$ICP BRINGS DEFI TO BITCOIN

$ICP BRINGS DEFI TO BITCOIN

[Music]
welcome back we are now hearing that the
internet computer will support not only
Bitcoin runes but Bitcoin ordinals and
Bitcoin defi directly from the internet
computer blockchain that’s what we’re
going to be discussing in today’s video
we’re going to be exploring this
technology understanding how it works
what it’s going to do how it benefits
the internet computer ecosystem as well
as the Bitcoin ecosystem and understand
a little bit more about the technology
that has been rolling out from the
internet computer protocol make sure you
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as $1.99 a month so anyway uh we are now
post Bitcoin having 2024 the new daily
issuance rate is about 450 Bitcoin for
the next four or so Years and we’re
seeing that Bitcoin ordinals continues
to expand with the Bitcoin runes
protocol launch taking place and
definity continued the internet
computers Embrace a Bitcoin ecosystem by
adding support with the ability to etch
runes tokens which is basically an
ordinal ecosystem and other Bitcoin coin
Centric functionality directly from the
internet computer according to the team
waiting into an increasingly crowded
pool of developers preparing for the
launch of Bitcoin runes definity said
that bitcoin’s layer zero upgrade makes
it possible to etch runes send and
receive brc2 tokens on the Bitcoin
blockchain and also create defi
applications directly from internet
computer internet computer’s latest
Bitcoin integration comes with the
implementation of threshold schnore
signatures which will allow ICP smart
contracts which power daps on and other
onchain activities to read Bitcoin
addresses and sign transactions onchain
this implementation is going into effect
in 2024 this threshold schnore
integration is primarily about
functionality and efficiency according
to the definity senior research
scientist she said that it’s simpler
ecdsa which I believe is uh chainkey
technology the existing Bitcoin
signature scheme and hence much easier
to analyze and say meaningful things
about security now we know Bitcoin layer
2 developer bitfinity unveiled plans to
use the evm side chain for the creation
of Bitcoin ordinals using ICP and then
in November of 2023 bionic launched
Bitcoin ordinals Marketplace on the IC
CP Network so you guys can see internet
computer has already been integrating
this technology and already in this
conversation for years at this point and
not only have they been talking about it
but it’s even on the definity Forum you
can see this post from May of 2023
called integration with brc2 and
ordinals Via T schnor he said let’s
Kickstart the discussion on
decentralized snor signatures and
bringing in the nassin token standards
on bitcoin to the internet computer the
internet computer has powerful
capabilities with Bitcoin and could in
time serve as a powerful Layer Two on
bitcoin transactions he said we’ve
already seen the ordinal token built on
the schnor signature scheme which was
enabled by the segwit and Tapo Forks
reach over1 billion dollar in market cap
despite this Bitcoin does not have a
suitable defi layer almost all websites
that allow for trading these tokens are
centralized the internet computer with
its decentralized key signing
infrastructure and HTTP outall
technology therefore has a powerful
opportunity to capture the defi market
for these tokens by building
infrastructure that supports schnor
signatures if the internet computer does
not move fast in this direction it will
only be a matter of time before
competitors like Stacks incorporate the
technology he said there was strong
support in the community for this
feature with B bitfinity crowdfund nft
Sonic and others voicing their support
as such they’re going to start a
community conversation to Kickstart the
development of this feature with a focus
on how they can bring this feature to
Market as soon as possible okay so let’s
just break this down because this is big
guys this is really big and don’t forget
to give this video a free thumbs up
because my opinions are free and so are
thumbs up but crypto is not uh so here’s
the deal guys just recently this channel
has pivoted big pivot right big big
pivot not really from an investment
standpoint because we weren’t really
invested in cardano for years at this
point but really from a a Content
strategy standpoint and a lot of this
decision was because of the lack of
interoperability that we’ve been
promised in the cardano ecosystem for
for years at this point I’ve been
following cardano since 2017 on on this
channel since 2018 and we’ve been
hearing integration after integration
after integration we’re going to have
interoperability we’re going to have
Bridges and none of that came to
fruition none of it none of it meanwhile
in Internet computer and one of the
reasons I’m so bullish on ICP and by the
way when I’m recording this video I
don’t even hold ICP just to let you guys
know I’ve been trading it and I I I’m
looking for a new entry point the new
entry point may be the final entry point
for this cycle because I do think that
at some point the Market’s going up only
but uh bottom line is I think the ICP
Community gets it like you don’t have to
hold a coin to be bullish on it right
the same way that I can love Target or
Walmart but I don’t have to hold their
stock right it’s kind of the same thing
but bottom line
is the the the teams that are working on
internet computer back in May less than
one year
ago said we need to get this on internet
computer and integrate with Bitcoin ASAP
before other protocols do it and guess
what internet computer is the first one
in less than one year they talked about
it they developed it and they’re
deploying it in less than one
year this is why I’m bullish on ICP
because as I’ve explained the bare
markets are for building we are now in a
bull market we’re posst having so
anything go forward any any project that
says oh this is what we’re going to do
any company that says oh this is what
we’re going to
do they’re not doing it they’re going to
do it at some future point and they want
you to invest and Hope
and pray that your investment will stay
elevated into a bare Market when they
may deploy the technology it it
really is it really is in less than a
year we went from
concept to
deployment and I don’t see how any other
blockchain is even coming close and this
is the things that I’m looking at in
this cycle in all of the cryptos in all
of them to see what they’re going to do
what what they’re going to deploy how
they’re going to deploy it you know it
