The Internet Computer Brings Smart Contract Functionality to Bitcoin
ZURICH and SAN FRANCISCO, Dec. 5, 2022 /PRNewswire/ -- The DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — the world's first web-speed, internet-scale public blockchain — has today announced the Internet Computer's mainnet integration with Bitcoin, bringing advanced smart contract functionality to the world's largest cryptocurrency. The Internet Computer can now serve as a Layer 2 for Bitcoin where smart contracts on the Internet Computer can hold, send and receive Bitcoin natively, without the need for blockchain bridges or other third parties. This provides a trustless foundation for various DeFi and Web3 applications seeking to code Bitcoin.
- The Internet Computer can now serve as a Layer 2 for Bitcoin where smart contracts on the Internet Computer can hold, send and receive Bitcoin natively, without the need for blockchain bridges or other third parties.
- The Internet Computer's integration with Bitcoin is a true game-changer for the industry, finally bringing smart contract functionality to Bitcoin and enabling a whole new landscape of DeFi and dapp development never before possible using BTC.
- To enable fast Bitcoin transactions between smart contracts on the Internet Computer, the DFINITY foundation is currently working on Chain-Key Bitcoin (ckBTC).
- The implementation of ECDSA empowers the Internet Computer's canister smart contracts, to directly conduct Bitcoin transactions without an intermediary or bridge.