Internet Computer Protocol (ICP) announced that it had integrated threshold-Schnorr signatures and on-chain Bitcoin block headers into its network. The integration of these technologies enabled developers to use the blockchain network to develop new uses. The integration of these new components transformed the general perception of Bitcoin.
On August 13th, ICP announced the integration of threshold-Schnorr signatures and on-chain Bitcoin block headers on its decentralized blockchain network. This integration was done as part of the network’s Deuterium milestone, which will help developers create new Bitcoin-native use cases that will help extend Web 3.0 functionality by overcoming the limitations of traditional blockchain and smart contracts.
ICP integrates threshold-Schnorr signatures and on-chain Bitcoin block headers
The Internet Computer Protocol (ICP) is a decentralized cloud 3.0 protocol that enables developers to create and operate services and enterprise systems directly on a public blockchain network with unmatched scalability. Threshold-Schnorr integration allows ICP smart contracts to have improved functionality.
The ICP can leverage the threshold-Schnorr signatures to etch Runes, inscribe Ordinals in a fully decentralized manner, send and receive BRC-20 tokens directly on Bitcoin L1, and sign Taproot transactions. On-chain Bitcoin block headers will facilitate access to the full contents of a Bitcoin block, which is increasingly relevant as new meta protocols tend to write data in the block header. By integrating these new technological components, the Bitcoin network will be able to advance.
ICP’s advancement is set to benefit projects that include Omnity, Bioniq, and Helix Markets. Omnity will benefit by leveraging the Bitcoin Canister block header data to verify Bitcoin blocks from public RPC services independently. Bioniq, the first Layer-2 for Bitcoin Ordinals, will use threshold-Schnorr signatures for multiple upcoming projects facilitating trustless cross-chain transfer of assets. Helix Market users can leverage the new technologies to integrate with some of the world’s largest and fastest-growing crypto ecosystems. The integration will allow Helix users to access the 10 million active users that trade on Solana and $56 billion monthly trading volume on the network.
Threshold-Schnorr integration shifts the general perception of Bitcoin’s network
The integration of threshold-Schnorr signatures and on-chain Bitcoin block headers facilitated by the Deuterium milestone have helped shift the general perception of Bitcoin. The initial general perception was that Bitcoin was digital gold. However, the integration transformed the “digital gold” perception into a decentralized network, an infrastructure that supports a decentralized economy.
“It’s like having a universal translator for blockchains, allowing us to communicate and transact with ease. And the secret key? It’s like a riddle wrapped in an enigma, keeping our digital assets safe and sound.”
-Gorazd Ocvirk—Helix Markets Co-founder
Gorazd Ocvirk, Helix Markets Co-founder, said that integrating the threshold-Schnorr Signatures made Bitcoin a “universal translator for blockchains” as it facilitated easy communication and transactions across blockchains. The change in perception is also supported by the fact that Runes and BRC20 tokens generate triple the number of transactions that regular BTC had on the network. Builder activity is also evidenced by the Bitcoin network having over 68 million Ordinals inscriptions with a total fee of $459 million and over 15 million Runes transactions.
