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ICP Price Up 40%, Dfinity Announces Launch of Blockchain-based Social Network Distrikt App on Internet Computer Ecosystem

UTC by Steve Muchoki · 3 min read
ICP Price Up 40%, Dfinity Announces Launch of Blockchain-based Social Network Distrikt App on Internet Computer Ecosystem
Photo: District / Twitter

The Distrikt application will be joining a set of other decentralized applications on the Internet Computer network.

Dfinity Foundation, the firm behind the revolutionary technology Internet Computer network, has announced the launch of a blockchain-based social network dubbed Distrikt app. According to the firm, the Distrikt app will enable open governance for the ecosystem and also community ownership.

Dominic Williams, Founder and Chief Scientist of the Dfinity Foundation noted that the Distrikt application will run 100% on blockchain technology to ensure credibility and decentralization. As a result, there will be no central data saver or cloud since all interactions will be conducted through smart contracts built on blockchain technology.

Notably, the value of Internet Computer (ICP) market price was up nearly 40% and trading around $199 according to Binance-backed CoinMarketCap, perhaps fueled by the news. The Internet Computer project by Dfinity Foundation attracted investors’ attention after it suddenly made it to the top ten digital assets by market capitalization despite being a few weeks old since the launch.

Internet Computer Network and Distrikt Application

ICP token had a market capitalization of approximately $23,345,103,989.74 with a trading volume of $1,600,718,307.24. The hype around the ICP tokens has been attributed to the huge backings by global players, particularly established financial institutional investors.

The Internet Computer network aims to eliminate instances like the one between Facebook Inc (NASDAQ: FB) and the Australian government that could leave people locked out of social media due to a single entity having all the powers. By taking on big tech companies like Google and Microsoft, Dfinity through Internet Computer seeks to give people control of their personal data and at the same time enjoy the internet.

The company has been developing the blockchain in the past few years until recently when it launched the mainnet. The ICP token has been listed by several crypto firms including Binance, Coinbase Pro, Swiss-regulated digital asset bank Sygnum, and Huobi.

The huge volatility in the ICP token is expected to continue until such a time when the asset has stable liquidity. Although ICP does not take on Bitcoin head to head, it will play a vital role in the evolution of the internet.

The Distrikt application will be joining a set of other decentralized applications on the Internet Computer network. According to the Distrikt team, the social media platform will empower users to connect, collaborate, and share with each other. Notably, all these will be done without compromising ownership and control of personal data.

One of the key features of the Distrikt application is the fact it has inbuilt tools to help users create groups in the form of Distrikts.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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