Smart Contracts and Web 3.0 are apparently coming to the Bitcoin network as a means to bring advancements to the overall capabilities of the asset and helping it in becoming mainstream in the market.
The Internet Computer blockchain from Dfinity Foundation is currently working on introducing the smart contracts feature into the Bitcoin network, increasing the potential of the cryptocurrency to reach even higher levels in the market.
According to details provided by Dfinity Foundation, the Internet Computer blockchain will be using its supposed ‘chain key cryptography’ in order to merge itself into the Bitcoin network, providing the smart contracts feature to Bitcoin addresses that will be issued on the Internet Computer Blockchain. Founder at Dfinity Foundation, Dominic Williams, stated that the Internet Computer Smart Contracts would be able to obtain Bitcoin liquidity, thus providing smart contracts feature, without utilizing any sort of bridge service to the Bitcoin network.
Smart Contracts by Internet Computer will also be featuring associated Bitcoin addresses that will have the ability to gain access to purchases inside of the Bitcoin Blockchain. As for transaction speeds, Internet Computer blockchain finals a transaction in literally two seconds, in comparison to extremely slow forty minutes on Bitcoin. In order to achieve this, supposed ‘Bitcoin Banks’ will be used on the Internet Computer blockchain.
Dfinity’s Developer Ecosystem Program
At the start of this year, a $223Million Developer Ecosystem Program was introduced by Dfinity Foundation in order to contribute towards the advancement of smart contracts and blockchain technology. This development has also been receiving financial support from a few of the largest crypto companies that include Andreesen Horowitz and PolyChain Capital since 2014, back when it was first introduced.
The Dfinity Foundation has been working hard to improve the exposure of Bitcoin to transactions, DeFi and Web 3.0. Back in January of this year, another network named Stacks revealed its plans for coming up with Bitcoin-based smart contracts by connecting a layer-1 blockchain to a local bridge. Although Bitcoin hasn’t fully achieved what Satoshi Nakamoto had envisioned in his whitepaper, Bitcoin has become one of the biggest payment alternatives that recorded a trillion-dollar market cap back in May of this year before the massive correction.