The Internet Computer has released a roadmap for 2022 and beyond, indicating plans to roll out integrations with Bitcoin and Ethereum by the end of the year.
The Internet Computer is a public blockchain and protocol that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. It was incubated and launched in May 2021 after years of development by Dfinity, a non-profit organization based in Zurich.
Full story: https://t.co/kexreQTw20 pic.twitter.com/bQkKdel7r5
— DFINITY Foundation (@dfinity) January 27, 2022
The direct Bitcoin integration will be launched as part of Dfinity’s “Chromium Satoshi version”, which is scheduled for Q1 2022. It will add smart contracts to the Bitcoin blockchain using “chain-key cryptography”, removing the need to use a bridge that can open. the network to malicious actors.
Berto Parga Pena, a member of the Dfinity community, explains that Chain Key cryptography is “one of the fundamental breakthroughs allowing the Internet computer to adapt to millions of nodes”.
“It is a set of cryptographic protocols that orchestrate the nodes that make up the Internet computer and the engine that drives it and makes its operation possible.”
“Smart contracts on the Internet computer will be able to hold, send and receive bitcoins, without the need for private keys,” Dfinity chief product officer Diego Prats wrote in a January 29 roadmap post.
Meanwhile, integration with Ethereum is scheduled for Q3 2022 with the “Vanadium Vitalik Release”. Dfinity has yet to release any additional details about the integration, but Vice President of Communications Michael Less told Cointelegraph:
“So when you make a transaction on the internet computer in bitcoin, it actually changes the bitcoin ledger from what you see today, with a bridge. It’s like wrapped Bitcoin or wrapped Ether.
Less explained that Dfinity chose to prioritize these integrations to help facilitate its vision of a “multi-chain future”. He said, “If Bitcoin is going to exist forever, how can we actually supply it? The best user experience is to combine all these networks directly.
In December, Dfinity allowed smart contracts (called “Canisters” in its ecosystem) to hold their own ICP token balances. PKI currently supports 250,000 requests per second, executed with a transaction finality of 1-2 seconds.
1/ Announce the new post-Genesis roadmap to ensure #InternetComputer remains the most powerful general-purpose blockchain for building infinitely scalable Web3 dapps
Titanium: Q1 medium
Chromium: End Q1
— DFINITY Foundation (@dfinity) January 28, 2022
“ICP on Canisters was the big feature that made it viable, and it will probably go crazy once direct integration with BTC and ETH is released,” Kyle Peacock, lead software engineer at Dfinity, told Cointelegraph.
On January 28, Cointelegraph announced that the Internet Computer blockchain had welcomed its first decentralized exchange (DEX) Sonic, with at least two more exchanges in the works.
The future Polychain Capital-backed “InfinitySwap” DEX appears to be gearing up to capitalize with this upcoming integration with Bitcoin. According to Lee, this will allow users to stake their BTC as liquidity providers.
Related: Launch of the first DEX on Internet computer, others will be available soon
The ICP token rose 56% in the first five days of the new year amid a flurry of bullish news, however, it was one of the worst performing crypto assets in 2021, dumping 97% of its historic peak in May. On January 4, Binance announced that it would list a financial instrument that would allow traders to directly exchange ICP to and from Ethereum’s native Ether (ETH) token.
The idea of a perpetual world computer was inspired by Ethereum technologist Dominic Williams, who became founder and chief scientist at Dfinity.