Dfinity's ICP dropped another 10%

According to crypto data aggregator CoinGecko, Dfinity's ICP token has dropped 10% in the last 24 hours to reach $65.76. Just 24 hours after the launch, there is a serious decline for the currency, which reached a record level of $ 700 at this time last month. Dfinity is very excited. It was listed on Coinbase Pro at launch and popped up three days after launch to claim a market cap of just $26 billion. At the time, it was the eighth most valuable cryptocurrency in the world behind XRP. ICP price has been in free fall ever since. This may be because of fierce competition: Dfinity competes with long-standing blockchains such as Cardano and Ethereum that offer smart contracts and decentralized applications. What is Dfinity and ICP? Dfinity is a blockchain computing project founded by entrepreneur Dominic Williams in 2016. The central component, the 'Internet computer', is a decentralized computer managed by a network of independent data centers around the world. Its creators see it as an alternative to the currently $370 billion cloud computing market, where big tech companies have a monopoly on centralized servers. Dfinity hopes its platform will eventually host decentralized alternatives to great web apps like Facebook, eBay, and TikTok. Dfinity uses a derivative of the 'Threshold Relay' proof-of-stake consensus mechanism to reach consensus and validate transactions. Due to Threshold Relay, Dfinity claims that its project is able to verify transactions in one to two seconds, surpassing Bitcoin and Ethereum by ten minutes and fifteen seconds respectively. Another key feature, the Network Nervous System, acts as the brain and governance system of the network, arranging and upgrading both dedicated node machines and independent embedded data centers. The ICP token provides gas for the Dfinity network and allows its holders to vote on proposals for the future of Internet Computing.

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