Bitfinity Secures £7M Investment for Bitcoin Sidechain on ICP

In a significant stride towards advancing web3 infrastructure, Bitfinity Network recently secured an impressive £7 million funding collaboration led by Polychain Capital and ParaFi Capital. This financial injection propels Bitfinity's bold initiative to weave an innovative off-chain tapestry for Bitcoin and Ordinals.

Unveiling the Bitfinity Ethereum Virtual Machine (EVM)

Revolutionizing Bitcoin’s Efficiency

Bitfinity introduces the groundbreaking Bitfinity Ethereum Virtual Machine (EVM), seamlessly integrated into the Internet Computer blockchain. With a 100-fold increase in processing speed compared to Ethereum, the EVM not only accelerates transactions but also significantly reduces operational costs. This positions Bitfinity at the forefront of Bitcoin sidechain solutions, adopting a direct and effective approach over traditional intermediary bridges.

Bitfinity's Technological Backbone

Innovative Chain-Key Technology

Bitfinity's technological core lies in its novel approach to Bitcoin and cross-chain asset management. Using the Internet Computer's Chain-Key technology, smart contracts securely manage Bitcoin and Ordinal assets, enhancing security and transparency. This innovative method provides a robust alternative to conventional bridge mechanisms susceptible to security vulnerabilities.

Decentralized Finance Horizon Expands

Eliminating Congestion with Integration

The integration of Bitcoin with the Internet Computer blockchain earlier this year marked a new era in decentralized finance (DeFi). By eliminating hardware-based solutions, this integration minimizes trust issues in DeFi, addressing congestion challenges stemming from the success of the Ordinals protocol.

As Bitfinity prepares for the mainnet launch of its EVM, Ethereum developers stand to benefit from the Internet Computer's capabilities, coupled with Bitcoin's incorporation as a fully decentralized asset. This marks a significant milestone in Bitcoin's journey towards becoming a more versatile part of the DeFi landscape.

Bitfinity EVM's Notable Features

Solidity Smart Contracts and Chain-Key Scheme

One standout feature of Bitfinity EVM is its ability to facilitate Solidity smart contracts' access to ckBTC, a Bitcoin-backed asset, through the Chain-Key scheme. This promises to revolutionize decentralized applications, offering a fully decentralized stack, unparalleled processing speed, and lower transaction costs.

Bitfinity's Roadmap

Comprehensive On-Chain Indexers

Bitfinity's roadmap includes the integration of Taproot assets like Ordinals and BRC-20 tokens into its ecosystem. This strategic move aims to create comprehensive on-chain indexers monitoring transactions involving these assets, further enhancing the platform's capabilities.

Transforming Bitcoin's Digital Perception

As Bitfinity progresses, it holds the promise of reshaping how Bitcoin is utilized and perceived in the digital realm, positioning itself as a noteworthy entity to watch in the coming years.