TL;DR Breakdown
• The Dfinity Foundation creates a project to promote the Internet Computer.
• The cryptocurrency is among the 15 favorites in the decentralized market.
Internet Computer had made a break into the crypto market in a special manner, breaking into the top 10 cryptocurrencies after its launch. The virtual currency reached its historical maximum of $737.20 and traded at $136, ranking 10th as per market capitalization.
For the sole purpose of completing the goals of the project, Dfinity, the foundation behind the project, announced that it would present a support fund. The program will be known as “ecosystem software for developers,” with a valuation of around $223 million. The stalls are open for the application for the support fund, quoting its good backing.
Internet Computer well-armed
The cryptocurrency community is very excited about the latest announcements from Dfinity. The foundation in Switzerland has put a lot of effort in the market so that the cryptocurrency shows its full potential.
The fund valued above 223 million dollars will purchase equipment for the companies that create Dapps. Promoters of new blockchain technology could also apply for this financing. Dfinity founder Dominic Williams states that the company’s goal is to support the entire decentralized marketplace.
This support differs significantly from the Beacon Fund, which was announced in 2020 with a valuation of $14.5 million. Beacon Fund is a risk fund that supports people developing open internet platforms.
It is almost certain this new fund by Internet Computer will grow. Polychain Capital director Olaf Carlson-Wee says his company is excited to fund these projects. Carlson-Wee is also part of the ongoing Beacon Fund project.
Cryptocurrency scalability
Internet Computer has had a drop of 81% after reaching its all-time high of $737. The cryptocurrency is trading today at $141, with a capitalization of $16.7 billion. The rise and fall of the cryptocurrency shows how volatile the overall crypto market is.
The Dfinity Foundation was created by Dominic Williams, who sought to replace the standard internet with a scalable and fast Blockchain platform. The cryptocurrency wants to change the user’s experience on the internet, to make their time on the web worth gold.
In addition, the Internet Computer project wants to have an incredible framework for programmers because of the scaling in computing. It also seeks to innovate the data for smart contracts and create new software beneficial for the market.
Since the cryptocurrency was created, 100,000 identities have been launched on the network in just one month. ICP is among the top 15 cryptocurrencies, with high volumes in less than 24 hours.
The project supported by Dfinity has raised more than $21 million from investors such as Polychain Capital, Scalar Capital, Andreessen Horowitz, ZeroEx, etc. Other big-name companies are expected to join the cause with ICP and Dfinity in the coming months.
