ICP’s Schnorr integration ushers in Bitcoin DeFi era

Internet Computer Protocol smart contracts will soon be able to etch Runes, trade BRC-20 tokens and enable Bitcoin-based DeFi functionality.

The Internet Computer Protocol plans to use advanced threshold cryptography to unlock decentralized finance capabilities and smart contract functionality on Bitcoin’s base layer.

ICP anticipates the full implementation of threshold-Schnorr to be launched midway through 2024. ICP integrates the core implementation of, which enables smart contracts to derive addresses and authorize native Bitcoin transactions. “If you have Schnorr as a native thing, then it allows smart contracts to directly write or etch runes on the Bitcoin blockchain. This is pretty special. I don’t know anyone who’s doing this at the moment.”

“One use case is ICP serving as this orchestration layer. Let’s say you have an existing DApp on Ethereum, and you want to leverage Bitcoin. You can have an ICP smart contract that works alongside it to talk and write to Bitcoin,” Connolly explains. “Some of the work that we’re doing is being picked up by Bitcoiners and in the BitVM Telegram chat, they're discussing the stuff that we're doing and how it can be used.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Cointelegraph /  🏆 562. in US

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Cash & Bitcoin SV Pumping as Bitcoin Minetrix Nears Exchange ListingCrypto Blog
Read more »

Bitcoin & Bitcoin Cash Among Top Crypto Gainers as Crypto Prices Pump: What About Green Bitcoin?Crypto Blog
Read more »

DeFi Project Plans to Open Up a Huge Market With its New DeFi Debit CardCrypto Blog
Read more »

DeFi Project Targets Multibillion-Dollar Market with Groundbreaking DeFi Debit Card LaunchCrypto Blog
Read more »

DeFi Saver Integrates Safe to Bring Account Abstraction to DeFiCrypto Blog
Read more »

Defragmenting DeFi: How users can manage their DeFi portfolioVelvet Capital aims to become the operating system for DeFi asset management. Here’s how it aims to simplify DeFi for everyone
Read more »