Business
DFINITY Foundation, the no longer-for-profit group contributing to the arrive of the Info superhighway Pc (IC) — a excessive-bustle, internet-scale public blockchain — has announced today the Info superhighway Pc’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency.
Now, the Info superhighway Pc can serve as a layer-2 for Bitcoin where smart contracts on the Info superhighway Pc can accept, ship and win bitcoin natively, without the want for bridges or other third-occasions. This affords a trustless basis for numerous DeFi and web3 capabilities searching out to code Bitcoin.
“Blockchains are adore walled gardens, incapable of interplay between every other. When this comes to Bitcoin, capabilities, similar to DeFi capabilities, that can maybe well profit most from interacting with the enviornment’s perfect cryptocurrency originate no longer indulge in the power to originate so. The Info superhighway Pc’s integration with Bitcoin is a factual sport-changer for the exchange, in the end bringing smart contract functionality to Bitcoin and enabling a complete new panorama of DeFi and dapp model by no manner earlier than that you just might maybe well per chance trust the utilization of BTC.”
– Manu Drijvers, Director of Engineering at the DFINITY Foundation
With IC integration, bitcoin will also be related old for DeFi actions adore yield farming, lending, payments, and more…
Here’s achieved by the Info superhighway Pc’s enhanced Chain-key cryptography. The inform integration with Bitcoin averts the want for bridged and wrapped Bitcoin, a approach related old to facilitate interplay between a quantity of blockchains, but one which is error-inclined and on the full hacked.
To enable swiftly bitcoin transactions between smart contracts on the Info superhighway Pc, the DFINITY Foundation is now engaged on Chain-Key Bitcoin (ckBTC). Here, ckBTC will act as a local ledger facilitating swiftly transactions with low fees and perfect decide transactions on the Bitcoin community when most essential.
Advantages / Developers
The Info superhighway Pc’s integration with Bitcoin also affords a more get different to centralized bridges in the absorb of threshold ECDSA (Elliptic Curve Digital Signature Algorithm). The implementation of ECDSA empowers the Info superhighway Pc’s canister smart contracts, to straight habits bitcoin transactions without an middleman or bridge.
ICP’s developer team has lengthy expressed an spectacular demand for this characteristic…
DEX projects similar to Helix or IC Lighthouse are already constructing on the Bitcoin and Chain-Key signing capabilities to offer bridgeless inter-chain token swaps. Furthermore, about a ecosystem dApps are also ready to originate some ingenious assert cases beyond DeFi.
Among them is the crowdfunding platform, CrowdfunNFT – which is ready to accept funding for projects in BTC. The plan is to magnify the crowdfunding market total and carry in a new topic of mission backers to crypto. Other examples of assert cases in model are transactions in BTC on NFT marketplaces and jam-to-sign switch of BTC straight on social media and messaging dApps.
Bringing new programmability to Bitcoin will open more uncommon and imaginative assert cases in the end.
