internet computerICP/USD), has brought the world’s first internet-scale public blockchain smart contract bitcoin functionalityBTC/USD), the world’s largest cryptocurrency by market cap thanks to its mainnet integration. Unlike platforms such as Ethereum, bitcoin does not natively support smart contracts.
According to DFINITY Foundationhelping the company develop internet computer blockchainIt’s Now Possible for Native Smart Contract-Enabled Transactions Bitcoin,
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The Internet computer will serve as Layer 2 of bitcoin, allowing users to seamlessly hold, send, and receive BTC without using blockchain bridges or third-party solutions.
This is a game-changer for bitcoin
shared a press release with Invez Friday said the mainnet integration adds a trustless foundation that DeFi and Web3 applications can tap into when coding bitcoin.
This is a game-changer for bitcoin,” Manu Drivers, director of engineering at the DFINITY Foundation, said in a statement.
“Blockchains are like walled gardens, unable to interact with each other. When it comes to bitcoin, applications, such as DeFi applications, stand to benefit most from interacting with the world’s largest cryptocurrency. may not have the ability to do so. The integration of internet computers with bitcoin is a real game-changer for the industry, finally bringing smart contract functionality to bitcoin and the potential for DeFi and Dapp development using BTC. It is not possible to enable a whole new scenario.
Some of the potential activities that could bring revolutionary functionality to bitcoin include yield farming, lending and payments. The integration therefore removes the need for users to bridge or wrap bitcoin to participate in decentralized ecosystems such as DeFi, GameFi, SocialFi, and NFTs.
Also, in times when hacks and other breaches have occurred target defi protocol, The integration of Internet computers with bitcoin provides another layer of security through ECDSA (Elliptic Curve Digital Signature Algorithm) implementation. This means that not only are applications running on a robust network, but also one that helps unlock unmatched liquidity.
Internet computers would allow for faster transactions and lower fees, with transactions on the bitcoin blockchain only allowed when it was necessary.
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