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.

Pavan A
CBW - External Analyst
INDIA