advanced smart contracts finally come to bitcoin

Sun August 28, 2022 ▪ 7:00 am ▪

5
min read – by
Cedrick Aimé GUELANG OFALABEN

Advanced smart contracts have finally arrived on Bitcoin. The direct integration of the Web Desktop on the Bitcoin Blockchain will now enable reliable operations without intermediaries or supervisors. Integration APIs allow developers to build and launch tests on the fly. What are the benefits of this new integration and what will change in concrete terms? This article gives us some answers.

Bitcoin Testnet API Availability

Bitcoin ICP Integration: What Are the Benefits?

The first obvious benefits of this integration are: reduction of transaction costsbut also and above all faster treatments. In the coming months, this new technology will become the general availability (GA) implementation. This provides innovative new smart contract features for: Bitcoin. All this on the rapidly evolving Internet Computer (IC) blockchain.

IC strives to create a blockchain strong for general use. It must also be scalable, secure and accessible. The new integration is just one step in a larger plan to integrate IC with current systems.

It should also be noted that this integration brings new features, including:

  • Using bitcoin to create and test pre-production smart canister contracts. The project is possible thanks to the availability of an experimental Bitcoin Testnet integration API.
  • A threshold ECDSA layout with a test key. It aims to support seamless integration with the Ethereum platform, among other blockchains that use the ECDSA scheme.
  • Documentation is available on the Computer website for Bitcoin and ECDSA.
  • Sample Canister implementation code in Motoko and Rust.

What will change with the Bitcoin-ICP integration?

Currently, the deployment test key is only used for the development and testing phases. It can be used to hold bitcoins on the API, but it should not be associated with real values.

In addition to the new features, it should be noted that this integration is bridgeless. Lately, blockchain bridges have been attacked by cyber criminals. This with the sole purpose of stripping cryptocurrency holders. These breaches are the result of abuse of trust from entities at the ends of the bridge. To avoid this kind of incident, the new integration in question is: “Trustworthy”. This means that neither side assumes that the other can be trusted automatically.

Bitcoin ICP Integration has properties that will make it a leading foundation for the Challenge. Remember that the technology already integrates bitcoin. It is therefore expected that the functionality and value of the DeFi ecosystem will be improved. New projects leveraging bitcoin liquidity, such as InfinitySwap, Sonic, and ICPSwap, will also benefit.

One of the operations we can think of is the borrow bitcoin as crypto. The direct and reliable integration of Internet Computer now makes this possible. This makes it a preferred choice for DeFi developers.

Conclusion

In short, the arrival of smart contracts on the Blockchain bodes well, as well as significant changes. For example, Internet computers could now use ECDSA signing key rules to store Bitcoin addresses and serve as wallets that can store, acquire, and submit BTC tokens. In addition, smart contracts can be created in a more secure environment. Decentralized applications, such as OpenChat, which allows BTC to be sent via instant messaging, or Spinner, which allows private BTC transactions, will be the main beneficiaries of this new project.

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Cédrick Aimé GUELANG OFALABEN avatar
Cedrick Aimé GUELANG OFALABEN

PhD student of financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. Naturally, thanks to his articles, he joins the daily blockchain revolution for a better democratization of DeFi.

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