The New Crypto on the Block Bursts onto the Scene

Summary

  • A new cryptocurrency, called Internet Computer, debuted on Monday, achieving a market value of US$45 billion, making it the eighth-largest digital currency in the world.
  • The crypto’s ledger, Dfinity, aims to reduce costs and break down the barriers typically associated with giant corporations.
  • Internet Computer’s use of smart contracts is what makes the coin so valuable and full of future potential, resulting in its awe-inspiring debut.

A new cryptocurrency has made a phenomenal impact on the market after making its debut on Monday.

The digital currency, called Internet Computer (IC), has already achieved a market value of US$45 billion, making it one of the largest cryptocurrencies in the world.

Source: © Melpomenem | Megapixl.com

Crypto users were left perplexed by the debutant’s impressive emergence, given most of the talk regarding digital currencies of late had surrounded Dogecoin, following Elon Musk’s SNL appearance, which Dogecoin’s fans had expected would further bolster its value. Instead, Musk’s mere mention of the word “hustle” sent the meme crypto free falling, despite it being said in jest on a comedy show.

The usual suspects – Bitcoin (BTC) and Ethereum (ETH) are never far from the conversation regarding crypto. So, the fact that a newcomer - which relatively few people had heard of - made such a splash, it really raised a few eyebrows, to say the least.

ALSO READ: Dogecoin nosedives on Musk’s remarks; what does it mean for the cryptocurrency?

According to CoinMarketCap.com, Internet Computer is ranked in the top ten as the eighth-largest digital asset, which begs the question: where is its value coming from?

Internet Computer Will Democratise the Internet’s Monopolistic Corporations

Internet Computer’s ledger is called Dfinity, which was previously one of the least understood and most obscure smart contract platforms in crypto due to its extreme technical complexity.

Dominic Williams created Dfinity with the intent of allowing content creators and software developers to publish anything they want onto the internet by foregoing the internet gatekeepers, such as Amazon.com Inc. (NASDAQ:AMZN) as well as servers and commercial cloud services like iCloud.

Essentially, this project aims to reduce costs and breaks down the barriers typically associated with giant corporations. Consequently, this could allow anyone to create services and platforms, breaking through the monopolistic nature that has emerged over the years.

Moreover, its ambition extends to improving the functionality of the internet by building a decentralised platform that can perform computation, store data, and minimise the stranglehold major corporations have on the internet nowadays by allowing people to publish a range of content without having to deal with large corporations.

INTERESTING READ: Forget Bitcoin! This crypto delivered nearly 450% returns so far in 2021

Smart Contracts Increase the Internet’s Functionality

Like Ethereum and Binance Coin (BNC), IC’s underlying network uses smart contracts, although IC’s current capabilities extend beyond what Ethereum can achieve. It is this functionality that makes the coin so valuable and full of future potential, thus resulting in its extremely impressive debut.

Source: © Panteleev83 | Megapixl.com


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK