Recently, some ICP coin holders were starting to get slightly concerned about the future of the Internet Computer (IC) movement due to its coin price which reduced considerably since its release in early May 2021.
However, there are reasons to be bullish about future growth. Here, I will try to explain five reasons why you need to consider the Internet Computer as part of your portfolio.
1. The Internet Computer is Still New
Things take time before gathering momentum.
Although ICP has been developing since 2016, it is nonetheless in its early stage of release, and adoption will take time.
Since its inception, the expert team behind the Internet Computer has prepared it meticulously and has received the funding and the backing to make this a technological juggernaut.
2. The Internet Computer is Extremely Well-Funded
The DFINITY Foundation was able to get a fantastic amount of capital funds from two big investors, Andreessen Horowitz and Polychain Capital, in order to finance the Internet Computer project.
In comparison, how many blockchain projects can do the same thing? Would these major investors have put so much money into a project that was doomed to failure? That is highly unlikely- they do their research and have a track record of backing winning projects.
3. Many New Projects Joining
The revolutionary vision and mission of the Internet Computer is to make a decentralized blockchain data cloud server and of course, this can attract new developers who want to create projects in the Internet Computer ecosystem.
Examples of dapps such as CanCan, Distrikt, Canistore, DSCVR, OpenChat, Fleek, and many more are being integrated to help maximize the Internet Computer blockchain ecosystem, while other projects continue to be attracted to the illustrious and cost-effective technological platform that the IC provides.
4. The Internet Computer is a Revolutionary Project
Many projects in the top 10 by market cap are meme-based or have very little functionality. It shows how early we are in blockchain technology. However, if you look at the Internet Computer it was created with a revolutionary vision.
To put it simply, imagine that with the Internet Computer, almost any blockchain project can run independently on the Internet Computer protocol, and be completely decentralized.
Bridges are already being built for seamless interoperability between other blockchains too, such as Ethereum.
5. Challenging Big Tech Monopolization
You certainly know today's giant data storage companies, such as Google, Amazon, Alibaba, and even Facebook, right?
They are examples of the largest data storage companies which can accommodate millions and even trillions of types of data and contracts as well as applications.
The Internet Computer will attempt to decentralize the cloud on which the internet itself runs. The difference lies in the fact that that the Internet Computer runs on a blockchain system, which is of course decentralized and fully automated without intermediaries.
Imagine how revolutionary the Internet Computer is to not only challenge centralized services, but also fix the problems of the existing blockchain ecosystem. Crucially, the cloud industry is worth several trillion dollars and if the Internet Computer can get a share of this then it will prove to be highly lucrative.
The pricing of cryptocurrencies remains speculative and volatile. Seek out a project with financial backing, a great team, tech, and other fundamentals.
This will serve as a foundation moving forward for an explosion in growth and value, although ecosystems take time to build so patience is key here.
- Disclaimer: This article is not financial advice. The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfiinty Community staff and/or any/all contributors to this site.