In Brief:
- The Internet Computer has published a roadmap for 2022 and beyond for the integration process.
- Dfinity’s Bitcoin integration, “Chromium Satoshi Release,” is scheduled for Q1 2022.
- Dfinity’s Ethereum integration, “Vanadium Vitalik Release,” is scheduled for Q3 2022.
The Internet Computer has published a roadmap for 2022 and beyond, stating that Bitcoin and Ethereum integrations will be available by the end of the year.
The DFINITY Foundation began working on merging the Internet Computer blockchain with the Bitcoin network last year. They now say that a developer preview of the API will be available soon, followed by an experimental release on the mainnet in March. When the integration is complete, Bitcoin will have access to functionalities that are native to the Internet Computer, such as advanced smart contracts.
According to developers and analysts, the addition of smart contracts to Bitcoin’s environment might drastically alter its ecosystem, allowing DeFi and other applications to flourish. As a result, including Bitcoin into DeFi could encourage more people to utilise DeFi, which would have a long-term influence on the financial landscape.
The Internet Computer is a public blockchain and protocol that enables developers to easily deploy smart contracts and decentralised applications (DApps) on the blockchain. Dfinity, a Zurich-based organisation, incubated and launched it in May 2021 after years of development.
Dfinity’s “Chromium Satoshi Release,” which is scheduled for Q1 2022, will include a direct Bitcoin integration. It will use “Chain Key cryptography” to bring smart contracts to the Bitcoin blockchain, eliminating the need for a bridge that may expose the network to bad actors.
In a Jan. 29 roadmap blog, Dfinity’s Director of Product, Diego Prats, stated, “Smart contracts on the Internet Computer will be able to hold, send, and receive Bitcoin, without the need for private keys.”
Chain Key cryptography, according to Dfinity community member Berto Parga Pena, is “one of the basic breakthroughs enabling the Internet Computer to expand to millions of nodes.”
The Internet Computer holds the key to unlock the door that will enable the third revolution of blockchain technology, and it is called “Chain Key Technology.”
Dfinity enabled smart contracts (dubbed “Canisters” in its ecosystem) to keep their own ICP token balances in December. The ICP now handles 250,000 requests per second, with a transaction completion time of 1-2 seconds. Meanwhile, the “Vanadium Vitalik Release” is scheduled for Q3 2022, which will include Ethereum integration.
Some in the Bitcoin community say that the Taproot upgrade from November, which minimises the amount of data that needs to be recorded on the Bitcoin blockchain, already provides it the ability to run smart contracts.
Dfinity is yet to publish any further details about the integration, but Vice President of Communications, Michael Less, explained “So when you make a transaction on the internet computer in Bitcoin, it actually changes the Bitcoin ledger versus what you see today, with a bridge. It’s like a wrapped Bitcoin or wrapped Ether.”
