Internet Computer plans to roll out BTC and ETH integration by the end of the first quarter

Internet Computer has released a roadmap for 2022 and beyond, indicating plans to launch integrations with Bitcoin and Ethereum by the end of the year.

The Internet Computer is a public blockchain protocol and protocol that allows developers to install smart contracts and decentralized applications directly on the blockchain. It was incubated and launched in May 2021 after years of development by Dfinity – a non-profit organization based in Zurich.

Direct Bitcoin integration will be launched as part of Dfinity’s “Chromium Satoshi Edition,” slated for the first quarter of 2022. It will add smart contracts to the Bitcoin blockchain using “key-chain cryptography,” replacing the need to use a bridge, which can open the network to parties malicious.

Dfinity community member Berto Parga Pena explained that key-chain encryption is “one of the fundamental achievements that enables the Internet computer to expand to millions of nodes”.

“It’s a set of encryption protocols that regulate the nodes that make up the Internet’s computer and the engine that drives it and makes its operation possible.”

“Smart contracts on an internet computer will be able to hold, send and receive bitcoins, without the need for private keys,” Diego Prats, product manager at Dfinity, wrote in Saturday’s roadmap.

Meanwhile, integration with Ethereum is scheduled for Q3 2022 with the “Vanadium Vitalik Edition.” Dfinity has yet to release any further details about the integration, but Vice President of Communications Michael Les explained to Cointelegraph:

“So, when you make a transaction on the Internet computer in Bitcoin, it actually changes the Bitcoin ledger against what you see today, through a bridge. It’s like wrapped Bitcoin or encapsulated ether.”

Less explained that Dfinity chose to prioritize these integrations to help facilitate its vision of a “multi-chain future.” He said, “If Bitcoin is going to be around forever, how do we actually make it available? The best user experience is to bring all these networks together directly.”

In December, Dfinity enabled smart contracts (called “Canisters” in its ecosystem) to hold their own balances of ICP tokens. ICP currently supports 250,000 queries per second, executed at the end of a transaction in 1-2 seconds.

“ICP on Canisters was a significant feature that made it viable, and it will likely go crazy once the direct integration with BTC and ETH is launched,” Kyle Peacock, chief software engineer at Dfinity, told Cointelegraph.

On Friday, Cointelegraph reported that blockchain Internet Computer welcomed the first decentralized exchange (DEX), Sonic, with at least two other exchanges in the works.

Polychain Capital backed Polychain Capital’s upcoming DEX InfinitySwap appears to be gearing itself to take advantage of this upcoming integration with Bitcoin. According to Lee, it will allow users to participate in Bitcoin (BTC) as liquidity providers.

Related: Launching the first DEX on the Internet PC, and soon launching another

The ICP token rose 56% in the first five days of the new year amid a flurry of optimistic news; However, it was one of the worst performing crypto assets in 2021, shedding 97% from its all-time high in May. On January 4, Binance announced that it would be listing a financial instrument that will enable traders to exchange ICPs directly to and from Ethereum’s native token, Ether (ETH).

The idea of ​​a permanent global computer was inspired by Ethereum technologist Dominic Williams, who became co-founder and chief scientist at Dfinity.