The rise and fall of Internet Computer: How ICP imploded

  • Internet Computer is a leading blockchain project worth over $1 billion.

  • ICP’s token has fallen over 95% from its all-time high.

  • Its ecosystem is a bit weak to justify a billion dollar valuation.

internet computer In less than two years, he has made a spectacular fall. That token, his ICP, has dropped more than 98% from all-time highs. Its total market cap plummeted from his over $100 billion in May 2021 to around $1 billion. So what went wrong?

What is an Internet computer?

Internet Computer is a blockchain project launched in 2021 by Dfinity, a Swiss non-profit organization. Shiba Inu, had been launched. As a result, prices skyrocketed due to the hype surrounding the token, pushing it into the top 10 of the world’s largest coins.

Internet Computer is one of the most funded projects in the blockchain industry. According to Crunchbase, Dfinity has raised more than his $166 million from a group of investors including Andreessen Horowitz and Polychain Capital. By the time they went public, their investments had ballooned to billions of dollars.

Internet Computer’s goal was to create a blockchain-based supercomputer that operates in a decentralized manner. At launch, financial times He argued that the technology would disrupt cloud computing giants such as AWS and Google Cloud.

For example, developers use the technology to build blockchain-based apps on par with popular apps like Whatsapp and Venmo.

Why Internet Computers Failed

Most people who follow the crypto space believe that the Internet Computer has not lived up to the hype they expected when it was launched. This explains why the ICP price has struggled since its inception. Unlike other popular blockchains such as Ethereum, Polkadot, and Binance Chain, we cannot see it built into the Internet Computer.

There are several apps in the Internet Computer ecosystem. But dig deeper and you’ll find that some of them are no longer in development and others have little or no activity. I’m here. I tried to create an account, but the process took a long time and I received a notification that they are no longer accepting new members.

I also tried using DSCVR, a community-owned professional network similar to Reddit. I tried using it but didn’t find any meaningful content. The same was true for other dApps in the ecosystem such as DFinance, Portal and NFT Studio.

Internet computers are not dead. Looking at that explorer, we can see that there is still some activity in the ecosystem. The question is whether that activity is worth more than $1 billion, as ICP’s market cap suggests.

How to purchase an Internet PC


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