DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration
DFINITY Foundation, the now no longer-for-profit organization contributing to the approach of the Web Computer (IC) — a high-scuttle, web-scale public blockchain — has presented this day the Web Computer’s mainnet integration with Bitcoin, bringing orderly contract functionality to the cryptocurrency.
Now, the Web Computer can serve as a layer-2 for Bitcoin the put orderly contracts on the Web Computer can protect, ship and accumulate bitcoin natively, without the need for bridges or other third-events. This offers a trustless foundation for diversified DeFi and web3 functions attempting to build as much as code Bitcoin.
“Blockchains are delight in walled gardens, incapable of interaction between each other. When this comes to Bitcoin, functions, equivalent to DeFi functions, that would wait on most from interacting with the world’s biggest cryptocurrency plot now no longer grasp the skill to plot so. The Web Computer’s integration with Bitcoin is a factual game-changer for the industry, at final bringing orderly contract functionality to Bitcoin and enabling a entire fresh landscape of DeFi and dapp construction by no methodology before that you just will imagine the usage of BTC.”
– Manu Drijvers, Director of Engineering at the DFINITY Foundation
With IC integration, bitcoin may possibly well perchance be faded for DeFi actions delight in yield farming, lending, payments, and extra…
That is finished thru the Web Computer’s enhanced Chain-key cryptography. The sigh integration with Bitcoin averts the need for bridged and wrapped Bitcoin, a technique faded to facilitate interaction between diverse blockchains, but one which is error-inclined and in most cases hacked.
To enable swiftly bitcoin transactions between orderly contracts on the Web Computer, the DFINITY Foundation is now engaged on Chain-Key Bitcoin (ckBTC). Here, ckBTC will act as a neighborhood ledger facilitating swiftly transactions with low expenses and simplest resolve transactions on the Bitcoin network when vital.
Advantages / Builders
The Web Computer’s integration with Bitcoin also offers a extra stable replacement to centralized bridges in the plot of threshold ECDSA (Elliptic Curve Digital Signature Algorithm). The implementation of ECDSA empowers the Web Computer’s canister orderly contracts, to straight habits bitcoin transactions without an middleman or bridge.
ICP’s developer neighborhood has prolonged expressed a grand quiz for this characteristic…
DEX initiatives equivalent to Helix or IC Lighthouse are already building on the Bitcoin and Chain-Key signing functions to produce bridgeless inter-chain token swaps. Moreover, a number of ecosystem dApps are also ready to starting up some inventive enlighten circumstances beyond DeFi.
Among them is the crowdfunding platform, CrowdfunNFT – which is able to settle for funding for initiatives in BTC. The target is to amplify the crowdfunding market total and elevate in a fresh articulate of challenge backers to crypto. Totally different examples of enlighten circumstances in construction are transactions in BTC on NFT marketplaces and leer-to-leer transfer of BTC straight on social media and messaging dApps.
Bringing fresh programmability to Bitcoin will originate extra abnormal and imaginative enlighten circumstances in the kill.
