Developers to integrate the Internet Computer ecosystem with the Bitcoin blockchain

The DFINITY Foundation, the nonprofit behind the Internet Computer ecosystem, announced the start of work on the ‘direct integration of the Internet Computer with the Bitcoin blockchain’.

1/ The results are in for Proposal 20586. 🗳️

Voting for the direct integration with #BTC motion proposal has ended, with 96.55% approval 👍 logged at a voting power of 301,806,620.https://t.co/t5zszkrll4

— DFINITY Foundation (@dfinity) September 17, 2021

The corresponding proposal was published on September 15, 2021. It was approved by 96.55% of neuron holders among the voters.

It is envisaged that, thanks to the use of chain key cryptography, smart contracts will be able to interact with native Bitcoin addresses.

2/ ECDSA signatures are widely used in the blockchain industry. This feature will enable Canister smart contracts to have an ECDSA public key and to sign with regard to it. This is a prerequisite for the integration of the Internet Computer with #BTC and #ETH. pic.twitter.com/hIbok4Cxyx

— DFINITY Foundation (@dfinity) September 22, 2021

“The Internet Computer ecosystem’s smart contracts will gain access to Bitcoin’s liquidity, and Bitcoin will gain a powerful smart-contract capability without the need to use unsafe and bulky trusted-bridge services,” explained Dominik Williams, founder of the DFINITY Foundation.

Smart contracts will receive addresses in the Bitcoin network associated with them. This will allow transaction participants to send and receive BTC. The developers believe the integration will also increase Bitcoin’s throughput.

Earlier, the DFINITY Foundation launched the Internet Computer ecosystem development funding program worth $223 million.

Earlier in July, the organization faced a class-action lawsuit by investors, accusing it of selling unregistered securities as ICP tokens.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.