The Internet Computer Protocol is just one of the projects that have taken a massive hit since the bear market started. The project is down by over 95% from its launch price, driven by bearish sentiment in the broader market. Despite this crash, we remain bullish on ICP.
What is The Internet Computer Protocol?
The Internet Computer is a blockchain project developed by DFinity, a Swiss-based tech organization. The core idea behind this project is to decentralize the internet and allow for the development of web-scalable smart contracts. Essentially, it aims to eliminate big-tech as a middle-man in internet commerce. A sizable, yet exciting undertaking, the project is not short of skeptics or naysayers. Still, we remain optimistic. Take a look at the top five reasons why we are bullish on ICP.
1. It Saves Energy
One of the most important issues facing the entire blockchain industry right now is the energy demands of Bitcoin. If Proof of Work blockchains become the new infrastructure for global finance like [insert crypto influencer] claims, there will also be an exponential increase in the amount of energy burned to keep the network safe.
Bitcoin now uses more energy than entire Countries.
As the human race begins to shift it's priorities to becoming more environmentally friendly, the tremendous waste of energy that Proof of Work entails will not help us on that mission. For this reason, we are firm believers in alternatives to Proof of Work, and the idea of using the wasted compute, storage, and bandwidth of Proof of Work to host applications is a sound one.
2. There is a Fundamental Innovation
Anyone who has been in the crypto space long enough has realized that 99% of new projects are actually just re-iterations of something that was tried before. Oracles, DEX's, Stablecoins, and maybe a few others have all been tried thousands of times with different branding and hype marketing to get people to believe it's something new.
Very seldom does something come along that features a fundamental innovation in the space. BLS signatures and Chain Key Technology is something that has never been tried before, so it has real potential to disrupt the industry in a way that opens up possibilities that couldn't be done without it. We are firm believers that this type of innovation drives society forward.
3. ICP Addresses a Key Market Need
Many crypto projects fail to serve a purpose or address an actual need. ICP is a project developed to service a key market need. Currently, the Internet is structured to favor big corporations whose services are designed to be offered at scale. Take, for example, social media platforms. They have the power to decide which voices are amplified and which ones are censored on their platforms. As a result, the concentration of power is in the hands of the few rather than in the hands of the hundreds of million active users engaging with these platforms daily. Additionally, major platforms like Facebook and Twitter are facing antitrust concerns and criticism on how they manage user data. These are real problems, and for a project like ICP that is taking on them head-on, there is a reason to be bullish. The project has the manpower and the funding to see this through.
4. DFinity is addressing the centralisation concerns
Earlier this year, critics voiced concerns regarding ICP’s, and its fully decentralized model, citing that DFinity has too much control over the voting power and that the project’s patented software is closed. These issues rose to the surface in the midst of a bear market, which effectively pushed the price of ICP even lower.
DFinity has since come out to set the record straight. During an “Ask me Anything” session on Reddit, DFinity’s product director, Diego Prats, clarified that it does not control most of the voting power and that the community should step up and run the Network Nervous System nodes. Additionally, with the fork of ICP into Badlands (which we have some ideas on ourselves), a fully decentralized version, it shows that they are willing to listen to their ecosystem and work with everyone to find a better way forward.
5. It has a solid team behind it
The team behind crypto can make or break it. In the case of ICP, DFinity brings together over 200 top brains in everything from cryptography to security experts.
The team is already proving itself and recently released Mercury, which made the project completely public. Such milestones by the team inspire trust in the future direction of the project.
The Internet Computer Protocol has all the hallmarks of a project that is on a growth path. It solves very important issues for the blockchain space to continue to move humanity forward. The project is working on the centralization FUD that has hung over it since it launched. We are excited to see where ICP will go from here, hopefully onwards and upwards! 🚀
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