I was kind of surprised to see 'Internet Computer' spring out of nowhere into the top 10 on CoinMarketCap this week. I'd never even heard of the coin, or the project before.
Having launched on 10th May, it's currently sitting at Market Cap ranking number 9 with a token value around $250.
Internet Computer is a new layer 1.0 chain, offering massive utility and decentralisation, it's more (thankfully) than just another damn finance coin.
I'm not sure it's a good buy at $250 but this kind of valuation coming out of nowhere is a clear sign to me that there is A LOT of demand for a functional blockhain with utility.
What is Internet Computer? The promise of Massive Utility
Internet Computer aims to re-invent the internet, breaking the corporate monopolistic power of companies such as Google and Amazon and decentralising control (eventually) to millions of nodes which can be run on relatively low-spec computers (you won't need a Bitcoin Rig at least!)
It's apparently the 'third major innovation alongside Bitcoin and Ethereum' offering us basically 'all the things' on one blockchain:
- Scaleablity of smart contracts to billions of users
- Incredible Speed - the chain runs at 'web speed' (whatever that means, I assume faster than ETH)
- Efficient data storage (so I assume cheap)
- 'Powerful' software packages for developers.
Internet Computer is being developed by the DFINITY foundation, a non-profit based in Zurich and with a core team of nearly 200.
In short, Internet computer promises the easy and efficient development of.....
- Finance applications
- data storage applications
- social media applications (there's a version of Tik Tok under development)
- Games and of course
- NFTs.
And the Promise of Massive Decentralisation
At time of writing there are apparently 1300 nodes operating, and this will scale shortly to almost 5000, and eventually to 'millions' - there's a lot of talk about unlimited capacity for decentralisation', although whether the network expands to allow new nodes is dependent on stake holders voting for expansion.
Internet Computer - Worth a Punt at $250?
I'm not convinced Internet Computer is a good buy at $250, I'm sure there's plenty of drift down coming in the following months as nothing's actually up and running yet - we're just post-hype ATM!
IF it can deliver on its promises this has a good shot at overtaking Bitcoin, I mean, it's aiming to give control of the internet to 'the people'.
But isn't that what EOS was/ is trying to do? And that didn't go so well now, did it? 3 years on we've got 'EOS Knights' and Voice 'about to be launched this summer'.
I think I'll hold off on buying for a while, but I'll certainly keep an eye on developments.
Final Thoughts - the market clearly wants a chain that 'does something' and does it efficiently
The fact that this new coin offering 'all the things' can spring immediately into the top 10 by MC suggests there is a thirst for functional blockchains which do all those functional things blockhains have always promised - allow us to interact with each other, store data, create NFTs and sell stuff, but at a speed which doesn't make our shoulders tense up, and all with massive decentralisation.
It's almost as if people are sick to death of 'yet another finance coin', the only function of which is to 'stake and hope for more money'.
Clearly the market is saying 'wen GENUINE utility'?
Hopefully some of this sentiment will find its way to Hive!