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17511
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48.62%
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Cryptopolitan 2021-09-23 03:58:42

Smart Contracts are Coming Bitcoin through Dfinity’s Internet Computer

Smart Contracts are Coming Bitcoin through Dfinity’s Internet Computer

TL;DR Breakdown Smart-contracts capabilities are coming to BitcoinBitcoin’s smart contracts are not as advanced as those used by Ethereum. Dfinity project intends to  localize Bitcoin as a cryptocurrency to increase the adoption Dfinity Foundation’s Internet Computer blockchain is on a quest to make Bitcoin mainstream. Internet Computer announced their integration with Bitcoin to enable the use of smart contracts. With the improvement, Bitcoin will be using self-executed contracts that work automatically according to their programming and the task they are to take up.  Over time, Bitcoin has become the premier cryptocurrency. However, Bitcoin’s smart contracts are not as advanced as those used by Ethereum. With a net value of above $1T, Bitcoin has incorporated Internet Computer Protocol and Chain Key Protocol to make vital improvements to their system. The time to guarantee an investor of a transaction has improved from 40 minutes when using Bitcoin to 2 seconds when ICP is involved due to eliminating bridging services. Dfinity Foundation has announced a $223m fund to facilitate a decentralized network enabled by blockchain and act as the Developer Ecosystem Program. The program is set up to support the adoption of smart contracts and the development of the blockchain. The project has earned support from firms like Andreessen Horowitz and Polychain Capital. It is an effort to increase mainstream adoption The main i...

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