Internet Computer (IC) Protocol to Integrate BTC, ETH
- DFINITY-based Internet Computer protocol will be integrating BTC and ETH this year.
- BTC and ETH integration will help to avoid malicious activities.
- The BTC integration will be launched as part of the Chromium Satoshi Release and the ETH integration with the Vanadium Vitalik Release.
As part of its 2022 plans, Internet Computer (IC), a public blockchain and protocol developed by DFINITY, has announced that it will be integrating Bitcoin and Ethereum.
On January 27, the DFINITY Foundation tweeted a post on the new venture indicating it as ‘’a new wave of DeFi application.’’
The #ICP #BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency.
Full story:https://t.co/kexreQTw20 pic.twitter.com/bQkKdel7r5
— DFINITY Foundation (@dfinity) January 27, 2022
DFINITY is bound to release Chromium Satoshi in the first quarter of 2022, along with which Bitcoin integration will be launched.
Meanwhile, DFINITY plans to launch Ethereum in Q3 of 2022 with the Vanadium Vitalik Release project. They haven’t released further details.
DFINITY Vice President of Communication Michael Less explained the integration:
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.
The main idea behind the venture is to apply smart contracts using Chain Key cryptography in the Bitcoin blockchain and thereby, block malicious activities that often happen in the crypto industry.
DFINITY community member Berto Parga Pena also explained that Chain Key cryptography is a scientific breakthrough that sets cryptographic protocols to maintain the nodes that build up the Internet Computer. However, when the IC directly integrates Bitcoin, smart contracts on it will hold; send; and receive BTC irrespective of private keys.
DFINITY has also stretched its plans to release Carbon Service Nervous System, Vanadium Vitalik Release, Iridium Multi-Chain Integration, and Futurium Post Quantum Cryptography.
In December 2021, DFINITY introduced Canister, a smart version of smart contracts running at web speed. Canister adds traditional smart contracts and functionalities to store software and user data. Most importantly, it measures hundreds of user requests at a single time.
Launched in May 2021, the Internet Computer is said to be the first blockchain running at web speed and increased capacity to handle any volume of smart contracts in the world.
Last year, the company launched Network Nervous System (NNS). This is an autonomous algorithmic governance system to control the IC network with a permissionless, open, and decentralized method.
Read more: https://coinquora.com/internet-computer-ic-protocol-to-integrate-btc-eth/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
