Internet Computer (ICP) will soon integrate with Ethereum, Dfinity founder reveals


Over a two-day voting period, which started on September 15, Internet Computer (ICP) token holders can vote for, or against, the proposed integration with the Bitcoin (BTC) blockchain.

According to Dfinity Foundation, which is developing technology for the Internet Computer (ICP) blockchain, the integration will result in Bitcoin transactions with fast finality and low transaction cost.

How To Get Free Crypto  

Fast and low-cost BTC transactions

“The DFINITY Foundation and Internet Computer Association (ICA) will abstain from early voting until the broader community of $ICP utility token holders has had a chance to vote on the proposal,” announced the not-for-profit organization on Twitter.

If the proposal passes, the Internet Computer community will add smart contracts to Bitcoin through an application of Chain Key cryptography.

This will directly integrate the two networks and enable the smart contracts on the Internet Computer to hold, send and receive Bitcoin.

“We want to enable fast and low-cost transactions by building ledger functionality on the Internet Computer that allows users to transfer Bitcoin into and out of accounts on this ledger, thereby creating wrapped Bitcoin on the Internet Computer,” read the proposal, adding that “holders of wrapped Bitcoin can settle their accounts any time by having their account balance transferred to their Bitcoin address.”

Coinbase Banner  

The blockchain trinity

Implementation, testing, and deployment will probably take months, but according to the project’s current roadmap, direct integration with Bitcoin is planned for Q4 2021.

“That’s what we are targeting. If we miss that date, I’m confident we won’t miss it by much. We have one of the best cryptography teams in the world, and much of what we are doing involves extending the chain key cryptography framework that already powers the Internet Computer,” Dominic Williams, Founder, President and Chief Scientist of the DFINITY Foundation and Internet Computer project told CryptoSlate.

After Bitcoin, direct integration with Ethereum (ETH) will follow.

“Generally, we believe in a blockchain trinity composed of Bitcoin, Ethereum and the Internet Computer, as they provide complementary functionality,” said Williams.

“Having said that, we are totally open-minded, and will review suggestions for other integrations,” he added, commenting on the possibility of integrating with other blockchains. 

FreeBitcoin Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Ana Grabundzija

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.