Blockchain project Internet Computer’s developer company DFINITY shared details of their work on SHIB and Dogecoin. The announcement is of great interest to the SHIB community.
DFINITY Foundation gives good news for SHIB and Dogecoin
The nonprofit that develops the Internet Computer (ICP) Blockchain announced the Shiba Inu integration, in a new tweet. The company announced that users can keep their SHIB tokens local on the Internet Computer network. Accordingly, SHIB and DOGE investors will now be able to hold their tokens locally on Internet Computer. In the announcement, DFINITY also emphasizes that users will not need a bridge.
You can soon hold #DOGE or #SHIB natively on the #InternetComputer thanks to Chain Key ECDSA – no bridges ♾️🔥 https://t.co/0FlrBUBwfS
— DFINITY (@dfinity) December 9, 2022
Internet Computer is a secure, decentralized and cost-effective Blockchain network that aims to expand the functionality of the internet. It is hosted on a network of machines distributed around the world. It’s powered by the next generation of mega apps (decentralized versions of Uber, eBay, Facebook, and more).
Dfinity, the organization behind the project, claims that Internet Computer can complete transactions in one to two seconds. By comparison, Bitcoin takes about 10 minutes and Ethereum 15 seconds (depending on network congestion). Dfinity has now announced that users can keep SHIB or DOGE locally on the Internet Computer network. The project team had announced for the week that it was introducing a new functionality for Bitcoin.
Internet Computer (ICP) brings smart contract functionality to Bitcoin
On December 5, the DFINITY team announced the mainnet integration of Blockchain with Bitcoin. The project thus brings advanced smart contract functionality to the world’s largest cryptocurrency. ICP now provides a Tier 2 service where smart contracts on the Blockchain can hold, send and receive Bitcoin. Meanwhile, it eliminates bridges or other third parties, just as it does with DOGE and SHIB. In particular, it provides a reliable foundation for various DeFi and Web3 applications that want to encode Bitcoin.
DFINITY Foundation Engineering Director Manu Drijvers explained what integration means for Bitcoin, SHIB and Dogecoin in his statements on the subject:
Blockchains are like walled gardens that cannot interact with each other. When it comes to Bitcoin, it’s the apps that can benefit most from interacting with the world’s biggest, such as DeFi apps. Internet Computer’s integration with Bitcoin is a real game changer for the industry, finally bringing smart contract functionality to Bitcoin and providing a whole new DeFi and dapp development environment that was never possible before using BTC. We’re incredibly excited to see how developers interact with this revolutionary functionality.
How about SHIB, Dogecoin and ICP prices?
All three cryptocurrencies were moving sideways during the days when the announcements were on the agenda. ICPC price is trading around $4.30 away from any strong moves. As you follow on Kriptokoin.com, Bitcoin was fluctuating around 1% at this time.
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