This season has completely become smart contract season as Bitcoin, the largest cryptocurrency by market capitalization, prepares for a smart contract upgrade with Dfinity’s Internet Computer blockchain (ICB). The decision, which received 96.55% approval on the platform’s native Network Nervous System – NNS (Network Nervous System – governance system of the network) connection, is the 20586 decision since ICP entered the main cryptocurrency ranking in May.
Aiming to follow the groundbreaking achievements of Ethereum and Cardano with its recent development, Dfinity aims to connect the upgraded mainstream network connection known as “chain key encryption” to the Bitcoin blockchain network; thus aiming to connect local ICB addresses to the BTC network and provide excellent smart contract extensions that work on BTC addresses.
Dfinitiy’s boss Dominic Williams made the following statements about the development aimed to be realized:
“Internet Computer is powered by new “chain key encryption” that allows it to sign transactions for other blockchains such as Bitcoin. 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 less reliable bridge services.”
Adopting turing-complete integration, as seen in Ethereum and Cardano, paved the way for a wide range of smart contract innovations and Web 3.0 development on both networks, making ETH the densest network and nonprofit in the world. Dfinity also wants to expose Bitcoin to new and innovative use cases beyond the traditional speculative storage medium, purchase vehicle, and trade.
With the latest developments, users of Internet Computer; They will also have a chance to benefit from the fast transaction processing time, which is one-twentieth of what they face in Bitcoin. Other benefits of ICP will be:
- Relatively faster millisecond transaction speed and higher scalability potential that owners define as unlimited.
- The decentralized governance system called NNS allows for democratic decision making and direct end-user interaction.
- A system of multiple geographically dispersed independent node protectors that reduces the risk of security breaches, centralized independence, and censorship attacks.
With its eyes fixed on the trillion dollar BTC market, Dfinity wants to develop more smart contracts and blockchain upgrades and has launched a Developer Ecosystem with the big support of Polychain capital and serial billionaire investor Andreessen Horowitz.
ICP is currently ranked 20th on the cryptocurrency leaderboard and is trading at $50.85, up over 80 percent from its all-time low of $27.44, and has a market cap of $8.3 billion.