Internet Computer, a cryptocurrency that just launched on Monday now has a market value of about $35.8 billion, according to CoinMarketCap, trading at around $289.
On Monday, the market value skyrocketed to over $90 billion (at a price of around $731), but within minutes the price fell, hitting as low as $18 billion (priced at about $146).
The cryptocurrency’s founders, the Dfinity Foundation, intend for Internet Computer to become, in effect, a decentralized version of the internet.
For example, one could build decentralized applications like DeFi (aka decentralized finance) apps. DeFi apps recreate traditional financial systems with cryptocurrency. In addition, developers can build websites and other internet services, like social media or messenger applications, using the Internet Computer blockchain.
But, unlike Ethereum, Dfinity says the Internet Computer blockchain runs much faster and is less costly — likening its speed and capabilities to the internet — because of the way it is set up.
“The Internet Computer works in a very different way than any other blockchain,” Dominic Williams, founder and chief scientist at the Dfinity Foundation, recently told Bloomberg. “Today, a lot of blockchains run largely on the cloud. The Internet Computer runs entirely on dedicated hardware that are installed by independent parties around the world.”
It can run at web speed and can increase its capacity with demand,