Triaconta Weekly #189
The following topics will be addressed in this weekly.
- Bitcoin upgrade
- Bundle performance
- Winners & Losers
- What is The Internet Computer?
Taproot went live last week, marking Bitcoin’s first major upgrade since 2017. Taproot enables so-called Schnorr signatures, making Bitcoin transactions more anonymous, efficient, and cheaper. Most importantly, this upgrade will enable Bitcoin to execute complex smart contracts on its own blockchain. It clearly doesn’t matter for the short term price because things have to be built first that will make use of the new possibilities.
They call it a healthy correction, but we don’t like it much. Nearly the entire market fell 15-20% led by Bitcoin. The speculators’ leveraged products were too far out of step with the price and then suddenly a lot is sold. All bundles suffered some damage. The general expectation is sideways for a week or even a little further down before moving up again to higher highs for the rest of the year.
Revision update: Not everything went down. Gala Games was added to the Penny stock bundle with the revision three weeks ago. Since the addition, the coin is already up 200% and this week the savior of the Penny stock bundle..
1 Month: +1.82% | 7D: -8.90% | 24H: -2.40%
1 Month: +2.02% | 7D: -9.82% | 24H: -1.37%
1 Month: +23.11% | 7D: +9.91% | 24H: -1.12%
1 Month: +1.46% | 7D: -10.22% | 24H: -0.62%
Winners & Losers
In this red week, Gala games (+170%) is a noticeable riser. Avalanche (+31%) also recorded a big plus and has already increased 300% since the addition to the Top30 and DeFi bundle in February. Many declines (bargains?) this week with OMG Network (-22%), Fantom (-20%), Hedera Hashgraph (-19%), DigiByte (-18%) and LiteCoin (-17%).
What is The Internet Computer?
A decentralized Web 3.0 computer. Available at anytime and worldwide with unlimited space and computing power. The blockchain connects the capacity of all connected computers into a decentralized free and open internet. This Internet computer is no longer dependent on a cloud service or data center from Google or Amazon, but runs as long as the internet works. With a super-fast blockchain and smart contracts, that was the goal of the DFINITY foundation when they conceived and realized The Internet Computer (ICP).
Advantages decentralized internet
ICP is an open standard meaning no conflicts of interest can arise when a major cloud computing provider hosts applications on behalf of customers that compete with its own services. The blockchain always treats everyone equally.
ICP has no censorship. As a provider of (e.g. financial) services via the internet, you do not want a single (usually American) party such as Amazon or Google to be able to block your services because of a politically driven sanction decision or new financial legislation. ICP allows the website or app on your phone to run entirely on a distributed computer network. This so-called Web 3.0 application cannot or can hardly be blocked by a company or country without turning off the entire internet.
The main advantage and the greatest growth potential for ICP is of course the price. If it succeeds to offer services cheaper as centralized parties, then this token will grow fast. However, it is not there yet. At the moment, 100% availability is the main reason for choosing ICP.
The DFINITY Foundation was founded in 2016 by a developer named Dominic Williams. It is a non-profit organization dedicated to research and development of the Internet computer. In 2018, DFINITY raised $102 million in a token sale to venture capitalists that valued the network at $2 billion. Investors include Andreessen Horowitz and Polychain Capital. After years of research, building and testing, the network and token was officially launched in May 2021.
Due to the high expectations building up all those years, the price shot to $ 700 at the introduction resulting in an immediate top 5 listing on CoinMarketcap. This was a valuation of over $100 billion for a product without a single application. Within a month, the price had fallen more than 95% to $30. The disappointment about this still causes many investors to ignore the token. And that’s a shame, because many applications are now running on ICP (see https://dashboard.internetcomputer.org/) and the price of $40 (€36) and the top 30 listing on CoinMarketcap are clearly justified.
ICP is a serious long-term growth project. The continuously growing need for computing capacity and the new worldwide desire to no longer depend on politics or the pursuit of profit from Big Tech for privacy and availability make growth for ICP very plausible. If it succeeds in attracting as many users and developers as, for example, Ethereum, it may even be possible to reach and exceed that high introduction price again. Then we are probably a few years further. ICP has been part of the Top 30 Bundle for three weeks now.