Dfinity to Roll Out Bitcoin Smart Contracts on Internet Computers: Report

Dfinity will introduce Bitcoin Smart Contracts on the Internet Computer Protocol to make BTC usable in Defi and Web 3.0.

Smart contracts will enable lending, profit farming, derivatives and other uses in DeFi for BTC. The Dfinity Foundation is behind the Internet blockchain computer and has announced that it will integrate with Bitcoin later this year and open the cryptocurrency for smart contracts and decentralized financial DeFi applications on the network. Founder Dominic Williams said:

“Internet computer smart contracts will have access to bitcoin liquidity, and bitcoin will have powerful new smart contract capabilities without the need for insecure, trustworthy and cumbersome bridging services.”

The Defi Ecosystem for BTC is a huge industry initiative and could mean that the world’s most popular cryptocurrency can be used for loans, derivatives, pools of liquidity, productivity gains, etc. Internet Computing was developed as an alternative to cloud-based infrastructure for today’s World Web and was introduced in May after developments since 2016. Ambitious Goal The hope is to turn the Internet into a giant and global computer that will conquer the $ 370 billion cloud computing market by providing secure, decentralized versions of popular applications like TikTok. WhatsApp and LinkedIn. The key to the goal is smart contracts and interoperability with the web and other blockchain networks that allow different software to interact.

To achieve this, Internet Computing powered by Chain Key Cryptography enables transactions to be signed for other blockchains such as BTC. Dfinity will introduce a new feature, but it’s not the only project working on Bitcoin integration either. Bridging technology is the most popular method for this, and the Portal DeFi project also aims to build a defi ecosystem for BTC. It announced that it would work with Coinbse Ventures and Arrington XRP Capital to raise $ 8.5 million to participate in the funding round. Founder Michael Arrington, who is also the founder of TechCrunch, said:

“We are pleased that Portal’s Bitcoin-native approach to multi-file transfers goes live and provides an alternative bridging mechanism for the growing number of active on-chain users.”

Bitcoin is called Taproot due to its first major upgrade in several years and its changes will make it easier to create smart contracts in addition to the protocol. Bitcoin supporters Jack Dorsey The founder of Twitter also wanted to take advantage of this when he announced that his other company Square was working on the Defi platform to integrate BTC.