Real Vision founder and noted Bitcoin bull Raoul Pal is sharing his take on what he says is one of the most ambitious projects in the crypto space.
Internet Computer (ICP) is a crypto project developed by Swiss-based nonprofit Dfinity. The blockchain project aims to replicate the speed, power, and scale of the internet without relying on centralized systems such as firewalls, cloud computing infrastructure and databases.
The project, says Pal, easily has some of the biggest goals in the entire crypto sector, as ICP attempts to replace the internet as we know it.
“This project is clearly the biggest in ambition of any project in the space cause it’s basically saying, ‘Here’s an entirely new architecture for the internet that is driven by cryptography and is scalable beyond anything that exists currently today.’ It’s faster than all the other blockchains.”
Although Pal says that some investors appear skeptical about the project as many blockchain platforms battle for user adoption, the macro analyst points out that ICP has big money backing it and could conceivably transform the space. However, the project’s complexity may slow down its growth.
“It is of a different order of magnitude. People are pretty cynical about it, but let’s see… The investors in this are some serious investors. A16z, Polychain Capital… so let’s see. Give them the benefit of the doubt, and do your homework… That’s what I’m doing with this. I talked to Dominic Williams (president at Dfinity), he couldn’t explain it to me. All I know is it’s big, and it’s complicated, and if he can’t explain it very well, it’s going to take a while to get adoption. That’s okay.”
On May 10th, ICP was listed on top exchanges Coinbase Pro, Binance and Huobi and hit an all-time high of just over $700. The asset is trading at just under $50 at time of writing.
Featured Image: Shutterstock/IM_VISUALS