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.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards