- Swiss nonprofit Dfinity’s digital asset “Internet Computer” launched on Monday.
- It is already among the 10 largest cryptocurrencies with a market cap of $45 billion.
- The decentralized token seeks to break Big Tech’s shackles on entrepreneurship.
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Internet Computer, a cryptocurrency launched Monday by blockchain non-profit Dfinity, is already the eight-largest digital asset with a market capitalization of $45 billion, data from CoinMarketCap showed on Wednesday.
The project, developed by founder Dominic Williams, is a result of five years of research. The token’s promoters claim it can provide the core basis of a new, decentralized internet.
The first day of trading saw its price swing wildly as it hit an intraday high of $700 before declining to around $250. It is currently trading around the $340-range.
“The Internet Computer is an open platform that frees the world from a dependence on centralized server farms, making it possible to host software and data directly in cyberspace without the need for legacy IT such as proprietary cloud services, server machines, software stacks, databases, and firewalls,” Dfinity said in a statement.