The much-anticipated Internet Computer (ICP) utility token has launched, and the token has seen much action on its first day of trading.

The utility token made by Zurich-based tech company DFinity quickly found its home on major crypto exchanges like Coinbase Pro, Binance, Huobi Global, OKEx, and many others yesterday.

Following a four-hour trading period, the price for the ICP tokens swung wildly, moving from its opening trade of $700 to $250 before self-correcting and rising 70% to $420 at press time.

Crypto data aggregator Coingecko estimates that over $2 billion has been traded in the last 24hrs with a fully diluted valuation of over $213 billion since opening trade.

According to market data aggregator Messari, following its max supply of 469,213,710 and a price valuation of $342, the market valuation of the five-year project would be in the region of $160.5 billion. Even though only 26% of the overall tokens are in circulation.

With that number, it would likely place the new entrant just behind meme coin DOGE with a market cap of over $57 billion, displacing Ripple's XRP token and Cardano’s ADA as the fifth most valuable cryptocurrency.

The Internet Computer (TIC) blockchain has long been in development spanning five years. According to the parent company DFinity Foundation, TIC is the world's first blockchain that runs at web speed with unbounded capacity.

It's also the third major blockchain innovation alongside Bitcoin and Ethereum set to change how we interact with the internet and transfer value.

DFinity says the project’s mission is to change the way billions of people interact with the traditional IT infrastructure by enabling users to connect through standard protocols to a publicly accessible global supercomputer on its ICP protocol.

The project, founded in Oct. 2016 by former President and CTO of String Labs, Dominic Williams, aims to replace the present IT industry by allowing developers to host their codes directly on the public internet. This will see them forgo using traditional hosting companies, servers, commercial cloud services, and big tech companies.

According to Williams, the Internet Computer uses a scientific protocol called the Chain Key Technology (CKT), which comprises Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, and several advanced technologies.

The CKT platform uses a set of cryptographic protocols, and the system is separated into several subsections, including two “canisters” and “neurons” that help it run efficiently.

The project says it would allow developers to run computing applications on the decentralized web just like decentralized applications facilitator Ethereum. But DFinity says the TIC comes with superior scalability functionality.

Before its Mercury genesis launch, DFinity raised a total of $121 million from venture capital contributors like Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures, and several notable investors.

Its ICP tokens would be used in staking in its governance system, and users will be able to earn “voting rewards,” which they can now exchange for “cycles” they can use to run their computations.

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