{"id":342351,"date":"2021-09-21T21:15:00","date_gmt":"2021-09-21T18:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/smart-contracts-are-coming-to-bitcoin-through-dfinitys-internet-computer\/"},"modified":"2021-09-21T21:15:00","modified_gmt":"2021-09-21T18:15:00","slug":"smart-contracts-are-coming-to-bitcoin-through-dfinitys-internet-computer","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/smart-contracts-are-coming-to-bitcoin-through-dfinitys-internet-computer\/","title":{"rendered":"# Smart contracts are coming to Bitcoin through Dfinity\u2019s Internet Computer"},"content":{"rendered":"

“# Smart contracts are coming to Bitcoin through Dfinity\u2019s Internet Computer <\/strong>”
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Dfinity Foundation\u2019s Internet Computer blockchain is bringing smart-contract capabilities to the Bitcoin (BTC) network, potentially opening the door to new use cases for the premier cryptocurrency.\u00a0<\/p>\n

Internet Computer will utilize its so-called chain key cryptography to integrate with Bitcoin, paving the way for smart contracts with native BTC addresses that are hosted directly on Internet Computer, Dfinity Foundation announced Tuesday. <\/p>\n

\u201cInternet Computer smart contracts will gain access to bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services,\u201d explained Dominic Williams, the founder and chief scientist of Dfinity Foundation. <\/p>\n

Smart contracts on Internet Computer will feature associated BTC addresses, giving them direct access to transactions on the Bitcoin blockchain. Transaction finality on Internet Computer takes 2 seconds, compared with 40 minutes on Bitcoin. To get around this, so-called \u201cBitcoin banks\u201d can be utilized directly on Internet Computer, enabling swift 2-second transactions. <\/p>\n

Earlier this year, Dfinity Foundation launched a $223 million Developer Ecosystem Program to support further smart contract and blockchain development. The project, which launched in 2014, has received financial backing from some of crypto\u2019s biggest venture firms, including Andreessen Horowitz and Polychain Capital.<\/p>\n

Dfinity\u2019s latest efforts are part of a wider industry initiative to make Bitcoin more accessible for transactions, decentralize finance and Web 3.0. In January, open-source network Stacks unveiled its vision for Bitcoin-centric smart contracts utilizing a layer-one blockchain with a native bridge. <\/p>\n

Several other developers are in the process of delivering new app<\/a>lications ahead of Bitcoin\u2019s widely anticipated Taproot upgrade later this year. The upgrade received overwhelming support from mining nodes, paving the way for soft-fork activation in November.<\/p>\n

Related: <\/em><\/strong>Evolve or die: How smart contracts are shifting the crypto sector\u2019s balance of power<\/em><\/strong><\/p>\n

While Bitcoin hasn\u2019t achieved all the tenants of Satoshi Nakamoto\u2019s 2008 whitepaper \u2014 namely, widespread utility as an electric cash system \u2014 it has emerged as a premier alternative asset. The Bitcoin network reached a total market capitalization north of $1 trillion in May before undergoing a broad market correction. Much of that growth is owed to growing institutional support for Bitcoin-as-an-asset. <\/p>\n