ICPSquad Weekly: Bitcoin Integration Arrives

Geoffrey Miller
Geoffrey Miller
ICPSquad Weekly: Bitcoin Integration Arrives

At long last, it seems ICP's integration with Bitcoin has finally arrived! Things continue to look up for the Internet Computer.

At long last, it seems ICP's integration with Bitcoin has finally arrived! People who have been with the Internet Computer since the beginning will recall that Bitcoin integration was originally scheduled for the end of 2021 Q1. Not only that, but according to Manu Drijvers, a cryptographic researcher at DFINITY, Ethereum blockchain integration may also rollout before November 2022 ends.

This is the moment many have been anxiously anticipating. While it's not unusual for blockchain projects to encounter setbacks and delays, the debut of Bitcoin integration on ICP's mainnet will no doubt alleviate any remaining concerns that investors may have about the DFINITY Foundation's ability to deliver on its promises. After all, if ICP's blockchain can combine Bitcoin with smart contracts and run all traditional Web2 services at Web speed, the sky's the limit.

Implications of the Internet Computer are Spreading

In the aftermath of the FTX collapse and Sam Bankman-Fried's unraveling, negative press about ICP and other alt-coins that were perceived as competitors to Solana has seemingly dried up. People are beginning to realize the enormous potential of ICP's blockchain, including the fact that it already works and has attracted the fastest growing and largest organic developer base in crypto.

The fact that the Internet Computer was ignored and dismissed for so long will no doubt catch some projects off-guard. For example, with the debut of HTTPS Outcalls on the mainnet, ICP has not only rendered oracles obsolete but has also removed the primary use case for Chainlink. One can't help but wish the mainstream media had done a better job covering the Internet Computer to prevent such unpleasant surprises for people involved in other projects.

Conversations around Web3 Security

In case you missed it, Robin Künzler and Roel Storms, who work in the Security department at DFINITY, posted a discussion on YouTube on November 23, 2022. They discussed the challenges involved in storing confidential data and managing inter-canister calls. They also talked about ways hackers can attack, which developers must guard against.

Helge Bahmann, who PhD in Mathematics and Computer Science, also posted a talk about side channel attacks, which can leak data from a vulnerable system. Many have assumed that such attacks require a reliable clock to measure execution times of cache operations. However, Dr. Bahmann thinks an attack could use cashe evictions to amplify the signal enough for even an imprecise clock to work well enough. He talks about how the Internet Computer defends against this new evolution of side channel attacks and protects WebAssembly execution engines.

Taking Stock After FTX Fallout

In the wake of FTX's downfall, conversations have turned toward the future of crypto. Where do we go from here? As more people take notice of the DFINITY Foundation's alternative to cloud-based proprietary API, the Internet Computer is emerging as the obvious choice for the future of Web3. Bitcoin Renegade hosted a conversation recently with many prominent ICP community influencers to unpack the impact of FTX's collapse on the Internet Computer's future.

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  • Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.

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