Internet Computer may have had one of the most hyped-up launches in the whole cryptocurrency market. The cryptocurrency rocketed to nearly $500 immediately after its launch but the surge was later attributed to nothing more than hype as ICP struggled to maintain its price even in just the double digits. At the time of writing, the cryptocurrency stands at a price level of $37. The token has finally begun to see some bullish momentum after a period of prolonged bearishness. The price has gone up by 13% during the daily timeframe while the weekly performance shows an increase of more than 40%. ICP is the thirtieth largest cryptocurrency currently.
After Internet Computer’s initial hype died down, a lot of critics rose to bash the network. The platform was regarded to have major issues with security and decentralization. While it launched with the promise of the next internet revolution, users were quick to point out fundamental flaws. One of the major issues that the network faced was the strong presence of Dfinity – the organization which created ICP. However, after an initial blow the development team became highly active and quickly addressed the woes of the community.
Internet Computer: Recent developments
There has been a spike in the activity on the network which can be attributed to the right steps taken up by the development team. For example, Internet Computer Protocol has crossed 430 million blocks generated since Genesis. The block count has been consistently increasing ever since the cryptocurrency was launched. Moreover, the protocol has also seen a surge in the Canister Smart Contracts. The number of smart contracts is skirting close to 17,000. All of these indicators show the progress the protocol has underwent ever since the dark days after its launch.
As Dfinity has been under fire for having a major stake in Internet Computer Protocol which hinders its sacred concept of decentralization, the organization has been moving gradually moving back from the protocol in order to assure the community that ICP is as decentralized as they promised it would be. Recently, a significant number of proposals were passed for the network; however, Dfinity refrained from voting on the proposals to let the community have control over Internet Computer Protocol.
The year 2022 is expected to be filled with various developments as a total of 25 proposals were passed by the community outlining a comprehensive plan for the research and development in crypto innovation.
