This cryptocurrency is valued at $45 billion, and it's just a day old

This cryptocurrency is valued at $45 billion, and it's just a day old
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  • Within 24 hours of the debut, it had a market capitalisation of $45 billion.
  • The cryptocurrency aims to offer a new digital asset that enables users to create software and make content.
  • Intends to reduce this reliance on a few big players and create a new breathing space for independent or more beneficial ideas.
The talk of the town is cryptocurrencies right now, and the hype has taken over the world by storm. Young investors are holding eager to board the bandwagon as crypto is considered to be the future. The bullish attitude is easily visible across crypto charts, but nothing's as crazy as the rise of Internet Computer.

Internet Computer is a cryptocurrency that was launched on May 10, 2021. Within 24 hours of the debut, it had a market capitalisation of $45 billion. Coinbase, an American crypto exchange, listed it as the eighth-most valuable cryptocurrency for a brief period. It's currently at the ninth position, surrounded by veteran names like Bitcoin, Ripple, Dogecoin, and Ethereum.
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The cryptocurrency aims to offer a new digital asset that enables users to create software and make content. Today, if the user wants to publish something on the internet, the most common options are big tech giants like Facebook or Amazon, or sign up with a cloud company like Google or Microsoft. Internet Computer intends to reduce this reliance on a few big players and create a new breathing space for independent or more beneficial ideas.

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Interestingly, Internet Computer leverages smart contracts just like Ethereum and is trying to ride on its bullish trend. Smart contracts can autonomously execute, control, or update data during a transaction to enforce the terms of the agreement. Hence, all actions are automatic and no intervention is needed.

Dominic Williams, the chief scientist at Dfinity, reportedly told media platform CoinDesk that: "We want people to abandon traditional IT and move all systems and services to smart contracts."

It may seem like the crypto's value surged within a day simply because of the sentimental wave. But that's not true, at all. The project was actually in the works for five years, developed by Zurich-based not-for-profit organisation, Dfinity. It has also attracted several impressive backers, including Andreessen-Horowitz and Polychain Capital.

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According to CoinDesk, the project launched late last week with "multiple ecosystem companies," including "Enso Finance (a decentralised exchange), Distrikt (a professional social network), Fleek (infrastructure for the decentralised web) and Origyn (a platform for luxury goods), among several others."

The project's website says that Internet Computer aims to "extend the functionality of the public Internet so that it can host backend software, transforming it into a global comput[ing] platform." One unique feature of the coin is Chain Key Technology, which confirms transactions on the network. Updation of smart contracts takes just a couple of seconds, making it a scalable option that can be deployed across various devices like a mobile phone or smartwatch.

While Internet Computer offers a refreshingly new use case, the real challenge for Dfinity's blockchain is to remain in the top charts and maintain its spot, market cap, and trade price amidst the volatility.

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