Bitfinity Network has recently secured £7 million in funding led by Polychain Capital and ParaFi Capital, marking a significant leap forward in advancing web3 infrastructure. This investment fuels Bitfinity's bold initiative to weave an innovative off-chain tapestry for Bitcoin and mainstream currencies.
Demystifying the Bitfinity Ethereum Virtual Machine (EVM)
Revolutionizing Bitcoin Efficiency
Bitfinity introduces its groundbreaking Bitfinity Ethereum Virtual Machine (EVM), seamlessly integrated into the Internet Computer Blockchain. With processing speeds 100x faster than Ethereum, the EVM not only accelerates transactions but also drastically reduces operational costs. This positions Bitfinity at the forefront of Bitcoin sidechain solutions, adopting a direct and efficient approach to replace traditional intermediary bridges.
Bitfinity's Technical Backbone
Innovative Chain-Key Technology
The core of Bitfinity's technology lies in its novel approach to Bitcoin and cross-chain asset management. Leveraging the Internet Computer's Chain-Key technology, smart contracts can securely manage Bitcoin and Ordinal assets, enhancing security and transparency. Compared to traditional bridge mechanisms prone to vulnerabilities, this innovative method offers a robust alternative.
Expanding the Decentralized Finance Horizon
Alleviating Congestion Through Integration
Earlier this year, Bitcoin's integration with the Internet Computer Blockchain marked a new era for decentralized finance (DeFi). By eliminating hardware-based solutions, this integration minimizes trust issues in DeFi and addresses congestion challenges spurred by the success of the Ordinals protocol.
As Bitfinity prepares to launch its EVM mainnet, Ethereum developers will gain access to the Internet Computer's capabilities alongside Bitcoin's role as a fully decentralized asset. This signifies a pivotal step in Bitcoin's journey toward becoming a more versatile component of the DeFi landscape.
Standout Features of Bitfinity EVM
Solidity Smart Contracts and Chain-Key Scheme
A standout feature of the Bitfinity EVM is its ability to facilitate Solidity smart contracts' access to Bitcoin-backed assets (ckBTC) via the Chain-Key scheme. This promises to revolutionize decentralized applications by offering a fully decentralized stack, unmatched processing speeds, and lower transaction costs.
Bitfinity's Roadmap
Comprehensive On-Chain Indexer
Bitfinity's roadmap includes integrating Taproot assets like Ordinals and BRC-20 tokens into its ecosystem. This strategic move aims to create a comprehensive on-chain indexer to monitor transactions involving these assets, further enhancing the platform's capabilities.
Redefining Bitcoin's Digital Perception
As Bitfinity evolves, it is poised to reshape how Bitcoin is used and perceived in the digital realm, emerging as an entity to watch in the coming years.
👉 Discover how Bitfinity bridges Bitcoin and DeFi
👉 Explore Bitcoin sidechain innovations
FAQs
Q: How does Bitfinity improve Bitcoin transaction speeds?
A: By leveraging its EVM and Chain-Key technology, Bitfinity achieves speeds 100x faster than Ethereum while reducing costs.
Q: What makes Bitfinity's approach to bridges unique?
A: It replaces vulnerable traditional bridges with secure smart contracts managed via the Internet Computer's Chain-Key system.
Q: How will Ordinals and BRC-20 tokens integrate with Bitfinity?
A: The roadmap includes an on-chain indexer to track Taproot asset transactions, expanding ecosystem utility.
Q: Why is this funding significant for web3 infrastructure?
A: The £7M investment accelerates the development of decentralized solutions bridging Bitcoin and DeFi.
Q: Can Ethereum developers use Bitfinity’s EVM?
A: Yes, Solidity developers can deploy smart contracts with native Bitcoin interoperability.