- Dfinity finally launched after four years of development
- The ICP token jumped into the top 10 by market cap
- Some argue that it is already outdated
Dfinity, one of the longest-awaited blockchain projects, finally launched yesterday, with its ICP token jumping straight into the top 10 by market cap. Dfinity will release its “internet computer”, a group of technologies designed to support the next generation of decentralised applications and services within the blockchain ecosystem. The Dfinity ecosystem, which was first envisioned in 2017, has been heralded for some time as the future of blockchain, but the time it has taken the project to come together has left many wondering if it is already behind the times.
Is Dfinity Still a Game Changer?
Dfinity raised more than $120m from investors and venture capital firms such as Andreessen Horowitz and Polychain Capital back in 2017, with the project promising to take blockchain technology to the next level. However, as the project’s engineering complexity multiplied and its goals shifted, the code was completely rewritten, causing huge delays and allowing competitors to catch up and, some argue, overtake Dfinity.
Dfinity’s core offering was a faster, cheaper alternative to Ethereum, but it has since evolved into a decentralized alternative to cloud computing companies like Amazon Web Services. However, the market has also evolved in that time, with ecosystems such as Polkadot, Solana and even the Ethereum 2.0 upgrade taking blockchain technology to new heights of functionality, speed, and cost effectiveness.
ICP Flies Into Top 10
Regardless of the merit of Dfinity itself in the blockchain space rather than 2017, the ICP token showed that there is distinct faith in the value of the project – it knocked Cardano (ADA) out of sixth position as it listed on Coinbase, Binance and other top exchanges, spiking to $600 before cooling off at $450.