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Bitcoin smart contracts are launched in collaboration with the Internet of Things

The possibility of supporting smart contracts with the cooperation of the Dfinity Foundation and the Internet Computer network is to be added to the Bitcoin blockchain.

to the Report The Coin Telegraph, a computer network owned by the Definiti Foundation, will add the ability to support smart contracts to the Bitcoin blockchain. This could expand the use of bitcoin.

The Definiti Foundation announced on Tuesday that the PC Internet is using a cryptographic system called the Chain Key to integrate its network with the Bitcoin blockchain. According to Definiti, this method opens the way for the implementation of smart contracts by using native bitcoin addresses that are hosted directly on the computer’s Internet network.

Dominic Williams, founder and senior researcher at the Definiti Foundation, said:

Smart PC Internet contracts will have access to Bitcoin liquidity, and Bitcoin will have new and powerful smart contract capabilities without the need for insecure and troublesome bridge-building services. [اینترنت کامپیوتر] Will have access.

Smart PC Internet contracts specify addresses related to Bitcoin digital currency and give them direct access to Bitcoin blockchain transactions. Final confirmation of transactions on the PC Internet network takes only 2 seconds. The time required to confirm transactions in the Bitcoin blockchain is 40 minutes. To solve this problem, programs called “Bitcoin Banks” can be used. These programs, which operate directly on the computer’s Internet network, allow fast and 2-second processing of transactions.

Earlier this year, the Definiti Foundation launched a $ 223 million ecosystem for developers that also supports smart contracts and the construction of new blockchains. Launched in 2014, the project has received funding from some of the largest investment companies, including Andreessen Horowitz and Polychain Capital.

The latest Definite initiative is part of a broader innovation that prepares the Bitcoin network to accept faster and faster transactions, decentralized finance (DeFi) and third-generation Web (Web3.0). The Stacks Open-Source Network unveiled its vision for Bitcoin-based smart contracts in January, which included a first-tier Blockchainchain using a native bridge.

Several other developers are working on new applications before the Bitcoin Teperat update, which will take place later this year. This update has received widespread support from mining nodes, paving the way for Soft Fork activation in November.

Although Bitcoin has so far failed to fully implement all of Satoshi Nakamoto’s 2008 white paper, including becoming an all-encompassing tool as an electronic monetary system, it has established itself as a superior alternative asset. The bitcoin market value reached $ 1 trillion in May, before the market was widely reformed. This growth has been largely due to increased institutional investment.


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