The Dfinity Foundation announced on Tuesday that Internet Computer will use its so-called chain key encryption technology to integrate with Bitcoin, paving the way for smart contracts directly hosted on Internet Computer’s local BTC address.
“Internet computer smart contracts will gain Bitcoin liquidity, and Bitcoin will gain powerful new smart contract functions without the need for insecure and cumbersome trusted bridging services,” explained Dominic Williams, founder and chief scientist of the Dfinity Foundation Say.
Smart contracts on Internet Computer will have associated BTC addresses, allowing them to directly access transactions on the Bitcoin blockchain. A transaction on an Internet computer takes 2 seconds to complete, while Bitcoin takes 40 minutes. In order to solve this problem, the so-called “Bitcoin Bank” can be used directly on the Internet computer to achieve fast transactions in 2 seconds.
Earlier this year, the Dfinity Foundation launched a $223 million developer ecosystem plan To support further smart contract and blockchain development. The project was launched in 2014 and has received financial support from some countries. Crypto’s largest venture capital company, Including Andreessen Horowitz and Polychain Capital.
Dfinity’s latest efforts are part of a broader industry plan that aims to make Bitcoin easier to trade, decentralized finance, and Web 3.0. January, Open Source Network Stacks announced the vision of a Bitcoin-centric smart contract Utilize the first-tier blockchain with local bridges.
Several other developers are delivering new applications before Bitcoin The highly anticipated Taproot upgrade Later this year.Upgrade received Overwhelming support from mining nodes, Paving the way for the activation of the soft fork in November.
Although Bitcoin has not yet achieved all the tenants of Satoshi Nakamoto’s 2008 white paper—that is, its wide-ranging utility as an electronic cash system—it has become the primary alternative asset. Before undergoing extensive market adjustments, the Bitcoin network reached a total market value of more than $1 trillion in May.Most of the growth is attributable to More and more institutions support Bitcoin assets.