Within 10 weeks of launching, blockchain Internet Computer (ICP) has attracted 500 developers and nearly 250,000 users of its applications.
There are already decentralized applications (dApps) running on the network. According to Switzerland-based Dfinity Foundation, which runs the project, these apps are equivalents of Reddit, WhatsApp, LinkedIn and Medium. They also include various finance related projects.
“Our estimate is that the Internet Computer will have significantly greater DAU (daily active users) than the rest of blockchain by the end of year,” said Dfinity founder Dominic Williams.
ICP’s dynamic movements
The fact that the platform is gaining traction bodes well for Dfinity, after the tumultuous launch of the project. Following the debut of ICP, the token’s market cap surged past $45 billion, pushing it into the top 10. However, this debut occurred in May on the cusp of the crypto market’s recent downturn, resulting in an 80% loss. It now stands at $5.5 billion.
The goal of the Internet Computer protocol is to “extend the functionality of the public internet.” For instance, enabling software developers or content creators to publish anything without having to go through centralized corporations like Amazon. According to project founder Williams, the idea is to get around corporate walled gardens, while also reducing costs. Eventually, he says, users could potentially create social media networks that could rival current titans like Facebook.
Notably, ICP also runs on a decentralized network, not the cloud. Unlike many other blockchains, Internet Computer runs on dedicated hardware set up by independent parties. This was the original selling point when Dfinity started raising money in 2018. It is also faster than a typical blockchain. Completing transactions using some cryptocurrencies may take 30 minutes or more.
ICP boasts that its crypto operates at web speed and can finalize transactions in three to five seconds. According to Williams, this means that “you can build things on a blockchain now that you never would have been possible.”