Skip to main content

Internet Computer plans to roll out BTC and ETH integrations by year-end

The slated integrations with Bitcoin and Ethereum would displace the need to use a bridge, which can open the network up to malicious actors.

The Internet Computer has released a roadmap for 2022 and beyond, indicating plans to roll out integrations with Bitcoin and Ethereum by the end of the year.

The Internet Computer is a public blockchain and protocol that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. It was incubated and launched in May 2021 after years of development by Dfinity — a nonprofit based in Zurich.

The direct Bitcoin integration will be launched as part of Dfinity’s “Chromium Satoshi Release,” which is planned for Q1 2022. It will add smart contracts to the Bitcoin blockchain using “Chain Key cryptography,” displacing the need to use a bridge that can open the network up to malicious actors.

Dfinity community member Berto Parga Pena explains that Chain Key cryptography is “one of the fundamental breakthroughs enabling the Internet Computer to scale to millions of nodes.”

“It is a set of cryptographic protocols that orchestrate the nodes that make up the Internet Computer and the engine that drives it and makes its operation possible.”

“Smart contracts on the Internet Computer will be able to hold, send and receive Bitcoin, without the need for private keys,” wrote Director of Product at Dfinity, Diego Prats, in a Jan. 29 roadmap post.

Meanwhile, integration with Ethereum is slated for Q3 2022 with the “Vanadium Vitalik Release.” Dfinity is yet to publish any further details about the integration, but Vice President of Communications, Michael Less, explained to Cointelegraph:

“So when you make a transaction on the internet computer in Bitcoin, it actually changes the Bitcoin ledger versus what you see today, with a bridge. It's like a wrapped Bitcoin or wrapped Ether.”

Less explained that Dfinity has chosen to prioritize these integrations to help facilitate its vision for a “multi-chain future.” He said, “If Bitcoin is going to be around forever, how do we actually provide? The best user experience is to combine all these networks directly.”

In December, Dfinity enabled smart contracts (called “Canisters” in its ecosystem) to hold their own balances of ICP tokens. The ICP currently supports 250,000 queries per second, executed with 1-2 second transaction finality.

“ICP on Canisters was the important feature that made it viable, and it will probably go crazy once direct integration with BTC and ETH are released,” Lead software engineer at Dfinity Kyle Peacock told Cointelegraph.

On Jan. 28, Cointelegraph reported that the Internet Computer blockchain had welcomed its first decentralized exchange (DEX) Sonic, with at least two other exchanges in the works.

Upcoming Polychain Capital-backed DEX “InfinitySwap” appears to be orienting itself to capitalize with this upcoming integration with Bitcoin. According to Lee, it will allow users to stake their BTC as liquidity providers.

Related: First DEX on Internet Computer launches, others coming soon

The ICP token rose 56% in the first five days of the new year amid a flurry of optimistic news, however, it was one of the worst-performing crypto assets in 2021 dumping 97% from its May all-time high. On Jan. 4, Binance announced it would list a financial instrument that would enable traders to directly swap ICP to and from Ethereum's native token Ether (ETH).

The idea for a perpetual world computer was inspired by Ethereum technologist Dominic Williams, who became Founder and Chief Scientist at Dfinity.



from https://ift.tt/gmnG3dRsf
https://ift.tt/1yZzQTSvU
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more

2 metrics signal the $1T crypto market cap support likely won’t hold

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence. Cryptocurrencies broke the $1 trillion market capitalization resistance on Oct. 26, which had been holding strong for the previous 41 days. Despite Bitcoin’s ( BTC ) modest 5.5% weekly gains, the aggregate value of 20,000 listed tokens increased by 8.5% between Oct. 24 and 31. Total crypto market cap, USD (in billions). Source: TradingView The cryptocurrency market was positively impacted by a 6.3% weekly rally in the Russell 2000 mid-capitalization stock market index. Some encouraging news accompanied the positive tailwinds from traditional markets. For instance,  55,000 BTC was withdrawn from Binance on Oct. 26, a record high. Typically, analysts consider the reduced number of coins deposited on exchanges a bullish indicator, as the immediate selling pressure eases. Moreover, exchange and wallet provider Blockchain.com ...
Post a Comment
Read more