The Dfinity Foundation recently announced the general release of the Bitcoin Chain Key, also known as ckBTC.
“Proposals 115468, 115470 and 115473 approved. Big thanks to all ICP holders who manually voted to make this a reality.”
📢#ckBTC now fully released
Proposals 115468, 115470, and 115473 have been honorably adopted.Thank you all #ICPeople who voted manually to make this happen
if you have #bitcoin In your wallet, you can now place #ICPhttps://t.co/IO6ZvIQbQt
— DFINITY (@dfinity) April 3, 2023
According to a blog post, ckBTC is backed 1:1 with Bitcoin, and the system works with “centralized custodians, no bridges, and no traditional cloud providers.”
ICP-based bitcoin derivatives are considered a “major breakthrough in blockchain interoperability,” with the technology integrating with bitcoin at the protocol level. The ckBTC system uses vaults called jars, which work with smart contracts rather than relying on custodians or bridges. Essentially, to get ckBTC, one needs to deposit BTC in exchange for ICP tokens, which can be withdrawn in the same way as exchanging ckBTC for real Bitcoin.
“Due to direct protocol-level integration, any container can send BTC transactions to the Bitcoin network via an ICP node.”
The company claims that the technology has great potential to add new use cases.
“Native cross-chain technology has the potential to enable new cross-chain functionality and unlock a host of 100% on-chain services, such as multi-token transactions or multi-token wallet systems, which would make sense.” Crypto User Experience,” Dfinity’s blog The article points out.
The announcement further details that some ICP-based Dapps, including Openchat, Iclighthouse, Plethora Game, and Distrikt App, already support ckBTC. While many blockchains have bitcoin-derived tokens, most rely on bridges or custodians. For example, WBTC, the largest bitcoin derivative, utilizes the Bitgo custodian for minting and redemption.
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