What is the Internet Computer and how are its plans to take down tech giants?
Internet Computer (IC), a cryptocurrency created by the Dfinity Foundation, a non-profit based in Zurich. It is currently valued at $14 billion and is the 11th most valuable cryptocurrency by market capitalization. This makes it a strong competitor for Ethereum and Bitcoin.
IC claims that it was created to be a decentralized internet. It can be used to increase the capacity of Ether, and it is faster than Ether. IC is a popular cryptocurrency that is currently traded. This is due to many reasons.
What is Internet Computer cryptocurrency?
IC uses its own protocol, the Internet Computer Protocol. It allows anyone to create software and publish content online without the need for Google or Facebook. The company claims it offers a “hackproof platform” at ‘dramatically reduced’ costs and interoperability.
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Venture capital firms Polychain Capital and Andreesen Horowitz have backed IC to launch apps for decentralized financing. Anyone can use cryptocurrency (preferably IC), to replace traditional financial processes and switch to the new age IC with the Defi apps.
Dfinity claims that it can increase its capacity when demand rises. It should be viewed as a network that uses Blockchain technology to power apps, rather than a cryptocurrency.
What is IC different from other forms of IC?
IC is unique because of three features. Anyone can create apps using IC’s blockchain technology. This allows app developers to run circles around big tech companies.
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Dominic Williams, the founder of Dfinity, said that Dfinity’s technology is not compatible with the cloud. It is run on hardware that has been developed by independent parties. IC operates at web speed and is faster than other cryptos which can take up to 30 minutes to complete transactions.
How did they become overnight successes?
Polychain Capital, which specializes in crypto venture capital, has joined Andreesen Horowitz as a major venture capital firm. Amino Capital and Aspect Ventures are also backing IC.
The founder’s claims to have displaced traditional cryptocurrency was also viewed as a plus. Decentralizing the Internet and challenging the top wigs were also advantages.
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Third, there is a huge demand for cryptocurrency currently. Traders and investors alike love any new token or coin that is launched.
Where to Buy
Unlike other cryptocurrency coins, which are easily available in exchanges to purchase or sell, IC can currently be purchased at Coinbase and Binance. Gate.io, a smaller exchange, also offers IC.