Internet Computer Protocol smart contracts will soon be able to etch Runes, trade BRC-20 tokens and enable Bitcoin-based DeFi functionality.
The Internet Computer Protocol plans to use advanced threshold cryptography to unlock decentralized finance capabilities and smart contract functionality on Bitcoin’s base layer.
ICP anticipates the full implementation of threshold-Schnorr to be launched midway through 2024. ICP integrates the core implementation of, which enables smart contracts to derive addresses and authorize native Bitcoin transactions. “If you have Schnorr as a native thing, then it allows smart contracts to directly write or etch runes on the Bitcoin blockchain. This is pretty special. I don’t know anyone who’s doing this at the moment.”
“One use case is ICP serving as this orchestration layer. Let’s say you have an existing DApp on Ethereum, and you want to leverage Bitcoin. You can have an ICP smart contract that works alongside it to talk and write to Bitcoin,” Connolly explains. “Some of the work that we’re doing is being picked up by Bitcoiners and in the BitVM Telegram chat, they're discussing the stuff that we're doing and how it can be used.”
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