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Highlights
- Internet Computer is a blockchain, with a not-for-profit organisation, DFINITY, at top
- The network is being used by multiple projects, including gaming, NFTs, DApps, and DeFi
- ICP token of Internet Computer has mostly traded in the red in 2022, similar to ETH crypto
Not even the staunchest backers of blockchain and cryptoassets can deny the ongoing rout in the crypto domain. Bitcoin, the heart of the space, is trading with over 35% year-to-date (YTD) loss. Ether is faring even worse, with a YTD loss of nearly 50%.
Ether belongs to Ethereum’s blockchain. Its popularity may be one of reasons behind other blockchain networks entering the space. These include Solana with SOL token, and Cardano with ADA. Another network titled Internet Computer claims to have an edge over others. It also has a linked native token -- ICP crypto.
Let’s know more.
What is Internet Computer blockchain?
According to the project’s website, it is primarily targeting the Web3 space. Web3 is being anticipated by many as a decentralised version of the internet. Similar to Ethereum, Internet Computer also provides smart contract services and DApps support.
To project itself as more efficient, Internet Computer is highlighting its ultra-low data storage costs. It is stated that a number of social networks have launched on Internet Computer network. Games, wallets, DeFi protocols, and metaverses are some of other projects launched. The network also supports NFTs, and over 100 NFT projects are using Internet Computer.
The project is overseen by DFINITY Foundation, which describes itself as not-for-profit. It is based in Switzerland and claims participation of scientists and engineers.
Also read: ETH at $2,000: What does 5-year historical price data indicate?
ICP crypto
ICP token is said to be native to Internet Computer blockchain. It can be used for governance and voting purposes, besides acting as a mode of payment on apps using Internet Computer.
ICP crypto is trading on exchanges like Binance and OKX. The total supply is over 481 million tokens.
ICP crypto price
ICP token is exhibiting more or less the same trend as other major cryptos like Ethereum (ETH). With a market cap of over US$1.7 billion, ICP comfortably sits among top 50 assets.
The price was nearly US$25 on January 1, 2022, which fell under US$10 earlier this month. At the time of writing, ICP was trading at nearly US$7.5. Over the past 24 hours, it had dropped over 3%.
Data provided by CoinMarketCap.com
Bottom line
Internet Computer claims that it is a Web3-focused blockchain network. A number of projects like NFTs and games are already live on it. It is said to offer low-cost storage to developers. ICP token is the native mode of payment for the network. So far this year, ICP has extended losses with each passing month. It is a top 50 cryptoasset and its price trajectory resembles that of most other top tokens like ETH.
Also read: BTC and S&P 500 Index correlation over past 5 years
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