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cryptocurrencies: After losing 95% value, this token is getting its mojo back; here’s why

cryptocurrencies: After losing 95% value, this token is getting its mojo back; here's why
Written by publisher team

New Delhi: Among the cryptocurrencies, not every currency is able to retain its luster for long. One such example is the Internet Computer (ICP), which was once among the big players on the cryptocurrency bandwagon.

The internet computer, which used to be in the top 10 digital tokens by market size, is the world’s first blockchain running at the speed of the web with unlimited capacity.

It also represents a major innovation in the blockchain, a blockchain computer that scales smart contract compute and data, runs at web speed, processes and stores data efficiently, and provides powerful software frameworks for developers.

Vikram Suburaj, co-founder and CEO of Giottus Cryptocurrency Exchange, said the token has experienced a strong decline since its launch in May 2021.

The token was launched in May 2021 and peaked at $460 at its inception, but has yet to see the golden day return. It lost about 96 percent of its value, with only about $21 left in the last week of 2021.

The past 24 hours have seen a huge jump in trading volumes on ICP, which has been in bearish territory recently. Edul Patel, CEO and co-founder of Mudrex, said chain metrics show that some big orders are starting to get interest in ICP.

“More participants have joined this madness,” he added. “Terabithia is a cross-chain protocol that launched over the past week that is cross-chain support for Ethereum and ICP, and is a potential guideline for investors to stay in the ICP.”

SassiDelic, a Web 3.0 solution development studio for building the Internet computer, has launched Terabithia.

The protocol attempts to address the issue of Ethereum network congestion and high gas fees, effectively transforming the Internet computer into a layer two scaling solution for Ethereum.

However, the coin has increased by about 30 percent in the 24 hours, moving to $37.24 from $28.61 led by strong trading volumes. It has risen about 56 percent in the past week.

In the past 24 hours, ICP was valued at $1.43 billion, an increase of 170 percent. The fully diluted market capitalization of ICP was just under $17 billion.

Meanwhile, the Internet computer uses a “reverse gas model” where developers provide funds to run applications or contracts that use their gas, otherwise known as “cycles”.

Echoing similar views, Giottus’ Subburaj said Terabithia is a cross-chain protocol that connects Ethereum and ICP, making ICP an effective solution for layer 2 expansion to Ethereum – like Polygon (MATIC).

“We believe the ICP has the potential to generate further gains in 2022, but needs to cross $50 levels again to restore confidence among retail investors in the market,” Sobrage added.

The Internet Computer is the public, blockchain-powered network that essentially provides an unlimited environment for smart contracts to run at the speed of the web and at scale while helping to reduce computing costs.

The project is claimed to be the third largest innovation after Bitcoin, which plays the role of digital gold, and Ethereum, which supports the decentralized finance (DeFi) revolution.

Raj A Kapoor, founder of India Blockchain Alliance, said, “I believe the platform can help curb the dominance of ‘Big Tech’ companies like Google and Facebook, thus revolutionizing the Internet and creating an ‘open and free’ 3.0 global web that has captured the whim of developers and investors. Both “.

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