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Bitfinity to create a Bitcoin sidechain solution on Internet Computer

By:
on Jan 11, 2024
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  • Bitfinity has raised $7 million from Polychain Capital and ParaFi.
  • The company is building a new Bitcoin sidechain on Internet Computer.
  • The sidechain joins other networks that are seeking to boost Bitcoin.

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Bitfinity Network, a web3 infrastructure company, has raised $7 million from Polychain Capital and ParaFi. These funds will be used to create an off-chain infrastructure for Bitcoin and Ordinals. Precisely, the raise coincided with the development of Bitfinity Ethereum Virtual Machine (EVM), a sidechain integrated into Internet Computer.

The Bitfinity EVM will have several features, including having a fully decentralized stack backed by Solidity with its front end hosted on Internet Computer. Its speed will be 100 faster than Ethereum’s mainnet and will be audited by Quantstamp. Most importantly, solidity smart contracts will gain access to ckBTC, which is backed 1:1 by Bitcoin. In a statement, the founder of Bitfinity said:

“This backing reaffirms our mission to bring greater utility to developers within the Solidity, Bitcoin, and Internet Computer communities. The upcoming launch of the Bitfinity EVM will enable the deployment of EVM dApps with speeds 100 times faster than Ethereum and at a fraction of the cost.”

Bitfinity Network joins other networks that are working to boost Bitcoin’s ecosystem. One of the biggest blockchains is Stacks, which is a layer-2 network that enables decentralised apps (dApps) and smart contracts. Its total value locked (TVL) has jumped to a record high of $60.8 million while its market cap has soared to over $2.5 billion.

Internet Computer, on the other hand, acts as a sidechain that hosts a trustless “bitcoin twin” called chain key bitcoin (ckBTC). ckBTC can be directly processed by canister smart contract logic and transferred with a 1-second finality.

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These solutions hope to solve the key challenges that Bitcoin faces, popularly known as the trilemma, which includes security, scalability, and decentralisation. As such, Bitcoin’s integration with Internet Computer has helped make it accessible in DeFi for the first time.

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