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10 Reasons Why Internet Computer Will be a Top Cryptocurrency

BitForex Editor
May 14, 2021

Internet computer protocol (ICP)  is the utility token for Dfinity’s blockchain project which is set to make the internet a better place for entrepreneurs and developers. According to the founder of the project, Dominic Williams, Dfinity is looking to become an extension of the internet. Dfinity is aligning its project with the upcoming Web 3.0 era and preventing entrepreneurs from facing the platform risk that big tech companies open them up to.

Meanwhile, there’s a lot of potential for dfinity and the ICP token. And here are ten reasons why the token might be a top cryptocurrency shortly.

1.No need to rely on Big tech

The invention of the internet computer protocol is almost like waging war against big tech companies. And these big tech companies include the likes of:

  • Google
  • Facebook
  • Apple
  • Amazon
  • Microsoft

They are simply called big tech because they are the technology giants in the world. Up until now,  everything you do on the internet somehow revolves around these five companies — from your payment systems, cloud storage, and app development services. And whether you’re a developer, entrepreneur, or regular user, the big tech companies are directly or indirectly involved in everything you do on the internet. In fact, all of your data is being held with one big tech company or the other.

However, Dfinity has come up with a blockchain-based internet protocol that will change the way the internet works.

2.The Governance Mechanism

According to Villi’s paradox, the blockchain will never be more useful than it is already because it would need to be immutable. However, when a blockchain is made to be immutable, it loses the decentralization property of a blockchain. Hence it ceases to become a blockchain. But Dfinity is bringing an immutable blockchain to us. And this is one of the most amazing aspects of this project.

Dfinity would be able to make its blockchain immutable in a way that doesn’t affect decentralization. Dfinity incorporates a Dfinity nervous system (DNS) which is an extremely complex setup that makes the system immutable and remains decentralized.

3.The demand for this token would hit the roof

The demand for the ICP token will likely skyrocket. Why? Well, the idea is practical, and the need for the innovation it brings is much needed. Users of the internet need to know that their data is secure. The developers need to cut out excesses that the reliance on the big tech companies imposes on them. Some of these things include having to use firewalls and big tech cloud services to develop web applications. Ideally, a developer should just code and not worry about security amongst other things. On top of everything, the big tech companies gain from all of these extra additions.

Many professionals in the tech space would want this stronghold that the big tech has on the internet space loosened. So we’re likely going to see lots of people adopting the innovation and investing in the token on exchange platforms.

Importantly, the project revolves around the token. Hence, anyone who’s using the network would be using the ICP token.

4.Solves De-Fi’s problems

De-Fi projects are still using regular internet protocols which means that they have to rely on the big tech companies. But if Dfinity succeeds in this project, utilizing Web 3.0’s high functionality, many De-Fi projects would have to rely on Dfinity because of its many benefits like less expensive app development. To

5.The development is simple

The development of applications on Web 3.0 is going to be less complicated than it is right now. One of the major drawbacks of the current internet is that developing is expensive since you’re relying on big tech technology. In fact, in 2020, the IT stack has been projected to be about $3.9 trillion.

Also, you don’t need to bother about firewalls, cloud computing, and compilations to build on Dfinity.

6.The Team of developers working on the project

115 professional developers have been working with dfinity since 2017. And they seem to be a good balance of theorists and engineers.

Usually when new blockchain projects like this start out. They either have an excess of theorists or engineers. And this is what the theorists are. They are the developers in the team that propose the brilliant ideas that the project incorporates. Meanwhile, the engineers are the ones that bring the project to reality.

So with projects where the theorists have the upper hand, we usually realize that the ideas are almost unrealistic and usually don’t work out. On the other hand, the projects with more engineers work out fine and run smoothly but rather than bring something different, they improve on existing ideas.

However, the De-Finite project is slightly different. There seems to be a balance between innovation and a solid framework in the project. The only aspect of the project that is innovative and seems least workable is making the blockchain immutable and stay decentralized. But the project says it can work, so why doubt?

7.The project is wealthy

Currently, the ICP token has a supply of over 123 million coins which amounts to about $48 billion. This amount can easily suggest that the project has lots of money, especially since the token is currently selling at over $300 which is pretty high for a new token.

Also, another happening that suggests deep pockets is something to do with a statement on the dfinity project by one of the richest men in the world,  Mike Novogratz.

8.It’s secure by default

If the internet computer protocol is accepted by the majority, and the web 3.0 aspect of the innovation is in full drive, the internet could become a safer place. There would be no need for firewalls and VPNs. And since there would be no humans at the helm of the workings but blockchain and artificial intelligence, there would be nothing like data leaks or vulnerabilities.

In fact,  according to dfinity, the platform tests itself for vulnerability. Therefore it’s constantly improving security by itself.

9.The positives feedback loop

When something is good, it can only get better. And this is usually the case with exceptional blockchain innovations like dfinity’s internet computer protocol. If you can recall how Polkadot became a huge success. It most likely stemmed from quality feedback. The beginnings were humble for the Polkadot project. But as the quality of the project became more vivid. The demand for the token grew gradually. Polkadot rose from being $2 to an all-time high of $48.

10.The mature view on the blockchain

Another thing that makes dfinity stand out is that it hasn’t been using the blockchain as a way to catch our attention. Obviously, it works using the blockchain to improve how the internet works. But it’s obvious that this setup is focused on the bigger goal which is making the internet a better place for entrepreneurs, developers, and the end-users of the internet.

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