Smart Contracts Coming Soon to the Bitcoin Blockchain Thanks to the ICP Project…Details Here
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Answer Smart Contracts Coming Soon to the Bitcoin Blockchain Thanks to the ICP Project…Details Here
The Bitcoin blockchain is known to be the oldest blockchain in the crypto market, and it has a lead, but it is limited in terms of some functions such as supporting smart contracts.
But it seems that with some help from new projects, the Bitcoin blockchain will finally be able to support smart contracts.
The “Internet Computer (ICP)” project will support the Bitcoin blockchain and provide integration with smart contracts.
1/ #BTC 🤝 #ICP Direct Integration (🚫🌉)Tweet embed Crypto Designers and Engineers Sneak During Holidays and Weekends… Phase 1 ✅ To Unlock Smart Contracts on BTC
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✅ Stage 1: Threshold for ECDSA signatures (see demo)
🛠️ Phase 2: BTC ICN Test
🛠️ Phase 3: BTC Full ICP Integration pic.twitter.com/KEfJpx0c8q– DFINITY (dfinity) January 9, 2022
The “Internet Computer” project will measure and compute smart contracts and data and run them on the Bitcoin blockchain.
Development on the new feature by DFINITY, the company behind the Internet Computer Project (ICP) project, began on May 10, 2021.
Currently, ICP is the 27th largest cryptocurrency according to CoinMarketCap data and is trading at $35.
As explained in the above tweet, the development to integrate smart contracts on the Bitcoin blockchain has gone through three basic stages.
The first stage of integration, which is referred to as “Threshold ECDSA” is a prerequisite for direct BTC-ICP integration for both networks to talk to each other because the ICP smart contract needs an ECDSA public key to sign transactions and send them securely to the Bitcoin blockchain.
The next two phases are the launch of the BTC-ICP testnet and the mainnet, respectively.
Bitcoin’s taproot upgrade unlocks the potential of smart contracts:
Bitcoin’s “taproot” upgrade activated in November 2021.
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The Taproot update sought to enable greater privacy and efficiency in transactions, and most importantly, unlock the capabilities of smart contracts, which can be used to eliminate middlemen in transactions.
A large part of Bitcoin’s transformation has to do with digital signatures, which are like the fingerprints an individual leaves in every transaction.
Schnorr signatures have been added to the taproot upgrade, making multi-signature transactions unreadable and adding more privacy.
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