Internet Computer plans to integrate with Bitcoin and Ethereum by the end of the year. This integration is part of the network’s roadmap for the coming years.
Integration with Bitcoin and Ethereum
The integration of Bitcoin will be rolled out during the first quarter of 2022. The integration will be part of the Chromium Satoshi Release by Dfinity. Dfinity is the company behind the development of Internet Computer.
In an announcement, the network said, “The #ICP #BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency.”
Internet Computer is planning to bring smart contracts to the Bitcoin network. This will be done using Chain Key cryptography. Berto Parga, a Dfinity community member, noted that Chain Key cryptography would bring scalability to Internet Computer.
“It is a set of cryptographic protocols that orchestrate the nodes that make up the Internet Computer and the engine that drives it and makes its operation possible,” Parga added.
ICP plans to integrate with Ethereum during the third quarter of 2022. The integration will be part of the Vanadium Vitalik Release. Dfinity has not provided in-depth details of how this integration will work.
The Vice President of Communications at Dfinity, Michael Less, noted that integration with Bitcoin and Ethereum would allow the platform to achieve a “multi-chain future.”
Internet Computer growing its ecosystem
ICP has rolled out several projects during the past few months seeking to grow the network. In December, Dfinity rolled out the Canisters smart contracts to allow the network to hold its balances in the ICP token. The lead software engineer at Dfinity, Kyle Peacock, noted that this rollout will “go crazy” once Bitcoin and Ethereum integrations are released.
Last week, Internet Computer launched a decentralized exchange (DEX) on the blockchain. The Sonic DEX is the first on Internet Computer, and other decentralized exchanges are expected to follow suit. These upcoming exchanges include InfinitySwap, a DEX backed by Polychain Capital, which seeks to benefit from Internet Computer’s integration with Bitcoin.
Internet Computer performed poorly in 2021. The token had peaked at $700 on May 10, but since then, it has dropped by around 97% to the current price of around $19.01. The ongoing recession across the broader crypto market has not helped ICP recover despite rallying by over 50% earlier this month. The uptrend was attributed to major developments revolving around ICP.
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