Internet Computer Protocol founder Dominic Williams said enterprises will be key to ICP’s continued growth after the ICP token tripled in the past three months.
After starting 2023 at #34, ICP has quietly become the 18th most valuable digital asset, with most of the growth coming in the last quarter of 2023, when ICP’s market cap jumped over 300% from $1.39B to $5.59B.
Williams said developing solutions for large companies could be key to the protocol’s growth.
“This is not just about web3,” he said. “The vision of the Internet Computer is also about enterprise,” and ICP positions itself as “providing web services through smart contracts.”
Websites with smart contracts
The project uses WebAssembly, a code format that allows for high-performance web pages that live in a form of smart contracts that ICP calls “containers.”
“Our goal is to enable people to create any kind of back-end system or any online system entirely through smart contracts,” Williams said.
The founder went on to say that cybercrime is becoming a huge cost — reaching $6T in 2021 — and smart contracts can help mitigate that.
“Governments are starting to hold IT executives and organizations accountable for hacks,” he said, noting that Uber’s chief security officer was sentenced to three years’ probation earlier this year for obfuscating hacking.
As an industry seeking to solve problems, cryptocurrency has long been criticized, with clunky user experiences, hacks and rampant speculation making it difficult for many to see the value in the space.
Fighting cybercrime
Williams sees ICP as the antidote to many of these criticisms — the founder showed The Defiant a wallet that eliminates the need for browser extensions like MetaMask, which are responsible for custody of funds.
The DFINITY founder stressed that extensions like MetaMask can be tampered with, and he also stressed that many crypto applications actually host their front-ends on centralized products like Amazon Web Services.
“The Internet Computer is about full-stack decentralization,” Williams said. “Everything from the user experience to data processing and storage.”
While those who bought and held ICP since the beginning of 2023 are sitting on huge gains, the digital asset hasn’t always been a good investment — zooming out, ICP launched in 2021 at over $100 per token — CoinGecko recorded an all-time high of $700, and by 2023, the price had fallen below $3.
ICP launched in 2016 and raised a $3.9 million initial coin offering (ICO) in 2017, with the DFINITY Foundation subsequently raising more than $100 million in subsequent venture capital from investors including a16z, Polychain and Multicoin Capital.
Recent Initiatives
The project aligns with the wave of interest in AI that emerged following the release of ChatGPT last year — the DFINITY Foundation is offering $5 million in grants to projects developing AI solutions on ICP.
One of ICP’s major initiatives is the Bitcoin integration that went live in 2022, a feature that allows the protocol to create real Bitcoin addresses and send cryptocurrencies through applications built on ICP.
Williams showed Defiant a chat app called OpenChat, where he sent a “mirror” version of bitcoin from ICP, which is working on a similar integration with ethereum, to another user.
Looking ahead, the market seems willing to take another look at ICP after it fell more than 90% since its launch.
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