Dfinity Foundation, the organization behind ICP, has announced a fund worth $223 million for the development of the network. The non-profit organization is now accepting applications for the grant. The new “Developer Ecosystem Program” is operating separately from the $14.5 million Beacon Fund aimed at developers who are creating open internet services on the network.
The Internet Computer Protocol’s aim is to revolutionize the internet. The network has an ambitious goal to replace the whole internet one day with a decentralized platform that has smart contracts capabilities.
Internet Computer Protocol (ICP) right after launching brought in a storm with itself. In just a few days after its launch, ICP token went to as high as $4000 on some exchanges. Moreover, the cryptocurrency launched on major cryptocurrency exchanges at the same time – which was seen as an unprecedented move. The Internet Computer Protocol was believed to be the next innovation in the blockchain right after bitcoin and Ethereum. Suffice it to say, it garnered a huge amount of attention in a very short time span. The cryptocurrency was also able to reach the top ten largest cryptocurrencies list which sent another round of shockwaves in the market.
However, the charm of internet Computer Protocol may have died. After the initial rise in popularity, users and expert started to get wary of the network. Many issues were pointed out and a lot of concern surfaced. A good chunk of the community now believes ICP may not be ready to provide what it said it would.
Redditers are not a fan of the network – at least not anymore. A thread on Reddit revealed users pointing out towards the flaws of the Internet Computer. The network preaches decentralization but it is not decentralized itself. There are also concerns regarding the privacy on the network.