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After five years of growth, Dfinity’s “Internet Computer” tokens are now tradable.
The long-awaited appearance of the Internet Computer service token on markets resulted in a crazy first day of trading.
The ICP token from Dfinity was listed on Coinbase Pro and several leading exchanges including Binance, Huobi Global, and OKEx on May 11.
Prices for the recently released token have swung from an early intraday high of $700 to $250 in four hours, before recovering 70% in ten hours to exchange for $425 at the time of publishing. Coingecko reports that $1.8 billion in ICP tokens have sold in the 14 hours since trading began.
The Dfinity Foundation’s Internet Computer is a decentralised blockchain project. The protocol’s goal is defined by Dfinity as “expanding the functionality of the public internet from a network that connects billions of people via standard protocols to a publicly accessible global supercomputer based on its own ICP protocol.”
It aspires to replace the trillion-dollar legacy internet and IT industries by encouraging developers to instal their technology directly on the public internet, eliminating the need for hosting providers, servers, private cloud providers, and software monopolies.
The framework, like Ethereum, will allow developers to run computing applications on decentralised infrastructure. Dfinity, on the other hand, asserts superior scalability to Ethereum’s Layer 1 mainnet.
Although Dfinity has been operating on this Internet Computer since 2016, much of the project’s inner workings have remained a secret due to the company’s closed-source software strategy. The platform’s Mercury genesis launch event took place on May 7, signalling the platform’s public launch following its completed mainnet initialisation in December 2020.
ICP tokens can be staked in its governance mechanism to receive “voting rewards” or turned into “cycles” to fuel smart contract computation. The Internet Computer platform is driven by a Network Nervous System (NNS), an open algorithmic governance system that manages the network and token economics.
The system is divided into several subsections, which include the ICP tokens as well as “neurones” and “canisters” that control the network autonomously and are discussed in far greater depth on the Dfinity blog.
The project began fundraising under the DFN ticker prior to the 2017 ICO boom, but has since rebranded to ICP.