The Internet Computer released a roadmap for the new year which reveals plans to roll out integrations with BTC and ETH by the end of 2022.
The Internet Computer recently disclosed that it is looking to roll out integrations with Bitcoin (BTC) and Ethereum (ETH) by 2022-ending. According to The Dfinity Foundation on Twitter:
“The #ICP #BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency.”
Integration of the Internet Computer with BTC and ETH Will Remodel the DeFi Ecosystem
According to the platform, a developer preview of the API will soon become available, followed by an experimental release on the mainnet in March. According to the plans, the public blockchain’s direct BTC integration will launch as part of Dfinity’s “Chromium Satoshi Release”. This will take place in the first quarter of this year.
Using “Chain Key cryptography,” the release will also add smart contracts to the BTC blockchain. Doing this removes the need to deploy a bridge that may be highly susceptible to malicious attacks. In addition, according to analysts and developers, adding smart contracts to BTC’s environment would boost the performance of other applications, including DeFi. As Berto Parga Pena, a Dfinity community member put it:
“[Chain Key cryptography] 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.”
Meanwhile, the integration of the Internet Computer with Ethereum will take place in Q3 of 2022 with the “Vanadium Vitalik Release”. Dfinity’s VP of communications Michael Less weighed in. According to him, “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.”
According to Less, Dfinity is embarking on these integrations because it envisions a “multi-chain future”. The top executive believes that since BTC is here to stay, the combined integration of all networks is necessary. This is so as to provide the best user experience – which promotes seamlessness and ease of use.
About the Internet Computer
The Internet Computer is a public protocol that facilitates the installation of smart contracts and decentralized applications (DApps) directly on the blockchain. After several years of development by Dfinity, the public blockchain launched in May 2021. It became the world’s first blockchain to run at web speed and serve content on the web with huge capacity.
At the time of launch, the native token to the Internet Computer (ICP) was one of the most valuable. However, within a month after launching, ICP crashed by over 95%, leading to allegations of insider trading. Since the start of the new year, ICP has risen by about 56% due to the optimistic developments from Dfinity.
On January 4th, leading crypto exchange Binance said that it would establish a financial instrument that ties ICP to ETH. Traders will be able to swap ICP to and from Ether.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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