DFINITY Foundation’s Internet Computer to implement Smart Contracts to Bitcoin, should you invest?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Sep 23, 2021
  • Internet Computer blockchain is bringing smart contract capabilities to the Bitcoin Network.
  • ICP will utilize chain key technology to integrate with Bitcoin.
  • This will pave the way for smart contracts with native BTC addresses.

Internet Computer ICP/USD  is a blockchain-based decentralized network developed to provide a solid environment for smart contracts and other decentralized applications to run at web speed, launched by the Swiss-based cryptography foundation DFINITY.

The Bitcoin Smart Contract implementation as a catalyst for growth

On September 16, DFINITY Foundation announced on Twitter that the voting proposal 20586 for direct integration of Internet Computer with the Bitcoin network has 20 hours remaining.

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At this time, we saw 11,047,650 voting power (3.53%) say yes, while 69,334 voting power (0.02%) said no. If this motion were to pass, the ICP community would deploy R&D resources to add smart contracts to Bitcoin through Chain Key cryptography to directly integrate the network.

Smart contracts on the Internet Computer will be able to hold, send and receive Bitcoin.

On September 17, they announced that voting for the direct integration with BTC motion proposal ended, with 96.55% approval logged with a voting power of 301,806,620.

The Founder and Chief Scientist of DFINITY Foundation, Dominic Williams, had this to say: “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.”

Additionally, Smart Contracts on Internet Computer will feature associated BTC addresses, which in turn gives them direct access to transactions on the Bitcoin blockchain.

Transaction finality on ICP takes two seconds, compared to the 40 minutes it takes in Bitcoin. Furthermore, since its launch four months ago, DFINITY claims that ICP has processed 200,000,000 blocks.

This could lead to an increase in the value of the ICP token, which is the native cryptocurrency token of Internet Computer.

Should you invest in Internet Computer (ICP)?

On September 23, Internet Computer (ICP) had a value of $50.10.

To get a better perspective of this value point and to indicate exactly how far in value this token can actually go, we will be comparing it to it’s all-time high value as well as its performance in August.

In terms of the all-time high value of ICP, it was achieved on May 10, when the token had a value of $700.65.

Here, we can see that the token was $650.55 higher in value on May 10 when compared to September 23, or 1298% higher in value.

When it comes to its performance in August, it had its lowest point on August 4 with a value of $38.04.

Furthermore, it had its highest point on September 10, where the token had a value of $75.79.

Here, we can see that the token increased in value by $37 or saw an increase by 99% throughout that time frame in August.

Smart Contract Implementation, testing, and deployment on Bitcoin will take months of Q4 2021.

We can optimistically see the token raise its value to $67.63 by the end of October with that in mind.

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