uh cryptos like Bitcoin and ethereum you
can’t really count on it anymore because
to change anything on ethereum it takes
years and years and years anything on
bitcoin it takes years and years to
change and so really the the
accelerating of the technological
advancements are going to be in the
newer coins and this is something we’ve
been talking about for a while on this
channel a lot of this I think has to do
with just as companies get bigger and
therefore cryptos get bigger there
becomes more bureaucracy there’s more
people who don’t agree with oh I don’t
want to do that we want to do this and
another company or another you know
investor or whatever says no we want to
do this we don’t want to do that and
then it just becomes nothing gets done
because everybody’s trying to do their
own thing right and with a it’s the same
thing with companies right with
corporations if you have a startup it’s
a lot easier that’s why you see elevated
and escalated growth in startups because
large companies like Amazon it takes
forever to do anything right if they
want to change like you know the just
their logo on their website it’s
probably going to take two years I
worked at a company they spent about uh
I think three years and like $7 million
to figure out you know what what was the
best like um dress code for the office
and I was like this is what you guys
spend money and time on like what’s the
best dress code for the office like this
is ridiculous anyway uh yeah that’s
that’s basically how companies work so
understanding
that in crypto and especially in a
decentralized development ecosystem
right somewhat some of it is not fully
decentralized because you do have
definity you do have probably some top
tier developers that are kind of pushing
Direction but generally speaking like
this is decentralized in nature all of
crypto so anything can be implemented
right this the same thing with cardano
like there were people in cardano and
developers in cardano who wanted to
implement usdc and then it got pulled
back how is that decentralized how is
that decentralized if a developer wants
to develop a technology to integrate
with another technology that is highly
regulated highly used high volume and
they they can’t do it they can’t do it
meanwhile definity and the developers in
these
ecosystems are moving at lightning speed
lightning speed this is a huge
difference and it’s not just cardano I
mean I’m picking on cardano because we
just talked about xrp is the same thing
right for years years and years Ripple
has been saying oh eventually we’re
going to make our customers use xrp
eventually everybody’s in the world is
going to be using xrp nobody’s using it
right yeah I’m not saying nobody but
compared to the world’s population
nobody is using Ripple has a very small
customer base and
xrp is not even mandatory in using
Ripple
n right so like I mean how can how can
xrp compete
with internet computer which is able to
talk about an idea and have it
implemented within one year to be the
first blockchain integrating ordinals
Defi and
nfts on bitcoin at the base
layer so essentially ICP is the Bitcoin
layer
too and it’s the first Bitcoin layer
to and there’s other chains that they
can’t even be a layer to to themselves
so in my view yeah internet computer is
way Superior it is it just is and I
don’t know exactly whether the schnore
signature scheme is also has to do with
chain Fusion technology or this chain
key technology it sounds like it was
kind of uh developed out of chain key
technology which now internet computer
has rebranded to chain Fusion which
basically enables ICP to directly
interoperate with all major blockchains
including Bitcoin ethereum and other
EVMS without relying on any trusted
intermediary unique compared to other
blockchains internet computer smart
contracts can read from and write to
different chains enabling developers to
write smart contracts spanning different
chains that’s what chain Fusion is
called we also know that near protocol
recently uh announced that they’re going
to be using the same type of Technology
the chain key technology and also I’ve
been uh doing a lot of research on Zeta
chain which seems to be using this same
technology as well I maybe they’re doing
it in a different way but basically
their Zeta chain is also able to
interoperate with many blockchains
through read and write capabilities on
those blockchains as well so I don’t
know whether they use chainkey
technology or another technology that’s
very similar but it’s all basically in
the same realm of this new version of
interoperability interoperability used
to be bridging coins from one chain to
another and now it’s natively using
those chains on the chain that you feel
comfortable using like internet computer
or Zeta chain or um the other one that
we just talking about I forgot already
anyway uh so you guys kind of get the
point on that anyway uh we also are
hearing that IC token which is the one
of the first internet computer Dows it’s
the first swap platform that was also
turned into a dow on internet computer
they’re thrilled to announce that IC
token has been listed on the world’s
largest independent crypto data
aggregator coin GetGo
and so you know this coin is used for
the environment of ICP swap so you can
go into the internet computer you can go
to the ICP swap website and connect your
wallet and then swap between one coin to
another and it is um within the ICP Dow
ecosystem ICP uh blockchain funded it’s
just another example of the growth of
Internet computer and how they’re
they’re literally moving at lightning
speed they’re blazing ahead of many of
the blockchains and so I don’t I don’t
see how internet computer does not enter
I don’t have any I don’t have any
thesis where ENT internet computer is
not going to be entering the top 10
cryptos this cycle because we know at
least two of these cryptos I believe are
out of the top 10 this cycle xrp and
cardano based on just the
interoperability capabilities or lack
thereof and so internet computer will
enter the top 10 in my view I’m sure
many of you guys would agree with me but
remember I’m not telling you that this
will happen because I don’t know I can’t
predict the future and neither can you
we can only speculate and all of this is
just my opinion and I could be wrong so
do your own research but do me a favor
give this video a free thumbs up before
you guys leave hit the Subscribe button
and I’ll see you guys tomorrow invest
responsibly do your own research and
internet computer on

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