Bitcoin (BTC): Advanced smart contracts are finally coming to Bitcoin

Sun August 28, 2022 ▪ 7:00 a.m. ▪

5
min read – by
Cédrick Aimé GUELANG OFALABEN

Advanced smart contracts have finally arrived on Bitcoin. The direct integration of the Web Desktop on the Bitcoin Blockchain will now allow reliable operations without intermediaries or supervisors. With integration APIs, developers can actually build and start running tests right away. What are the advantages of this new integration and what will concretely change? This article gives us some answers.

Availability of Bitcoin Tesnet API

Bitcoin-ICP integration: What are the benefits?

The first obvious advantages of this integration concern reduction of transaction costsbut also and above all faster treatments. In the coming months, this new technology will allow the general availability (GA) deployment. This will provide innovative new smart contract features for Bitcoin. All this on the fast-evolving Internet Computer (IC) blockchain.

IC aims to create a blockchain strong for general purpose. 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:

  • The use of bitcoin for the creation and pre-production testing of Canister smart contracts. The project is possible due to the availability of an experimental Bitcoin Testnet integration API.
  • A threshold ECDSA layout with a test key. It wants to support seamless integration with the Ethereum platform in addition to other blockchains that use the ECDSA scheme.
  • There is documentation available on the Computer website for Bitcoin and ECDSA.
  • Sample Canister deployment code in Motoko and Rust.

What changes with the Bitcoin-ICP integration?

At this time, the deployment’s test key will only be used for the development and testing phases. It can be used to hold bitcoins on the API, but it should not be linked to real values.

In addition to the new features, it should be noted that this integration is bridgeless. Lately, blockchain bridges are under attack from cybercriminals. This, for the sole purpose of stripping cryptocurrency holders. These breaches are the result of exploiting the trust of entities at the ends of the bridge. To avoid this type of incident, the new integration in question is “Trustless”. This means that neither party will assume that the other is automatically trustworthy.

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

One of the operations we can think of is the bitcoin lending as crypto. The direct and trustless 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 augurs well, as well as significant changes. For example, Internet Computer could now use ECDSA signing key regulations to store Bitcoin addresses and to serve as wallets that can store, obtain and submit BTC tokens. In addition, smart contracts will be able to 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 major beneficiaries of this new project.

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Cédrick Aimé GUELANG OFALABEN avatar
Cédrick Aimé GUELANG OFALABEN

Doctoral student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.

We wish to say thanks to the author of this article for this outstanding web content

Bitcoin (BTC): Advanced smart contracts are finally coming to Bitcoin


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