The developer team behind ICP is working on Bitcoin smart contract

On Jan 11, 2022

Dfinity foundation confirmed that they are working on the initiative of Ethereum co-founder to go with the multi-chain network future.

In November 2021, Bitcoin Taproot activated and that resulted in a big change for this crypto industry. According to experts and proponents of the Bitcoin community, Taproot Hardfork in Bitcoin was an event to introduce more privacy and efficiency in the Bitcoin network and also that was included to bring smart contract features on the Bitcoin network. But rarely did any crypto or blockchain developer talk about working on this new initiative.

But here this is non-profit organization Definity Foundation, a developer team behind the ICO coin which is ranking at twenty-third position in this crypto industry, is working on some kind of special engineering on the Bitcoin network to enable smart contract features.

Through the tweet, the Dfinity foundation confirmed that developers of Dfinity are following the point of view of Ethereum co-founder Vitalik Butterin, who said that the future of the crypto industry will be in multiple chains but not cross-chain because of the security issues.

Developers of ICP planned for a total of 3 phases to complete their work. The first phase has been completed and the next two phases are BTC- ICP integration in testnet and the final launch on mainnet.

2/ @VitalikButerin recently said, "future will be multi-chain, but it will NOT be cross-chain… fundamental limits to the security of bridges."

*Direct* integration is next-level cryptography… @dominic_w, @JanCamenisch and R&D called it!

Source: https://t.co/OEKC9QlfYF
— DFINITY Foundation (@dfinity) January 9, 2022

Now, the whole crypto community is waiting for the completion of the next two phases.

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However, no fixed time has been provided by the developers but soon they will do the same through the official roadmap release on this initiative.

Will update roadmap with elemental milestones soon… creating focus and increasing R&D velocity

Hear chatter that a developer preview is coming in a few weeks, then knock out phase 2 and 3. Will share ETAs once teams have finished assessing
— Michael Lee ∞ (@CashBowie) January 9, 2022

ICP coin

ICP coin is the native token of the Dfinity foundation. And this coin was launched for $400. Right now this coin is standing for $35.62, at the time of writing this article.

If we compare the price of this coin with other flagship assets then we will find that ICP is doing much better than others because this coin is 22% up over the last 7 days, while 27% up over the last 30 days.

Now after the news of Bitcoin ICP integration, ICP will surely gain better momentum but here we don’t recommend following this news as financial advice.