The Definity Foundation’s Internet computer blockchain is bringing smart-contract capabilities to the Bitcoin (BTC) network, opening up new possibilities for new uses for Premier cryptocurrency.
Internet computers will use its so-called chain key cryptography to integrate with Bitcoin, paving the way for smart deals with native BTC addresses hosted directly on Internet computers, the Definition Foundation announced Tuesday.
“Internet computer smart contracts will gain access to Bitcoin liquidity, and Bitcoin will achieve powerful new smart contract effectiveness, without the need for insecure and cumbersome trusted bridge services,” explained Dominic Williams, founder and chief scientist at the Daphne Foundation.
Internet computers will have the BTC address associated with the smart deal, which will give them direct access to transactions in the Bitcoin blockchain. Bitcoin takes 2 seconds to complete a transaction on an internet computer compared to 40 minutes. To get closer to this, so-called “bitcoin banks” can be used directly on Internet computers, enabling fast 2-second transactions.
Earlier this year, the Definity Foundation launched a 22 223 million developer ecosystem program to support more smart contracts and blockchain development. Launched in 2014, the project has received financial support from Crypto’s largest venture companies, including Andrisen Horowitz and Polychain Capital.
Definite’s recent efforts are to make Bitcoin more accessible for transactions, financial decentralization and part of a larger industry initiative for Web to.0. In January, the open-source network Stacks used Layer-One blockchain with a native bridge, unveiling its vision for a bitcoin-centric smart deal.
Several more developers are in the process of providing new applications ahead of Bitcoin’s much-anticipated Taprut upgrade later this year. The upgrade has received overwhelming support from mining nodes, paving the way for soft-fork activation in November.
Related: Evolve or Die: Smart Deals Change the Power Balance of the Crypto Sector
Although Bitcoin did not win all the tenants of Satoshi Nakamoto’s 2008 2008 White Paper – for example, its widespread use as an electronic cash system – it has emerged as a major alternative asset. The total market capitalization reached north of $ 1 trillion in May before the Bitcoin network made a broad market correction. Much of this growth is due to the growing institutional support for Bitcoin-as-a-resource.