Bitcoin / Cardano (ADA) / Crypto News / Cryptocurrency · September 30, 2021

Dfinity Foundation Will Bring Smart Contracts To Bitcoin Network

Bitcoin has been the top cryptocurrency of the world in terms of popularity and market capital since its conception to date. However, many critics have pointed out the lack of technological evolution options for the flagship blockchain project. At one end, there are projects like Ethereum and Cardano that have started to gain a larger audience around the globe by aiming to introduce smart contracts capability.

Meanwhile, the Bitcoin network is an open-sourced and fully decentralized project that is unable to undergo any technological upgrades without a major public consensus. A new Internet Computer Blockchain or ICB introduced by Dfinity is going to change that idea forever. Dfinity is working on a mainstream plugin that can be linked to the Bitcoin network and work as a smart contracts extension.

Bitcoin Network Has Potential To Host Upgrades

Dominic William is the CEO of the Dfinity project. Speaking on the matter of the ICP, he claimed that the Bitcoin network has the potential to host upgrades just like any other blockchain project. He explained that the ICP is a revamped version of the Chain Key Cryptography protocol. With this new extension, users of the Bitcoin network will be able to sign and approve transactions on other blockchains.

He also added that with this extension, it would be possible for the ICP to gain access into the main liquidity pool of the Bitcoin network. As per Williams, Dfinity describes itself as a non-profit organization that is focused on making the Bitcoin network have better protocols and use cases for the custodian, exchange, trading, and sell/purchase services.

Dominic Williams further added that many new use cases are going to be added to the Bitcoin network with this new ICP or Internet Computer extension. He pointed out that one of the most visible changes is going to be seen in the improvement of the average transaction limit. He talked about improving the speed by a factor of milliseconds.

On the other hand, he also claimed that the new smart contracts enabling extension are going to allow higher scalability on the Bitcoin network. The Network Nervous System (NNS), which is a codename for the decentralized governance system, will also enhance the personal users staking and better voter participation. This new extension is also going to better the security protocol and reduce the centralized detachment with multiple nodes dispersion.