DFINITY Basis, the not-for-profit group contributing to the event of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has introduced immediately the Web Laptop’s mainnet integration with Bitcoin, bringing good contract performance to the cryptocurrency.
Now, the Web Laptop can function a layer-2 for Bitcoin the place good contracts on the Web Laptop can maintain, ship and obtain bitcoin natively, with out the necessity for bridges or different Third-parties. This offers a trustless basis for various DeFi and web3 functions in search of to code Bitcoin.
“Blockchains are like walled gardens, incapable of interplay between each other. When this involves Bitcoin, functions, reminiscent of DeFi functions, that might profit most from interacting with the world’s largest cryptocurrency do not need the power to take action. The Web Laptop’s integration with Bitcoin is a real game-changer for the business, lastly bringing good contract performance to Bitcoin and enabling an entire new panorama of DeFi and dapp improvement by no means earlier than doable utilizing BTC.”
– Manu Drijvers, Director of Engineering at the DFINITY Foundation
With IC integration, bitcoin can be utilized for DeFi actions like yield farming, lending, funds, and extra…
That is achieved by the Web Laptop’s enhanced Chain-key cryptography. The direct integration with Bitcoin averts the necessity for bridged and wrapped Bitcoin, a way used to facilitate interplay between completely different blockchains, however one that’s error-prone and infrequently hacked.
To allow quick bitcoin transactions between good contracts on the Web Laptop, the DFINITY Basis is now engaged on Chain-Key Bitcoin (ckBTC). Right here, ckBTC will act as a neighborhood ledger facilitating quick transactions with low charges and solely settle transactions on the Bitcoin community when mandatory.
Advantages / Builders
The Web Laptop’s integration with Bitcoin additionally offers a safer various to centralized bridges within the type of threshold ECDSA (Elliptic Curve Digital Signature Algorithm). The implementation of ECDSA empowers the Web Laptop’s canister good contracts, to immediately conduct bitcoin transactions with out an middleman or bridge.
ICP’s developer community has lengthy expressed a powerful demand for this function…
DEX tasks reminiscent of Helix or IC Lighthouse are already constructing on the Bitcoin and Chain-Key signing options to supply bridgeless inter-chain token swaps. Furthermore, just a few ecosystem dApps are additionally able to launch some inventive use instances past DeFi.
Amongst them is the crowdfunding platform, CrowdfunNFT – which can settle for funding for tasks in BTC. The purpose is to develop the crowdfunding market general and usher in a recent set of undertaking backers to crypto. Different examples of use instances in improvement are transactions in BTC on NFT marketplaces and peer-to-peer switch of BTC immediately on social media and messaging dApps.
Bringing new programmability to Bitcoin will open extra distinctive and imaginative use instances sooner or later.