Internet Computer Users has pledged $80 million to the Project Ecosystem to decentralize the system.
Members of the Internet computing community pledged nearly $80 million in Internet Computing (ICP) tokens last year to support decentralized protocols in the ecosystem.
The DFINITY Foundation, a promoter of the Internet of Things computer network, released its 2023 Protocol Ecosystem Report on March 27, revealing that the community has made more than 6.5 million ICP tokens for decentralized efforts.
It is promised by the Internet Computing Service Neural System (SNS) framework, which enables protocols to become decentralized autonomous organizations (DAOs).
ICP projects and Dapps that have received decentralized funds through SNS include decentralized messenger OpenChat, metaverse platform Dragginz, blockchain search engine Kinic, “Web3 TikTok” Hot or not, the first ICP memecoin Ghost, decentralized verification-as-a-service platform Modclub, on-chain gaming platform BOOM DAO and Social DAP Catalyze.
Lomesh Dutta, Vice President of Development at DFINITY said, “The success of the SNS framework is a major win for decentralization, new technology stacks and multiple network integrations around the world.”
The DFINITY Foundation has seen significant growth in blockchain gaming activity on the Internet, which it says is due to lower transaction fees and higher hashing capabilities.
In addition, DFINITY distributed $6.25 million in ecosystem grants to 239 projects in 41 countries by 2023 to support ICP ecosystem development. Total network usage on ICP increased 121% year-over-year, indicating consistent ecosystem-wide growth, the report said.
Decentralized financing at ICP has seen steady growth this year, with total locked-in value up 24% to $27 million since January 1, according to Defillama.
ICP rises after germination to AI.
ICP prices have been on fire in the past few days after the network showed its latest breakthrough in the field of artificial intelligence.
In a March 22 post on X, DFINITY CEO Dominic Williams released a video showing what he says is “a very sophisticated AI running on the blockchain” as a smart contract on the Internet of Things.
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“AI will be the heartbeat of the Web 3, multi-chain world, and this is just my first demonstration,” he said.
ICP's price has surged 50% since the announcement and hit a two-year high below $20 on March 26, CoinGecko reported. However, the asset is down 97% from its May 2021 all-time high of $700.
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