A new digital coin has already reached in the top 10 cryptocurrencies – and it has big ambitions to entirely reinvent the internet.
A new cryptocurrency, “internet computer”, is already valued at $58 billion following its launching on Saturday.
It rose straight up to the eight largest cryptocurrency based on market capitalisation, according to data from CoinMarketCap.com, stunning a number of analysts within the industry.
Internet computer joins a number of new players; that include shiba inu coins and safemoon, as others like dogecoin which was recently discussed on US comedy show Saturday Night Live.
Currently, an internet computer token is selling for $366.94, albeit the price did rise at just under $1000 at one stage.
There were 125,000 people that initially registered for the coin at Saturday launch party, which was livestreamed, including speakers and giveaways.
The total market value of all cryptocurrencies, as of now, stands at $US2.48 trillion ($A3.2 trillion), up from almost $US1 trillion ($A1.29 trillion) at the beginning of the year.
Developer
The ‘Internet Computer’, has been developed by Zurich-based non-for-profit organisation, Dfinity for the past five years. The team was led by a British computer scientist Dominic Williams, who has a team of 188 computer engineers, cryptographers and operational experts working on the project.
Mr. Williams said the project will allow developers abandon traditional IT and big tech giants like Amazon and Facebook and instead depend on a seamless network of computing power from independent data centres around the world.
The core idea is to avoid corporate-driven platforms and reduce costs, he said.
How does Coin work?
The objective of the project is to completely reinvent the public internet, empowering the software developers or content creators to publish anything they want on the internet, without having to go through Amazon, Facebook or other servers.
In could avail the opportunity and capabilities for the users to build their own social media and other services that compete with the tech giants.
Thereafter, Internet computer would host data and software, creating a global computing platform.
“Using the internet computer, developers can create websites, enterprise IT systems and internet services by installing their code directly on the public internet and dispense with server computers and commercial cloud services,” the Dfinity Foundation said.
