'Internet Computer' Cryptocurrency is a Two-Day Old Coin that is Now Valued at $45b—What You Need to Know

Dfinity has debuted "Internet Computer" (ICP) to the public earlier Monday, May 10, and has already garnered $45 billion in valuation with a massive trade price that already surpasses Dogecoin ($DOGE). Currently, it is in the top eight spots in CoinMarketCap, which is a massive accomplishment for the almost two-day-old cryptocurrency.

Talk about a surge in crypto valuation, Dfinity launches its blockchain solutions that aim to rival those that rely on Amazon and Facebook to create their online content that requires the use of servers or the AWS (Amazon Web Services). Dfinity's solution and "Internet Computer" coin is the way to cut costs, says its CEO, and avoid corporations like the big techs.

Dfinity's Internet Computer resembles Ethereum and was initially referred to as ETH 2.0, but the company wants to change this idealism as it aims to move away from the track of the 2nd top-grossing cryptocurrency. While it is hard for new cryptos to make their way into the market, the two-day-old coin is clawing its way up the charts, despite the many competitors present.

Dfinity's Internet Computer

According to Messari.IO's report, Dfinity has been working on Internet Computer since 2016 but has not yet publicly launched until last Monday, which gave it a surge up in the marketplace. It knocked off Polkadot in the eighth spot and has surpassed the likes of Bitcoin Cash, USD Coin, Ethereum Classic, and SHIBA INU, despite being there longer.

Purpose and History

The main purpose of Dfinity is to introduce a blockchain service for all social media users to enjoy and skip the corporate restrictions with the likes Amazon's AWS and Facebook's services. And while it resembles that of Ethereum's goal, Dfinity aims to make Internet Computer a blockchain of its own, to grow and provide its cryptocurrency to the different internet users.

Value

Currently, Internet Computer (ICP) is at $46 billion in valuation and has a trade price of $366 (as of Tue, May 11) via Coin Market Cap. The cryptocurrency immediately opens up at a massive $300 range and has surpassed that of other cryptos, including Dogecoin.

Will Internet Computer Last?

This is an early stage for Internet Computer's existence in the top charts of Coin Market Cap, but it surely made a promising debut in the marketplace for cryptocurrency. The real challenge for Dfinity's blockchain is to remain in the top 10 and maintain its spot, market cap, and trade price amidst the competitive industry of cryptocurrency.

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Written by Isaiah Richard