4 Benefits of Dfinity Integrating Bitcoin and Ethereum

At the time of writing this article, in the last 24 hours, the native token of the Dfinity Foundation, $ICP, has grown 6.1%. This is the result of a very interesting roadmap where the network has launched its first DEX.

Also, the Dfinity Foundation is planning to integrate Bitcoin and Ethereum into the Internet Computer (IC). What benefits will this network have? How users will be able to use these cryptos? In this article, you will discover everything about it.

Bitcoin and Ethereum With Dfinity

The team behind the ambitious Internet Computer project plans to integrate the world’s leading crypto networks this year.

According to the roadmap, the Dfinity Foundation announced the integration in late January. The incorporation of BTC and ETH comes as part of the network’s “CHROMIUM Satoshi Release” slated for Q1, 2022.

The move was spawned by a proposal last year which put forward IC smart contracts for Bitcoin. These would be processed with something called “Chain Key cryptography” that will directly integrate the networks.

Benefits of the ICP-Integration with Bitcoin and Ethereum 

On the other hand, according to the roadmap, this integration will have the following benefits:

1. ICP holders will be able to hold, send and receive bitcoin, without the need for private keys.
2. Users won’t need to use bridges for bitcoin and ethereum’s assets. and also keep the network secure from hacking and attacks.
3. ICP acts like a lightweight Bitcoin node deployed on-chain.
4. Signatures are computed using a cryptographic multi-party protocol.

A similar system is also in the pipeline to add Ethereum to the Internet Computer.

In related news, Dfinity launched its first decentralized exchange called Sonic on January 23.

ICP Token Outlook

Major developments aside, the project’s native token, ICP, has been one of the worst-performing crypto assets in 2021. As a result, ICP has tanked by 97% from its launch price peak of $700 to current prices of around $20. ICP is up 6.8% on the day.

At the time of writing this article, ICP currently has more than $4 billion in marketcap and $180 million in trading volume in the last 24 hours.

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