Summary
TLDR: Dfinity is integrating Bitcoin functionality into Internet Computer, allowing for the etching of Runes tokens and other BTC-centric features. This integration will allow for the creation of Bitcoin DeFi applications and smart contracts that can interact with Bitcoin’s blockchain. Interest in Bitcoin’s NFT-like Ordinals and the upcoming Runes protocol has driven development on the Bitcoin blockchain. Dfinity’s implementation of Threshold-Schnorr signatures will provide developers with tools to create efficient, low-cost, and non-custodial solutions on the Internet Computer platform.
Key Points
1. Dfinity is continuing Internet Computer’s embrace of the Bitcoin ecosystem by adding support for etching Runes tokens and other BTC-centric functionality.
2. The implementation of Threshold-Schnorr signatures allows ICP’s smart contracts to read Bitcoin addresses and sign transactions on-chain, with full implementation expected this summer.
3. Interest in Bitcoin’s NFT-like Ordinals and the upcoming Runes protocol has driven a surge of activity in development on the Bitcoin blockchain, with developers creating efficient, low-cost, and non-custodial layer-2 solutions, sidechains, or dapps.