Cryptocurrency: Expert on how financial system is being ‘remade’
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The cryptocurrency in question is called Internet Computer, and it promises to connect multiple computers together using blockchain technology to build an un-fragmented global computer. The Internet Computer (ICP) cryptocurrency gained 27 percent in value this morning, and in the past seven days, it has increased by 32 percent. It has been approximated that Mr Osborne’s venture capital firm, 9Yards Capital, has made gains of 3,000 percent from his original investment in Internet Computer, as the cryptocurrency has surged in value since its origin.
The “Internet Computer” network envisioned by the project developers will be decentralised and run autonomously using blockchain technology.
The project has been labelled an “Ethereum killer” as it functions in a similar way to the world’s second-biggest blockchain project but runs 600 times faster, according to its founders.
Internet Computer appears so far to be able to do everything that Ethereum can do, but only faster and cheaper.
The new blockchain project can handle smart contracts, payments rails, decentralised finance applications, a multitude of tokens, and NFTS.
George Osborne has invested in Internet Computer (Image: GETTY)
George Osborne’s venture capitalist company has invested in Internet Computer (Image: GETTY)
The ICP project could also take the market share of developers and in turn users away from Ethereum and into its own ecosystem.
The cryptocurrency was founded by British entrepreneur Dominic Williams and is a blockchain-powered network that promises to dismantle centralised internet services.
The project is aiming its sights on giants such as Microsoft, Google, Apple and Facebook, in the hope of disrupting the highly centralised corporation-controlled status quo.
After media and crypto-experts began labelling his project as an “Ethereum killer” Mr Williams tweeted in May that “yes, the Internet Computer is a blockchain” but that it is “not an ‘Ethereum-killer”.
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The most cryptocurrency ATMs in the world (Image: Express)
He added that it is “something new”.
Mr Williams said the “Internet computer” can act as a public cloud that competes with the aforementioned internet services giants.
He claims that the “total cost of ownership of these business systems will be dramatically lower” in the decentralised system that could be powered by Internet Computer.
The cryptocurrency’s market capitalisation now stands at $6 billion and serious investment has poured in not only from Mr Osborne but also from leading Silicon Valley venture capitalists Andreessen Horowitz.
Andreessen Horowitz, also known as a16z, describe the Internet Computer cryptocurrency project as originating from “a growing movement, emerging from the blockchain and cryptocurrency world”.
They claim that it intends “to build new internet services that combine the power of modern, centralized services with the community-led ethos of the original internet”.
They have a grand vision for the Internet Computer project that will give internet services “an associated coin or token” that are run autonomously using blockchain technology.
They claim this will “transform the internet’s governing principle from ‘don’t be evil’ back to ‘can’t be evil'”.