News22 September 2021

Dfinity Is Set to Launch Bitcoin Smart Contracts on The Internet Computer

Dfinity Is Set to Launch Bitcoin Smart Contracts on The Internet Computer

Summary

  • Internet Computer to host Bitcoin smart contracts by the end of the year
  • The contracts will enable yield farming, lending, derivatives etc.

On Tuesday, the makers of the Internet computer blockchain, Dfinity Foundation, announced its plans to integrate with bitcoin in a move meant to open up the bitcoin crypto to smart contracts and DeFi. Dfinity plans to have completed the integration by the end of the year.

“Internet Computer smart contracts will gain access to Bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services,” - Dfinity founder Dominic Williams.

The launch of a decentralized finance ecosystem on the bitcoin network is expected to be a major industry initiative. It will open up the most popular crypto to yield farming, staking, lending liquidity pools, and other DeFi related services.

The internet computer was built to offer internet users an alternative to the cloud-based infrastructure used for the present internet. It has been in production since 2016 and was launched in May 2021. The project aims to turn the internet into a global computer that will take over the cloud computing market through the use of secure, decentralized alternatives to popular apps such as WhatsApp, LinkedIn, and TikTok.

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