When Internet Computer (CCC:ICP-USD) initially launched, many believed it to be ushering in an entirely new era of blockchain technology. But rather than blazing new frontiers, the network has been stumbling. Regardless, its community is still wildly supportive of the goal of bringing blockchain tech to the internet, and it’s not giving up. Today, this community is bringing a new chapter to the ICP network, starting with a hard fork, dubbed the “Internet Computer Reboot.” The ICPR crypto is a second stab at what could potentially be a major new iteration of blockchain potential.
Internet Computer’s goal is quite exciting: to make smart contracts available at internet speeds. It’s such an exciting idea, in fact, that the network saw a huge amount of hype ahead of its initial coin offering (ICO). It has all the trappings of a successful project, with its robust vision, institutional backing and hefty market capitalization. The ICP coin’s listing in May saw an initial price of $460.
Since, that day though, things have continuously slipped down. As it stands now, the ICP coin is trading at $45 apiece; it has slipped from the top five largest cryptos down to 26th. This performance might be worrying to ICP fans, but those bullish on Internet Computer’s goals aren’t giving up just yet. Rather, a hard fork could be just what these bulls need to get back on track.
ICPR Crypto Comes Amid Internet Computer Hard Fork, Bringing More Decentralization
There are many users who think ICP’s mission to bring smart contracts to internet speeds is a valiant effort. Internet Computer is the only avenue through which they can see this goal brought to fruition. So, with Internet Computer lagging in terms of capitalization, a hard fork could prove to be a proper way to shake things up. That’s what developers are hoping to accomplish with the ICPR crypto.
ICPR, or Internet Computer Reboot, will be a network hard forked from the original Internet Computer. It seeks the same ends as ICP but hopefully through a more successful means. The network will do this by offering greater decentralization than its predecessor. ICPR promises a more fair and transparent network, as well as one in which greater emphasis will be placed on governance. This all comes as ICPR developers call out Dfinity, the ICP institutional backer. A community developer says Dfinity unfairly vested ICP coins to exchanges rather than early investors.
To alleviate this, developers are portioning out ICPR tokens to seed investors and early adopters according to what ICP initially promised before diverging. The first round of token distribution is closing out Thursday, and the next phase will run through late December. After this funding is through, new investors should expect to be able to add ICPR to their own holdings.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.