ICP’s 2022 Roadmap Includes Bitcoin and Ethereum Integrations

Dfinity Foundation’s Internet Computer blockchain has laid down its plan for the year 2022 aiming to overcome the limitations of traditional blockchains and smart contracts for better speed, storage costs, security, and scalability.

BTC and ETH Integration Incoming

The Internet Computer is a public blockchain that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. The protocol was launched in May 2021 after years of development by Dfinity, a nonprofit firm based in Zurich.

As per ICP’s 2022 roadmap, the Bitcoin integration is set to be launched as part of Dfinity’s ‘Chromium Satoshi Release,’ in Q1 2022. This upgrade will include the addition of smart contracts to the Bitcoin blockchain using the ‘Chain Key cryptography,’ technology that removes the need to use a bridge.

This will aim to make the network more secure since bridging can open the network up to malicious actors.

That said, a blog by the organization further stated that smart contracts on the Internet Computer ‘will be able to hold, send and receive Bitcoin, without the need for private keys.’

On the other hand, integrations with Ethereum are set to roll out in Q3 2022 with the ‘Vanadium Vitalik Release.’ Further details about the ETH integrations are awaited from Dfinity. 

ICP’s Growth

Just a couple of days back on January 29, ICP completed a record 2 million transactions presenting a more vibrant network. Additionally, the protocol’s burn rate has been going parabolic, with over 18K ICP burned since the Genesis launch in Q2 2021. 

In terms of price, however, ICP’s trajectory has been more or less stagnant with the altcoin oscillating at  $19.14 noting close to a 6% price fall over the last day.

Further, ICP was down 96.10% from its all-time-high price of  $491.02 in May 2021. The altcoin’s short-term and mid-short term ROIs vs USD noted negative returns. Notably, ICP’s three-month ROI vs USD at press time was -59.95%.