Even though the current price momentum of Internet Computer (ICP) may not convince too many people, the project’s still going strong. There are several reasons why investing in this project can prove worthwhile for those with a long-term vision. Always conduct thorough research before making financial commitments, as this article does not constitute investment advice.
Focusing On Enterprises
One segment blockchain technology and decentralization can excel at is the enterprise industry. Bringing these technologies and concepts to enterprises can help companies unlock new solutions, software, and infrastructure. For Internet Computer (ICP), there is a strong focus on the enterprise segment. The team deems the current IT infrastructure tech to be both expensive and inefficient. Moreover, existing IT solutions often lack security and agility.
By leveraging Internet Computer’s technology, companies can spend more time creating products rather than fixing things that break. With its autonomous software, default security, and complexity reduction, this technology stack presents numerous opportunities for companies big and small. In addition, rather than relying on standalone components, Internet Computer will provide everything a company needs to be successful and reach a global audience.
The Plug Wallet Seems Promising
Every cryptocurrency needs native wallet solutions for users to keep funds safe. For ICP holders, the Plug wallet may prove to be rather interesting. It can store ICP tokens and log into any application built on the Internet Computer protocol. Moreover, Plug provides access to Cycles, other tokens and will receive much more functionality over the coming months.
Although the wallet is only in the alpha release stage, it is compatible with Chrome and Chromium browsers and Firefox. Unfortunately, it is impossible to download Plug from any official browser app stores yet, but users can find it on GitHub. The plugin looks and feels a bit like MetaMask, but is dedicated solely to the Internet Computer ecosystem. The wallet also supports Principal IDs, letting users decide which apps and tokens they want to link to specific identifiers.
Plenty Of Funding To Keep Developing
Unlike most other cryptocurrency projects, there is no lack of funding for Internet Computer (ICP). Dfinity, the team responsible for creating this project, attracted investment capital funds from Andreessen Horowitz and PolyChain Capital through the DFINITY Foundation. The latest fundraising round, which took place in 2018, saw the team raise $102 million. Earlier, the DFINITY Foundation had raised $61 million, bringing the total to over $195 million since 2015.
That is a lot of money to keep funding development for a technology stack aiming to rival Amazon’s AWS. Rather than scale its ecosystem through traditional means, Internet Computer will scale alongside the internet and its overall bandwidth. A revolutionary approach that will burn through this funding rather quickly, yet the vision still holds tremendous potential.
Convincing Developers To Build And Create
Although it seems as if many projects are building on Internet Computer’s technology, there is always room for more. Building a decentralized infrastructure to replace traditional cloud solutions is no easy feat and requires tremendous research and development. However, developers are building on this stack to create new decentralized applications. Examples include District, OpenChat, Fleek, and others.
Assuming this rate of development is sustainable, the overall ecosystem can keep growing and evolving. The technology that is in place today allows developers to explore numerous ideas to their heart’s content. If Internet Computer can cater to the enterprise developer crowd in the coming years, exciting things will be on the horizon. Whether that influences the ICP price, remains unclear.
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