Internet Computer (ICP) Crypto Token, All You Need To Know

You might have seen a new cryptocurrency buzzing around the internet in the last month: Internet Computer ICP/USD. ICP is a cryptocurrency that essentially allows users to create web-based services. This effectively allows anybody to build their own proprietary software and/or publish content online. At the time of this article, the coin is trading around $57.

Why does that even matter?

Historically, crypto projects use tech giants like Amazon.com AMZN, Alphabet Inc GOOGL, and Facebook Inc 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. 

Who is behind this project?

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. 

What is the opportunity and why do I like it?

On May 10, ICP made its official debut on Coinbase. It skyrocketed on opening, made the “Top 10” crypto list, and boasted a market cap of over $45 billion. 

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. 

Disclaimer: This article is intended for educational purposes only, and not investment advice. Always do your own due diligence and contact your professional for investment advice. The author is not currently in a position but may initiate in the next 3-6 months. Investing in any cryptocurrency can be extremely risky, and you must practice extreme caution, and be prepared to lose your investment.