Internet Computer-Based 'Bitfinity EVM' Launches as Bitcoin L2, Supports Runes


The Bitfinity EVM is designed to allow developers to Bitcoin-based Solidity smart contracts, allowing them to transfer BTC and Runes.Internet Computer-based Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains.

lICP's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens.Bitcoin layer 2 Bitfinity has introduced its Ethereum Virtual Machine (EVM) to bring smart contracts Bitcoin protocols and harness Runes to enable Bitcoin DeFi apps.

Built on the Internet Computer (ICP) protocol, Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains. Internet Computer's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens.
The Bitfinity EVM is designed to allow developers to deploy Bitcoin-based Solidity smart contracts, allowing them to transfer BTC, Ordinals and Runes, according to an emailed announcement on Friday.

An EVM is a smart contract-executing software that powers the Ethereum protocol, similar to an operating system on a computer.Bitfinity is attempting to capture the interest in new Bitcoin protocol Runes, which launched around a month ago coinciding with the halving event, through introducing smart contract capability in order to use them as a platform to create Bitcoin DeFi apps.


 
                          



Runes, which allows fungible tokens to be minted on the Bitcoin blockchain, immediately sent network fees soaring following a flurry of activity following its launch. Activity has subsequently died down somewhat however.

The Bitfinity EVM (Ethereum Virtual Machine) has launched on the Internet Computer protocol as a Bitcoin layer 2 solution. This integration is designed to bring smart contract capabilities to Bitcoin, leveraging the Ethereum programming language Solidity. This allows developers to create Bitcoin-based DeFi applications and facilitates the transfer of Bitcoin, Ordinals, and Runes through these smart contracts​ .

The Bitfinity EVM aims to harness the potential of Runes, a protocol that enables the minting of fungible tokens on the Bitcoin blockchain. Runes gained significant attention and drove up network fees when it launched around the same time as the Bitcoin halving event. However, activity around Runes has stabilized since its initial surge​​.

By enabling asset bridging to other blockchains, the Bitfinity EVM aims to expand the functionality of Bitcoin and integrate it more deeply into the broader blockchain ecosystem​ ​. This move is expected to foster innovation and new applications within the Bitcoin network, particularly in the area of decentralized finance (DeFi).


Website: computerscientists.net

#BitfinityEVM
#InternetComputer
#Bitcoin
#Layer2
#Runes
#Crypto
#Blockchain
#EVM
#Decentralization
#SmartContracts
#Cryptocurrency
#Dfinity
#Defi
#Web3
#Ethereum
#CryptoNews
#TechInnovation

Location: 5QPHX825+26

Comments

Post a Comment

Popular posts from this blog

Cancer treatment : Vitamin D diet holds key? Here's what latest research reveals

Image
Vitamin D could be the next surprise and effective weapon against cancer, according to a study by scientists in the health sector, says a Fox News report. According to the study, a study on mice which included feeding them vitamin D rich diet could help increase immunity against cancer symptoms. Vitamin D changes the gut microbiome in order enhance effective cancer immunity and increases levels of the bacterium Bacteroides fragilis that depicts an improvement in cancer immune response. Vitamin D-based research can yield some effective results Although cancer is a complex disease with different kinds of evasion, Vitamin D can help in improving the immune system and help in destroying cancer cells. Moreover, some more research on this may help in developing some effective and targeted treatment using this new findings at hand. Vitamin D rich diet not only helps in cancer immunity, but is also good for overall health, finds study The study of mice that received vitamin D showed improved r
Read more

Cybersecurity Stocks To Watch Amid Shift To AI, Cloud

Image
You may think the time is right to move into cybersecurity stocks amid high profile hacking incidents. Also, buzz surrounding artificial intelligence is driving investor interest in cybersecurity stocks. And, federal government spending on cybersecurity should provide a boost in 2024, analysts say. As of June 7, the Computer Software-Security group ranked No. 99 out of 197 industry groups that IBD tracks. Cybersecurity stocks turned in mixed results for March/April quarters.Meanwhile, shares in CrowdStrike (CRWD) have advanced 36% this year. First quarter earnings for CrowdStrike stock topped expectations. Some Wall Street analysts tout cybersecurity stocks with cloud-based platforms, such as CrowdStrike, as the most likely market share gainers. Many companies aim to consolidate purchasing by buying from fewer security vendors, analysts say.Further, cybersecurity firms with the highest Composite Ratings include CrowdStrike stock, Palo Alto Networks (PANW) and CyberArk (CYBR).
Read more

ChatGPT: the latest news and updates on the AI chatbot that changed everything

Image
In the ever-evolving landscape of artificial intelligence, ChatGPT stands out as a groundbreaking development that has captured global attention. From its impressive capabilities and recent advancements to the heated debates surrounding its ethical implications, ChatGPT continues to make headlines. Whether you’re a tech enthusiast or just curious about the future of AI, dive into this comprehensive guide to uncover everything you need to know about this revolutionary AI tool. What is ChatGPT? ChatGPT is a natural language AI chatbot. At its most basic level, that means you can ask it a question and it will generate an answer. As opposed to a simple voice assistant like Siri or Google Assistant, ChatGPT is built on what is called an LLM (Large Language Model). These neural networks are trained on huge quantities of information from the internet for deep learning — meaning they generate altogether new responses, rather than just regurgitating specific canned responses. They’re not built
Read more