Historically, crypto projects use tech giants like Amazon.com (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL), and Facebook Inc (NASDAQ:FB) for storage and computing. These companies are effectively running an oligopoly and control large amounts of our data. 

This is where ICP comes in you do not need to use these traditional companies to build and code. This essentially continues the favorable trend of decentralization, but specifically for software and the web. This is an addressing “serious long-standing problems that bedevil IT, including system security, and to provide a means to reverse and undo the ever-increasing monopolization of internet services, user relationships, and data, and restore the Internet to its permissionless, innovative and creative roots.” Unlike other smart contract cryptos, the goal with ICP is to replace the entire internet stack. 

The project, officially titled “Dfinity,” was founded by Dominic Williams in October 2016. Williams has a background as a tech entrepreneur and distributed systems engineer. He also serves as the company's chief scientist. The crypto is still relatively new but has been in development for the last five years. ICP also has backing from  Andreessen Horowitz- a popular venture capital firm. According to the official website, they currently have three research centers and 203 members. 

Since its debut, ICP has nosedived down over 90%. In fairness to Internet Computer, the entire crypto market has had a pretty significant pullback in the last month. Although the founder claims this altcoin to be the biggest thing since bitcoin or Ethereum, I am not looking at the hype or those specific comments. I am looking at what they are building. If ICP can effectively build what Williams calls an “open and free internet” then you are now targeting a $4 trillion + industry competing directly with big tech.

Big tech has been under scrutiny over the last couple of years for many different issues. In any business, if you are solving a genuine problem, you can find success. It is a lofty goal that ICP is trying to accomplish that will not be easy by any measure. However, if they can continue to build this technology, hire a robust team, and build on the mission—I like the potential. I am looking for a pullback to all-time lows at around $50-$55 to start building a position. $50 can act as a key line of psychological support. I think a break below $50 can trigger more downside for ICP. Ideally, I would love to see this bleed to the low $20s if we continue to see a correction in the crypto market. If ICP is truly going to set out and accomplish this mission, I do not see why they can not be a top-five coin in terms of market cap. After all, Dogecoin is currently sitting at a higher valuation than ICP. In some ways, this correction is promising, and the price is slowly getting more attractive.