Internet Computer, a new digital token that was launched on Monday, has climbed into the eighth-largest crypto-currency in the world with a market value of $45 billion just right after its debut.
Dfinity Foundation, a not-for-profit organization based in Zürich, Switzerland, has launched the new crypto-currency after 5 years of development.
Internet Computer will make use of smart contracts or software applications executing transactions on its own blockchain backbone similar to the Etherium blockchain.
“At its core, the Internet Computer is the world’s first blockchain that runs at web speed with unlimited capacity — solving the ‘blockchain trilemma’ by producing a blockchain network that is decentralized, secure, and scalable,” said Dfinity Foundation in a press statement.
Internet Computer and its underlying blockchain are supposed to help software developers, content creators, and almost everyone who wants to publish anything on the internet without dealing with digital giants or using servers and commercial cloud services.
“This is a completely new platform. This is a public platform, it’s an extension of the internet. And, you know, eventually, we’re chasing blockchain singularity,” said Dominic Williams, founder and chief scientist at Dfinity Foundation.
Internet Computer launched together with multiple ecosystem companies including the decentralized exchange Enso Finance, infrastructure for the decentralized web, Fleek, and the professional social network Distrikt, among others.
Dfinity Foundation receives funding from Andreessen-Horowitz, Polychain Capital, and other investors.