Internet Computer has released a roadmap for 2022 and beyond, outlining plans to launch integrations with Bitcoin and Ethereum by the end of the year.
The Internet Computer is a public blockchain protocol and a protocol that allows developers to install smart contracts and decentralized applications directly on the blockchain. It was developed and launched in May 2021 after several years of development by Dfinity, a non-profit organization based in Zurich.
Direct Bitcoin integration will be launched as part of Dfinity’s “Chromium Satoshi Edition” scheduled for the first quarter of 2022. It will add smart contracts to the Bitcoin blockchain using “keychain cryptography”, replacing the need for a bridge that can open the network to attackers.
Dfinity community member Berto Parga Peña explained that keychain encryption is “one of the fundamental advances that allows the Internet computer to expand to millions of nodes.”
“It is a set of encryption protocols that govern the nodes that make up an Internet computer and the engine that drives it and makes it possible to operate.”
“Smart contracts on a computer on the internet will be able to store, send and receive bitcoins without the need for private keys,” Diego Prats, product manager at Dfinity, wrote in Saturday’s roadmap.
Meanwhile, integration with Ethereum is scheduled for the third quarter of 2022 with “Vanadium Vitalik Edition”. Dfinity has yet to release any details about the integration, but communications director Michael Les explained to Cointelegraph:
“So when you make a transaction on your bitcoin internet computer, it actually changes the bitcoin ledger to what you see today, across the bridge. It’s like wrapped bitcoin or encapsulated ether.”
Less explained that Dfinity decided to prioritize these integrations to ease its vision for a “multi-network future.” He said: “If Bitcoin is going to exist forever, how do we actually make it available? The best user experience is to connect all these networks directly.”
In December, Dfinity allowed smart contracts (called “canisters” in its ecosystem) to hold their own balances of ICP tokens. ICP currently supports 250,000 requests per second, executed at the end of a 1-2 second transaction.
“ICP on Canisters was an important feature that made it viable, and it will likely go wrong when direct integration with BTC and ETH goes live,” Kyle Peacock, principal software engineer at Dfinity, told Cointelegraph.
On Friday, Cointelegraph reported that the blockchain internet computer welcomed the first decentralized exchange (DEX), Sonic, and at least two other exchanges are operational.
Polychain Capital backs upcoming InfinitySwap DEX Polychain Capital appears to be gearing up to take advantage of this upcoming bitcoin integration. This will allow users to participate in Bitcoin (BTC) as liquidity providers, Li said.
Related Topics: First DEX Launched on Internet PC and Coming Soon
The ICP token is up 56% in the first five days of the new year amid a flurry of upbeat news; However, it was one of the worst cryptocurrencies in 2021, falling 97% from its highest in May. On January 4, Binance announced that it will list a financial instrument that will allow traders to directly switch ICP to the original Ethereum token, ETH (ETH).
The idea of a permanent global computer was inspired by Ethereum technologist Dominic Williams, who became the co-founder and principal investigator at Dfinity.