Internet computer (ICP) has entered the list of the top 10 cryptoassets by market capitalization list, while the non-profit organization dedicated to building and promoting it, Switzerland-based DFINITY Foundation, announced a USD 223m fund that will focus on developer grants, accelerator programs, and startups developing open-internet services on the network.
The Internet Computer protocol has gathered lots of steam lately, constituting one of the biggest token launches of 2021. The protocol’s native token, ICP, launched on May 10, and it’s already a top 10 coin by market capitalization (per CoinGecko), with USD 17.4bn.
At noon UTC, it’s trading at USD 140. The coin’s price is up 11% in the past day and down 15% over the past week.
ICP has also lost over 61% of its value during the last two weeks. It had reached its all-time high of USD 700, on May 10, falling 80% since then.
Notably, it also hit its all-time low a week ago, rising 40% since.
All this comes as DFINITY Foundation announced a CHF 200 million (USD 223 million) fund for funding and development of the blockchain-powered network, called the ‘Internet Computer Developer Ecosystem Program’. It offers non-dilutive financing in the form of developer grants and grants to teams building on the Internet Computer.
This one compliments the USD 14.5m Beacon Fund, which is dedicated to supporting the protocol’s developers and entrepreneurs. It is led by Polychain Capital and supported by major venture firm Andresseen Horowitz and the DFINITY Foundation. The grants will operate separately.
The Internet Computer seeks to extend the functionality of the internet by providing a public compute platform, thus forming a new way to build and deploy web applications, enterprise systems, decentralized finance (DeFi) applications, and other open internet services, they said.
Per Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation, the Internet Computer “redefines public blockchain” as a platform that can run smart contracts at web speed, serve web directly to users, increase its capacity with demand as needed, as well as one that is efficient and self-governed.
Olaf Carlson-Wee, Founder and CEO of Polychain Capital, added that getting in early and capturing market share in the network is “one of the most reliable ways to build a billion-dollar business,” and that he is looking forward to funding services and products designed for the new web 3.0.
New apps are already being deployed on The Internet Computer. Recent projects include decentralized encrypted messaging service OpenChat, decentralized social media platform Capsule, tokenized version of Reddit DSCVR, open internet web and app hosting startup Fleek, and pan-industry platform ORIGYN.
The DFINITY Foundation is accepting new grant applications. Fleek and DSCVR are listed as projects and teams funded to date, along with a GraphQL generator for the Internet Computer Sudograph and software consultancy Hypotenuse Labs.