InstaForex

September 22, 2021

Bitcoin (BTC) Will Also Introduce Smart Contracts!

 Internet Computer (ICP) is rumored to be integrating with Bitcoin (BTC) to introduce smart contract technology on the network.


Reports revealed the community had voted against the integration of these two networks on September 15 and agreed on September 17 with a result of 96.55%.


Although Bitcoin saw a market value of nearly $ 1 trillion, the network still lags behind in terms of technology without the presence of smart contracts.


For the record, smart contracts are an advancement in the crypto industry introduced by Ethereum over 6 years ago after the launch of Bitcoin.



Uniquely the ICP network, it is powered by key cryptography that allows transaction authentication for other blockchains such as Bitcoin.


It is this capability that will be used for the preparation of smart contracts (supervised by ICP) with bitcoin addresses through the integration of two networks.


The combination of these networks will also open up bitcoin liquidity access to ICP smart contracts, and at the same time, Bitcoin will be able to take advantage of the smart contract functionality. If the transaction on the Internet Computer only takes 2 seconds, in Bitcoin it takes up to 40 minutes.


Indirectly, this effort will allow bitcoin to feature Web 3.0 internet services as expected by its founder, Satoshi Nakamoto.


One of the new blockchains implementing smart contracts is the Cardano (ADA) via the Alonzo hard fork.