New Delhi: Amongst crypto tokens, not every coin is able to retain its sheen for long. One such example is Internet Computer (ICP), which once was among a bluechip in the crypto cart.
Internet Computer, which used to be in the top-10 digital tokens in terms of marketcap, is the world’s first blockchain that runs at web speed with unbounded capacity.
It also represents a major blockchain innovation, a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers.
Vikram Subburaj, Co-Founder and CEO, Giottus Cryptocurrency Exchange said that the token has been in a strong decline ever since its launch in May 2021.
The token launched in May 2021, scaled a peak of $460 at its inception but has never seen the golden day back. It lost about 96 per cent of its value, lingering around merely $21 in the last week of 2021.
The past 24 hours saw a massive jump in the traded volumes of ICP, which had been in a bearish territory of late. The chain metrics show that some large orders initiated the attention in ICP, said Edul Patel, CEO & Co-founder, Mudrex.
“More participants joined in the frenzy,” he added. “Terabithia is a cross chain protocol that went live over the last week, which is a cross chain support for Ethereum and ICP, a possible guiding factor for investors to stay in ICP.”
Psychedelic, a Web 3.0 development studio building solutions for the Internet Computer, launched Terabithia.
The protocol attempts to tackle the problem of Ethereum network congestion and high gas fees, effectively turning the Internet Computer into a layer-two scaling solution for Ethereum.
However, the token has zoomed about 30 per cent in the 24 hours, as it moved to $37.24 from $28.61 led by strong volumes of trade. It has rallied about 56 per cent in the last one week.
In the previous 24 hours, ICP worth $1.43 billion exchanged hands, a rise of about 170 per cent. The fully diluted marketcap of ICP stood a little less than $17 billion.
Meanwhile, the Internet Computer, uses a ‘reverse gas model’ where developers supply the funds needed to run the applications or contracts that use their gas, known as “cycles.”
Echoing similar views, Subburaj of Giottus said that Terabithia is a cross chain protocol that connects Ethereum and ICP making ICP an effective layer 2 scaling solution to Ethereum – like Polygon (MATIC).
“We believe that ICP has potential to gain further in 2022 but it needs to get beyond $50 levels again to reclaim confidence among retail investors in the market,” Subburaj added.
Internet Computer is the blockchain-powered public network that basically provides a limitless environment for smart contracts to run at web speed and scale while helping to reduce computing costs.
The project claims to be the third-greatest innovation after Bitcoin, which plays the role of digital gold, and Ethereum, which is powering the decentralized finance (DeFi) revolution.
Raj A Kapoor, Founder, India Blockchain Alliance said, “I believe that the platform could help curb the dominance of ‘Big Tech’ companies such as Google and Facebook, thus revolutionizing the internet and creating an “open and free” worldwide web 3.0 which has caught the fancy of developers and investors alike.”