With the proposed Internet Computer integration with Ethereum, smart contracts on the Internet Computer blockchain will be able to retain, send, and receive Bitcoin without the use of private keys.
(ICP )token holders can vote for or against the planned integration into the Bitcoin (BTC) network during a two-day voting period that began on September 15. The connection will result in Bitcoin transactions with fast finality and minimal transaction cost, according to the DFINITY Foundation, which is creating technologies for the Internet Computer (ICP) blockchain.
BTC transactions are quick and inexpensive
“Until the full community of $ICP utility token holders has had a chance to vote on the proposal, the DFINITY Foundation and Internet Computer Association (ICA) will refrain from early voting,” the not-for-profit group declared on Twitter.
1/ The #InternetComputer community is actively involved in designing and shaping the network’s Roadmap.
Voting for Proposal 20586: Direct integration of Internet Computer with #BTC network has now begun ?️https://t.co/Nil6QMLV8q
— DFINITY Foundation (@dfinity) September 15, 2021
If the idea passes, the Internet Computer community will use Chain Key cryptography to introduce smart contracts to Bitcoin. This will connect the two networks directly, allowing smart contracts on the Internet Computer to store, transfer, and receive Bitcoin.
“We want to enable fast and low-cost transactions by building ledger functionality on the Internet Computer that allows users to transfer Bitcoin into and out of accounts on this ledger, thereby creating wrapped Bitcoin on the Internet Computer,” the proposal stated, adding that “holders of wrapped Bitcoin can settle their accounts at any time by having their account balance transferred to their Bitcoin account,” according to the proposal.
The blockchain trinity
Implementation, testing, and deployment of the blockchain trinity will most likely take months, but according to the project’s current timeline, direct integration with Bitcoin is scheduled for Q4 2021.
“That’s what we’re aiming for. If we miss that deadline, I’m convinced we won’t be far behind. Dominic Williams, Founder, President, and Chief Scientist of the DFINITY Foundation and Internet Computer project told CryptoSlate, “We have one of the best cryptography teams in the world, and much of what we’re doing involves extending the chain key cryptography framework that already powers the Internet Computer.”
Following Bitcoin, Ethereum (ETH) will be directly integrated
“In general, we believe in a blockchain trinity made up of Bitcoin, Ethereum, and the Internet Computer because they all provide complementing functionality,” Williams added. “Having said that, we are completely open-minded and will consider recommendations for alternative integrations,” he continued, in response to a question about the prospect of merging with other blockchains.
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