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Steve Muchoki
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Dfinity’s Internet Computer announces integration with the Ethereum ecosystem. According to Dominic Williams, founder of Dfinity Foundation in a tweet, the Internet Computer and Ethereum will be integrated to utilize novel Chain Key cryptography and the integrated smart contracts.
Internet Computer was publicly launched last month to become a global internet with decentralized hosting. This will be accomplished through the development of decentralized apps and providing hosting for the cloud computing market.
The project also anticipates providing solutions to the scaling challenges experienced by Ethereum while maintaining decentralization and security. Its advantages are its reputation, a relentless expert cryptographers team, and the ICP token, which ranked in the top 10 cryptocurrencies at launch by virtue of its over $30 billion market cap.
William stated in a blog post that the epiphany of a ‘World Computer’ was accompanied by the idea of blockchain singularity. Through it, nearly all services and systems would be developed using smart contracts which would eliminate firewalls, increase services composability and autonomy. This will pave way for growth, innovation, and social freedom.
Internet Computer and Ethereum Integration
While both projects differ architecturally, William affirmed that this variance is necessary and that the two are more complementary than competitive. He also stated that Ethereum was a great inspiration for the Internet Computer and dismissed any arguments that the latter was marketed as Ethereum’s destroyer.
William has identified two stages for the Dfinity project integration with Ethereum. The first Stage being enabling smart contracts on ICP project through the Ethereum network. This, he stated, would enable Internet Computer smart contracts to create Ethereum and Bitcoin transactions related to the chains’ public keys.
Stage II would cater to the deficiencies of Stage I by maintaining a duplicate of Ethereum’s real-time state in proxy contracts. This will make Ethereum smart contracts available to Internet Computer smart contracts at almost no cost.
In his blog summary, William encouraged all working on blockchain to continue empowering it and providing solutions to its mass adoption, concluding with the statement ‘Blockchain is the new Internet.
Currently, the ICP price is trading around $108.92 according to market analytics provided by CoinMarketCap. Additionally, the asset is ranked at position 11 by market capitalization, with a market cap of $13,571,626,842. Notably, ICP token reported a daily trading volume of approximately $167,696,990.
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