2024

Internet Computer

DeFi

Bitcoin

GIANT

Bitcoin’s base layer has a few limitations, including integrating DeFi applications and smart contracts. 
To address this, The ICP (Internet Computer Protocol) introduces leading-edge cryptography to integrate DeFi applications and smart contract features into Bitcoin’s Baselayer. 
<h5>Integrating Threshold-Schnorr Signatures</h5> 
<a href="https://github.com/chainx-org/chainx-technical-archive/blob/main/LiuBinXiao/Taproot/06_Schnorr%20threshold%20signatures%20FROST.md#" target="_blank" rel="noopener">Threshold-Shnorr signatures</a> enable multi-signature transactions. It’s like two parties signing documents without revealing their private key information. <a href="https://internetcomputer.org/" target="_blank" rel="noopener">ICP’s</a> integration of threshold-Shnorr signatures will serve many functions. It will enable smart contracts to derive addresses and approve Bitcoin transactions. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 One GIANT leap for mankind (and Bitcoin DeFi!)<a href="https://twitter.com/hashtag/ICP?src=hash&amp;ref_src=twsrc%5Etfw">#ICP</a> introduces a new era with threshold-Schnorr signatures 
 ICP smart contracts will be able to etch Runes, inscribe Ordinals, send &amp; receive BRC-20 tokens &amp; sign taproot transactions directly on Bitcoin<a href="https://t.co/Y4P9JfU8gU">https://t.co/Y4P9JfU8gU</a> 
 — DFINITY (@dfinity) <a href="https://twitter.com/dfinity/status/1780233668675473442?ref_src=twsrc%5Etfw">April 16, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The integration of Threshold-Shnorr signatures will lead to a lot of functionalities, including: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Signing Shnorr signatures for etching <a href="https://www.altcoinbuzz.io/?s=runes" target="_blank" rel="noopener">Bitcoin Runes</a>.</li> 
 <li style="font-weight: 400;" aria-level="1">Interacting and bridging BRC-20 tokens on Bitcoin’s Baselayer.</li> 
 <li style="font-weight: 400;" aria-level="1">Registering ordinals on the blockchain network without the need for an intermediary.</li> 
 <li style="font-weight: 400;" aria-level="1">Signing taproot transactions.</li> 
 <li style="font-weight: 400;" aria-level="1">Re-registering or re-inscribing ordinals&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Acting as a bridge between Ethereum DApps and the Bitcoin blockchain.</li> 
</ul> 
So, developers can build new applications from scratch. The implementation of the threshold-Shnorr signature will be out halfway through 2024. This integration has so much more to it. Shnorr’s signature provides features like “Batch transaction.” Bitcoin network experiences network congestion whenever it processes many transactions. Integrating Shnorr’s signature allows for batch transactions without system failures. 
An extra feature is the introduction of new use cases on Bitcoin. Shnorr’s will make inscribing ordinals a lot easier,” said Connolly <a href="https://dfinity.org/" target="_blank" rel="noopener">Dfinity’s</a> research scientist during Blockchain Week in Paris. 
<h5>How will Crypto React to ICP integrating Threshold-Shnorr?</h5> 
It’s the crypto space. Humans are active participants here. Everybody might not agree with it, but it’s an improvement on the Bitcoin blockchain. Those who fancy the idea of a more decentralized system would welcome this with open arms. At the same time, others will be skeptical about this integration. It’s natural to respond that way. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The <a href="https://twitter.com/search?q=%24ICP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ICP</a> &lt;&gt; <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> integration is just getting warmed up imo 
 Lots of innovation to come with Bitcoin DeFi on the Internet Computer 
 Looking forward to the future of building <a href="https://t.co/vb8NwCr9k1">pic.twitter.com/vb8NwCr9k1</a> 
 — Aaron <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f18e.png" alt="🆎" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@AaronBremser_) <a href="https://twitter.com/AaronBremser_/status/1780544996472397892?ref_src=twsrc%5Etfw">April 17, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The integration of Shnorr’s signatures is a means for decentralized interactions. The smart contract functionality indicates the significance of security and efficiency in transactions. This integration reflects how intentional the crypto space is about advancing its technology. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a> 
<div class="youtube-embed" data-video_id="5zaFANIU2cg">
 <iframe title="NEXT BIG Metaverse! Better than Sandbox &amp; Decentraland" width="696" height="392" src="https://www.youtube.com/embed/5zaFANIU2cg?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h6>Disclaimer</h6> 
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. 
The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/icps-schnorr-integration-enables-bitcoin-defi-capabilities/">ICP’s Schnorr Integration Enables Bitcoin DeFi Capabilities</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

ICP’s Schnorr Integration Enables Bitcoin DeFi Capabilities

Altcoin Buzz

Other articles published on Apr 17, 2024

Coinbase Layer-2 Network Base Contributes $26 Million Profit, Strong Outlook Ahead

Bitcoin Halving Could Trigger ‘Buy Rumor, Sell News’ Phenomenon, Suggests Crypto Payments CEO

Introducing Anomaly: AI-Powered Layer 3 for Gaming powered by Arbitrum Orbit, built on Gelato Raa...

Best Sloth-Themed Crypto Gem Announces Its Launch Day – Best Meme Coin to Invest in Now?

Cryptocurrency Immutable Rises More Than 3% In 24 hours

Chainlink Gains Momentum with Potential for Significant Returns

Join our free newsletter for daily crypto updates!