The Dfinity Foundation internet computer blockchain aims to make Bitcoin mainstream. Internet Computer announced its integration with Bitcoin to enable the use of smart contracts. With these improvements, Bitcoin will use self-executing contracts that work automatically according to their programming and the tasks they have to perform.
Over time, Bitcoin has become the leading cryptocurrency. However, Bitcoin smart contracts are not as advanced as those used by Ethereum. With a net worth of over $1K, Bitcoin has integrated Internet computer protocols and key chain protocols to significantly improve its system. Guarantee time for investors per transaction has increased from 40 minutes when using Bitcoin to 2 seconds when ICP is activated due to the removal of the bridge service.
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The main idea of the Dfinity project is to put Bitcoin as a cryptocurrency to increase transactions. In most cases, when measuring cryptocurrency acceptance, the volume of currency exchanged is considered the main criterion, but the number of transactions is just as important. The project also aims to increase the use of decentralized finance and Web 3.0.
Blockstack, now known as Stacks, aims to introduce smart contracts to Bitcoin and improve DeFi. The network developed the Stacks 2.0 program, which makes it easy for investors to build smart contracts and acts as a bridge from the network to Bitcoin.
Although Bitcoin fails to achieve its main goal of being an electric money system, it dominates cryptocurrencies and has the largest share in terms of market size. With improvements in design and the introduction of new concepts such as smart contracts, the system holds promise.
Bitcoin already has smart contracts. For example, the Bitcoin-based Ethereum platform uses these agreements intensively to enable decentralized applications (dApps). Cardano is also heading in the same direction with its Shelley update, which will introduce smart contracts for its blockchain.
The integration is set to take Bitcoin to a whole new level. This will make it easier for investors to execute contracts and even give them access to their funds when contract terms are met.
However, the concept is not just limited to Bitcoin. Ripple, EOS, Tron and Verge already have this feature on their platforms. However, this does not prevent Bitcoin from dominating the cryptocurrency market.
The process has to be done through the Chain Key Protocol, which makes Bitcoin a decentralized platform and allows it to work faster than other cryptocurrencies that haven’t introduced smart contracts. The internet computer blockchain was rated by Weiss Ratings earlier this month as the third best blockchain network after EOS and Tron.
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