Bitfinity Network has announced a groundbreaking development in the blockchain space by enabling Ethereum Virtual Machine (EVM) compatibility on the Internet Computer (ICP) platform.
This move allows for seamless integration of Ethereum’s smart contract functionality with Bitcoin-based assets, marking a significant milestone in cross-chain interoperability.
The Bitfinity Ethereum Virtual Machine (EVM)
The protocol’s Execution Layer launch introduces the Bitfinity Ethereum Virtual Machine (EVM), a Bitcoin sidechain built on the Internet Computer’s tech stack. This innovation enables Solidity-based decentralized applications (dapps) to access tokens on the Bitcoin network, including BTC and Runes.
Through this integration, Bitfinity upgrades the Internet Computer’s capabilities to support Solidity, enhancing the platform’s utility and opening up new possibilities for developers.
Bitfinity leverages Chain Fusion technology, enabling direct interoperability with major blockchains such as Bitcoin and Ethereum without relying on trusted intermediaries. This approach enhances security and transparency compared to conventional bridging mechanisms, providing a robust foundation for decentralized finance (DeFi) applications.
Runes, a protocol for creating fungible tokens on the Bitcoin blockchain, is fully supported by Bitfinity EVM, empowering developers to build innovative Bitcoin-native DeFi applications.
Additionally, Bitfinity plans to introduce open-source bridging capabilities for BRC20s and Ordinals, further expanding the platform’s interoperability.
Targeting Ethereum developers
The Bitfinity EVM offers Ethereum developers a familiar environment with enhanced scalability, speed, and cost-efficiency provided by the Internet Computer’s consensus mechanisms.
With support for up to 1000 transactions per second (TPS) and fast finality, Bitfinity simplifies the development process for multi-chain applications.
One of the key features of Bitfinity’s framework is its gas-free environment during the mainnet rollout phase, incentivizing developers with fee-free transactions. This approach streamlines the development process and encourages innovation within the ecosystem.
Max Chamberlin, Founder of Bitfinity, has expressed excitement about the launch, emphasizing its potential to simplify the bridging experience for Bitcoin-based assets and Ethereum’s smart contract functionality. Chamberlin highlighted the firm’s commitment to pioneering trustless multi-chain bridging through open-source and community-oriented solutions.
Bitfinity’s integration with Internet Computer’s threshold signature schemes facilitates seamless asset integration from different blockchains.
This transparent approach distinguishes Bitfinity from other solutions in the Bitcoin-rollup ecosystem, emphasizing greater transparency and simplified user experiences.
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