Internet Computer plans to roll out BTC and ETH integrations by year-end
The Internet Computer has published a roadmap for 2022 and beyond, stating that Bitcoin and Ethereum integrations will be available by the end of the year.
The Internet Computer is a public blockchain and protocol that enables developers to easily deploy smart contracts and decentralized applications (DApps) on the blockchain. Dfinity, a Zurich-based organization, incubated and launched it in May 2021 after years of development.
Dfinity’s “Chromium Satoshi Release,” which is scheduled for Q1 2022, will include a direct Bitcoin integration. It will use “Chain Key cryptography” to bring smart contracts to the Bitcoin blockchain, eliminating the need for a bridge that may expose the network to bad actors.
Chain Key cryptography, according to Dfinity community member Berto Parga Pena, is “one of the basic breakthroughs enabling the Internet Computer to expand to millions of nodes.”
“It’s a collection of cryptographic protocols that orchestrate the nodes that make up the Internet Computer, as well as the engine that powers it and allows it to function.”
In a Jan. 29 roadmap article, Dfinity’s Director of Product, Diego Prats, stated, “Smart contracts on the Internet Computer will be able to retain, send, and receive Bitcoin without the need for private keys.”
Meanwhile, the “Vanadium Vitalik Release” is scheduled for Q3 2022, which will include Ethereum integration. Dfinity has yet to release any additional information about the integration, however, Michael Less, Vice President of Communications at Dfinity, told Cointelegraph:
“So, when you perform a Bitcoin transaction on a computer over the internet, it actually affects the Bitcoin ledger against what you see now, with a bridge.” It’s similar to a wrapped Bitcoin or Ether.”
Dfinity has prioritized these connections, according to Less, in order to assist realize its vision of a “multi-chain future.” “How can we actually offer if Bitcoin is going to be there forever?” he said. Combining all of these networks directly provides the optimum user experience.”
Dfinity enabled smart contracts (dubbed “Canisters” in its ecosystem) to keep their own ICP token balances in December. The ICP now handles 250,000 requests per second, with a transaction completion time of 1-2 seconds.
The ICP token soared 56 percent in the first five days of the new year amid a burst of positive news, but it was one of the worst-performing crypto assets in 2021, with a drop of 97 percent from its all-time high in May. Binance stated on January 4 that it would publish a financial instrument that would allow traders to immediately exchange ICP for Ethereum’s native token, Ether (ETH).
Dominic Williams, the Founder and Chief Scientist at Dfinity was motivated by Ethereum technologist Dominic Williams to create a perpetual world computer.