What is Internet Computer (ICP) crypto and why is it rising?

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What is Internet Computer (ICP) crypto and why is it rising?

internet computer
Image source: © Red150770 | Megapixl.com
Highlights 
  • The Internet Computer (ICP) is an infinitely scalable general-purpose blockchain.
  • DFINITY Foundation incubated and launched the Internet Computer (ICP) in 2021.
  • Dominic Williams is the Founder and Chief Scientist of DFINITY who proposed a US$250 million sum to offer to Russians to end the Ukrainian war.

As Russia-Ukraine is ongoing, the global economic situation fluctuates with every update. Many organizations and individuals have helped people in Ukraine by directly donating money. However, the latest from the crypto segment is the proposal from Dominic Williams, the Founder and Chief Scientist of DFINITY, a not-for-profit organization.  

The proposal is aimed to inform the Russian population about the real war situation. Mr Williams has even reportedly suggested a US$250 million sum to offer to Russians, a US$50 per participant to watch a video hoping to attract five million Russians to watch the informative video.

The blockchain tracked informative video will be created by experienced filmmakers to give the Russians complete information about the war.  

However, there are many challenges and ambiguities in the proposal. The foremost is the blocking of Internet Computer by Russia. The other could be using its Virtual People Parties system for people to prove their personhood, the project which is still under alpha and delayed. 

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Notably, the Internet Computer got listed on the Kraken exchange, and it will begin trading on March 18. 

Besides that, the company has also launched a 6-month IC Bootcamp where 15 teams will be selected from across the globe for project incubation and technical guidance from the Internet Network. This Bootcamp is for those who want to scale their technology to the Chinese market.

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icp

Data Source: coinmarketcap.com

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What Is Internet Computer (ICP) Crypto And Why Is It Rising?

What is Internet Computer (ICP)?

The Internet Computer (ICP) is an infinitely scalable general-purpose blockchain incubated and launched by the DFINITY Foundation in 2021. The foundation is a not-for-profit scientific research organization based in Zurich, Switzerland. 

Token details:

ICP is its native utility token used for governance and gas pay for computation and storage costs. 

Internet Computer (ICP) rose to US$16.48 with a 3.61% gain at 6:58 am ET Thursday. 

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Its current market capitalization is US$3.5 billion. The circulating supply is 212.5 million, and the total supply is 478.47 million ICPs.

The coin is available on Binance, Bybit, Mandala Exchange, OKX, Bitget crypto exchange.

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Bottomline

Currently, the proposal does not seem viable due to technical challenges which may solve in future. Still, when that is, the Chief Scientist is also not sure about it. The needed support it tries to generate for the attacked country may not come in time as the war-zone is currently blazing.

The Crypto market is volatile with many scams and uncertainty, and the investor needs to be careful while investing in it. 

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