It’s smart contract season, as Bitcoin, the most valuable cryptocurrency by market cap, prepares for a smart contract upgrade courtesy of Dfinity’s Internet Computer blockchain (ICB). The decision on the platform’s native Network Nervous System (NNS) connection, which received 96.55 percent approval, is the 20,586th since ICP entered the mainstream cryptocurrency ranks in May.
Following in the footsteps of Ethereum and, more recently, Cardano, Dfinity intends to connect its upgraded mainstream network link known as ‘chain key cryptography’ to the Bitcoin blockchain network, thereby connecting native ICB addresses to the BTC network and providing smart contract extensions that work perfectly on BTC addresses.
Dominic Williams, the CEO of Dfinitiy, added, “The Internet Computer is powered by novel “chain key cryptography” that allows it to sign transactions for other blockchains such as Bitcoin.” Williams elaborated on the potential outcomes of the infusion, saying that “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 cumbersome trusted bridging services.”
Adopting the integration of turing-complete has paved the way for a wide range of smart contract innovations and Web 3.0 development on both networks, making ETH the world’s busiest network of networks, and the not-for-profit foundation is looking to expose Bitcoin to new and innovative use cases beyond the traditional speculative storage, purchase, and trading.
Users will be looking to take advantage of Internet Computer’s rapid transaction processing time, which is a whopping one-twentieth of what is available on Bitcoin. Other advantages of ICP include:
A comparatively faster transaction speed of milliseconds, and a higher scalability potential that its owners have described as limitless. NNS is a decentralized governance system that allows for democratic decision-making and direct end-user interaction. A system of multiple geographically dispersed independent node custodians that reduces the risk of security breach, centralized independence, and censorship attack.
With its sights set on the trillion-dollar Bitcoin market, Dfinity is looking to develop additional smart contracts and blockchain upgrades, and has already launched a Developer Ecosystem with significant backing from Polychain capital and serial billionaire investor, Andreessen Horowitz.
ICP is currently ranked 20th on the cryptocurrency leaderboard and is trading at $49.98, a 5.37 percent increase from its two-week high of $50. It has a total market capitalization of around $8 billion at the moment.