Leading cryptocurrency Bitcoin (BTC) It made the whole market quite uneasy by throwing a needle under 40,000 dollars during the day, but positive news is not coming.
As it is known, Bitcoin is the first crypto money to appear and with this feature, it has not been able to keep up with today’s technology. What makes it valuable is undoubtedly because of its “first” and adoption rather than its technology.
BTC Might Close Its Big Gap
The smart contracts that came into our lives with Ethereum are not available in the BTC network, and in this respect, Ethereum has implemented something that is not actually in BTC. Today, many concepts such as DeFi and NFT have entered our lives thanks to this.
You can find the interview of Vitalik Buterin, who compares Ethereum with Bitcoin on this very subject, below:
#Ethereum founder @VitalikButerin, #cryptocurrency expressing how he got into the industry #Bitcoin and Ethereum comparison.
Source: @BusinessInsider
Translation: @bitcoinsystem pic.twitter.com/ih9Mwb2ulq— Bitcoin System (@bitcoinsystem) August 2, 2021
Now, something that the Bitcoin network has been missing for a long time can be officially implemented.
In the statement made by the Dfinity Foundation, it was emphasized that BTC and ICP could be integrated. Dfinity’s cryptography experts and engineers have been working on enabling smart contracts on the BTC network for some time, and this may soon bear fruit.
one/ #BTC 🤝 #ICP direct integration (🚫🌉)@dfinity cryptographers & engineers hackin’ over holidays and weekends… phase 1 ✅ to unlock smart contracts on BTC
✅ Phase 1: Threshold ECDSA signatures (see demo)
🛠️ Phase 2: BTC<>ICP testnet
🛠️ Phase 3: BTC<>ICP full integration pic.twitter.com/KEfJpx0c8q— DFINITY Foundation (@dfinity) January 9, 2022
It was reported that the developers even completed the work on the first phase of ECDSA signatures, and good news was given. Following this, BTC-ICP testnet and finally BTC-ICP full integration will be implemented.
The realization of such a technology for BTC may change many balances in the crypto money industry. Because DeFi, NFT and many such technologies cannot be accommodated on the Bitcoin network, as is known. However, with this being possible, we can see a serious balance shift in the crypto market.