Why Internet Computer Is Massively Undervalued
Yesterday I said that Internet Computer (ICP token) is MASSIVELY undervalued. I think ICP will grow 10x. Here are 7 reasons to back up that claim:
- For all the excitement of Ethereum, Solana, Terra, Avalanche, et al. — none can actually store data on-chain affordably. It costs millions to store just 1 GB of data on ETH, and at least $1m to store 1 GB on SOL. How much is 1 GB of data on ICP for one year? $5.
- With storage costs so high, majority of projects are hosted on centralized 3rd party cloud servers: AWS, Azure, etc. It’s hard to get excited about decentralized software that is dependent on centralized servers. Not a problem on Internet Computer—100% decentralized on-chain.
- Every crypto fan has felt the pain of gas fees. Exorbitant on ETH, somewhat manageable on other chains. Guess what? ICP has “reverse gas fees,” paid by the developer. Across @EntrepotApp collections in the last 3 months (millions in volume) this is our grand total in fees: <$20.
- All the newer chains have solved this problem but it needs to be said: Transaction speed on the Internet Computer is web speed. TX times on BTC and ETH are basically unusable for anything but financial transfers. IC transactions occur in seconds, not minutes or hours.
- The ICP token only launched 7 months ago. Each of the other popular chains that I’ve mentioned (ETH, SOL, LUNA, AVAX) have been around for at least a year longer than ICP. While ICP tech is better, people have had less time and exposure to the token.
- Almost every coin with momentum has benefited from super-hyped DEFI projects. Internet Computer launched more recently, and just enabled the key feature (ICP in canisters) to make DEFI possible. Watch for a DEFI boom on the IC 3-6 months after Thanksgiving.
- Last point is qualitative. I’ve worked with a lot of people heavily invested in ICP and there are a TON of early ETH supporters (devs, investors, etc.) These are crypto OGs who moved from ETH to the Internet Computer. Huge crypto wisdom & experience built into the ecosystem.
Come join us on the Internet Computer! Buy the coin, build stuff, hang out in the Telegrams. The IC ecosystem is the friendliest and most welcoming I've worked with in my career.