NEW YORK (BLOOMBERG) – Which crypto bubble?
A digital token launched on Monday May 10 under the name Internet Computer is already one of the largest cryptocurrencies in the world, with a market value of around US $ 45 billion (S $ 59.7 billion) , according to CoinMarketCap.com Data. This places it eighth in the ranking of the company.
The token and its associated digital ledger are supposed to help anyone – software developers or content creators – post whatever they want to the internet, without having to go through digital giants like Amazon.com or Facebook, or to use commercial servers or cloud services. . The idea is to avoid corporate walled gardens and reduce costs, according to Dominic Williams, founder of the project. Users could potentially create social media and other services that compete with the internet titans.
The coin’s underlying network uses smart contracts or software programs that perform tasks, competing with a bigger rival Ethereum. He joins many other coins and related networks – polkadot, binance coin among them – trying to steal the thunder from Ethereum.
The coin’s debut comes as cryptocurrencies ranging from bitcoin to dogecoin are discussed everywhere, from dinner tables to Saturday Night Live, and prices for many coins are rising. The total market value of all cryptocurrencies now stands at US $ 2.48 trillion, down from less than US $ 1 trillion at the start of the year. But as 2017 approaches, many of the so-called alt coins will likely fall to earth with a thud.