Internet Computer Protocol (ICP) plans to bring Ethereum and Bitcoin Integrations by the end of 2022. They have recently shared a roadmap for the year, and it is one of the most significant updates. The idea of ICP is to be the blockchain where WEB3, DEFI apps, Games, NFTs, and every other thing is hosted. It is also the only infinitely scalable general-purpose blockchain right now and was launched in May 2021.
What could Bitcoin integration mean for ICP?
The integration of ICP with Bitcoin and Ethereum will be beneficial in all ways. First of all, there will be the addition of smart contracts to Bitcoin using “Chain key cryptography.” There would be no need to use a bridge which often results in security issues. This will also allow ICP to scale to millions of nodes, which is another breakthrough. The proper implementation of this integration could help in the start of a new era of the Bitcoin-DeFi ecosystem.
This will also help shut down many comments on Bitcoin that say it doesn’t have any actual application. Plus, the features here will be much faster, scalable and cheaper as compared to many other cryptocurrencies. And since Bitcoin is already huge, the DeFi ecosystem here would also be significant. The smart contracts on ICP will also allow users to transact using Bitcoin without the need for any private keys. After the integration, if you do a Bitcoin transaction on ICP, it won’t be bridged but will directly change the BTC ledger.
All this is also expected to increase the price of ICP that has been on the d0wntred since its release. It has an ATH of nearly $750 but is trading below $30 right now. So, for investors, this could be an investment opportunity as well.
Coming to the integration with Ethereum, there hasn’t been any information on the same now. It is expected to happen in Q3 2022 after the “Vanadium Vitalik Release.” The goal here is to bring integrations to all networks and provide a seamless experience to users.
ICP has been the worst-performing crypto asset of 2021. I hope that it changes this year. What are your thoughts as ICP plans to bring Bitcoin and Ethereum Integrations? And do you believe this could be a game-changer? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.