Internet Computer blockchain integrates with Bitcoin network announced by DFINITY Foundation
The Dfinity Foundation has launched Internet Computer blockchain, a revolutionary new blockchain network. This offers smart contract capabilities for the Bitcoin (BTC) network, which may open the door to new use cases for the most famous digital currency in the world.
The network will use new cryptography techniques to integrate with the BTC network. This results in smart contracts that for the first time will operate directly on bitcoin balances.
Smart contracts on the Internet Computer will have BTC addresses, allowing them direct access to blockchain transactions. On the Internet Computer, the transaction takes two seconds to complete, compared to 40 minutes on BTC. To overcome this, Bitcoin banks can be used directly on Internet Computer, enabling two-second transactions.
Dominic Williams, the founder and chief scientist of Dfinity Foundation said, “Internet Computer smart contracts will gain access to bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services.”
The BTC network is now worth nearly $1 trillion in market capitalization. However, six and a half years after the launch of Bitcoin, the network does not currently host “Turing-complete” smart contract software as provided by Ethereum.
Smart contract capabilities to the bitcoin network will create a massive value and use-cases in the crypto industry. This will allow developers to create a slew of new systems and Web 3.0 applications that accepts bitcoins and are powered by the blockchain.
Dfinity Foundation had announced a $223 million Developer Ecosystem Program earlier this year to assist smart contract and blockchain development. The initiative, which began in 2014, has garnered funding from some of the industry's most well-known venture capital firms, including Andreessen Horowitz and Polychain Capital.
CBW - External Analyst