Internet Computer (IC), a DFINITY-developed public blockchain and protocol, has stated that Bitcoin and Ethereum would be integrated as part of its 2022 goals.
The DFINITY Foundation announced the new initiative on January 27 in a Tweet, describing it as "a new wave of DeFi application." In the first quarter of 2022, DFINITY plans to deploy Chromium Satoshi, which will have Bitcoin integration.
Meanwhile, with the Vanadium Vitalik Release project, DFINITY intends to deploy Ethereum in Q3 of 2022. They have not provided any further information.
Michael Less, DFINITY's Vice President of Communications, outlined how the two companies came together:
“So, when you trade Bitcoin or do any Bitcoin transaction on a computer via the Internet, it truly affects the Bitcoin ledger, as opposed to what you see now, with a bridge. It's similar to how Bitcoin or Ethereum are packaged. The main goal of the project is to implement smart contracts on the Bitcoin blockchain using Chain Key cryptography, therefore preventing harmful behaviors that are common in the crypto business.”
Berto Parga Pena, a DFINITY community member, further emphasized that Chain Key cryptography is a technological discovery that establishes cryptographic protocols to sustain the Internet Computer's nodes. When the IC is directly integrated with Bitcoin, however, smart contracts on it will be able to keep, transfer, and receive BTC regardless of private keys.
Carbon Service Nervous System, Vanadium Vitalik Release, Iridium Multi-Chain Integration and Futurium Post Quantum (NASDAQ:QMCO) Cryptography have all been delayed by DFINITY.
DFINITY launched Canister in December 2021, a smart version of smart contracts that runs at web speed. To store software and user data, Canister integrates typical smart contracts and features. Most crucially, it can track hundreds of user requests simultaneously.
The Internet Computer, which was launched in May 2021, is touted to be the world's first blockchain that runs at web speed and has enhanced capacity to handle any volume of smart contracts.
The business released Network Nervous System last year (NNS). This is a permissionless, open, and decentralized autonomous algorithmic governance framework for controlling the IC network.