Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Currently, ICP is trading at $258, has lost over 60% of its debut price, and is currently valued at $32 billion.
In the past few days, Internet Computer (ICP) made a debut with an incredible display of $45 billion market value. However, the moment was short-lived as the price took a nosedive from $731 debut price to $146 within a few minutes. In an attempt to recover the lost value, ICP took a rebound to hit $280 in a couple of days but was dragged down the price curve by the general pullback of the crypto market. Currently, ICP is trading at $258, and has lost over 60% of its debut price, and is currently valued at $32 billion. ICP was developed by Dfinity Foundation, a non-profit organization based in Zurich, Switzerland. They seek to compete with established projects like Bitcoin and Ethereum. Dfinity Foundation has a project in the pipeline called “Endorphin”, which will see the introduction of a new crypto operating system for androids, laptops, and other user devices. Endorphin will offset the many flaws in the existing projects, it is unfortunate that ICP price did not respond well to this announcement.
Endorphin to End Tech Giants Dominance and to Boost ICP Price
The internet is very much controlled and has no permissionless ground to promote freedom as users are yawning for. Phone app developers have to go through the traditional application to be listed on the app store on iOS or Playstore on Android. Manufacturers of Android devices also have to go through the process of signing up for Google’s terms and conditions.
“The situation is particularly oppressive for crypto, as dapps can be controversial, autonomous, and value flows can occur via tokens rather than the traditional financial system, making it difficult to satisfy the terms and conditions involved,” explained the company.
This is what Endorphin seeks to eliminate. The Internet Computer protocol is already envisioned to ensure that software is created and contents are published without going through the hands of the tech giants like Alphabet Inc (NASDAQ: GOOGL) and Amazon.com Inc (NASDAQ: AMZN).
End-users will be able to access apps and Dapps through URLs rather than downloading them from Google and other tech giants. There will be no difference between apps, Dapps, and websites. The end-users will be able to browse through a permissionless environment to promote growth, creativity, and innovation. Developers will also keep all the revenues their works generate.
Endorphin will be upgraded and managed in a secured, open governance system on the Internet Computer according to the official announcement.
The launch of this project will create huge demand which will in response have an impact on the price of ICP.