Concerns regarding the offering of the network also emerged. So, is ICP worth the hype? Does the offering of the crypto have any potential?
What is ICP?
Internet Computer Protocol has an offering that is regarded to have the potential to transform the internet space. ICP’s innovation is considered as the third next great innovation following Bitcoin and Ethereum. The coin runs on its own propriety protocol which is called Internet Computer. It enables users to build any kind of software or application on the internet without utilizing any decentralized services from tech giants like Google and Amazon. The aim of the network is an open internet and the empowerment of the end user.
Internet Computer Protocol’s criticism
While the network preaches decentralization, it has been under a lot of scrutiny for being centralized. A huge chunk of power lies with Dfinity-controlled Network Nervous System which controls the activities of nodes on the network. Privacy has also been a concern of users. However, Dfinity Foundation has taken note of the criticism and the development team has been trying their best to quell it with “Ask Me Anything” sessions and addressing the concerns.
Recently a Californian resident, Daniel Ocampo, has filed a lawsuit against Dfinity Foundation alleging that the organization has been involved in the illegal sale of ICP as an unregistered security. The controversies around the network are brewing and more serious measures are required from Dfinity to bring back ICP into the good books of investors.
Is ICP a good investment?
Internet Computer Protocol stands at a price level of $60.29. The cryptocurrency had picked up the pace in the weekly timeframe but the bullish momentum could not be sustained as the price is trending downwards by 1% in the past twenty-four hours.
There has been an influx of activity on the network ever since its launch. In just ten weeks after launch, ICP has managed to onboard 500 developers and around 250,000 users of its applications. The activity has been surging despite controversies and fluctuating price levels.
The applications itself on the network have been skyrocketing. A lot of decentralized alternatives of well-known applications have been created on the network. CanCan is a decentralized alternative and a fierce competitor of TikTok. LinkedUp is a social networking website for professionals just like LinkedIn based on ICP. MAGNIFY is ICP’s version of Zoom.
It is hard to arrive at a conclusion whether Internet Computer Protocol is a good investment or not, given the concerns and controversies surrounding the network. The response of the development team will play a crucial role in the viability of the cryptocurrency.
