While the IC has already successfully deployed its BTC integration, allowing users to transact directly with the BTC blockchain via canister smart contracts, there is yet another exciting development coming through.
The Bitfinity EVM development is the next step for the IC and will see added functionality coming to the blockchain. The new Bitfinity EVM technology is being deployed in order to create functionality that is not only on par with that of Ethereum and the EVM but, in fact, surpasses it in terms of speed, capability, and affordability of transactions.
A New EVM Development for a More Connected Blockchain
The Bitfinity EVM, which is in development, will improve the connectivity and usability of the IC blockchain. The development is eagerly anticipated, with users of the IC blockchain looking forward to enjoying full EVM compatibility and the cross-chain interoperability that this will bring.
One of the difficulties being overcome in the development of the Bitfinity EVM is the differing transaction times between the two blockchains, with the IC having a block time of 1 second, while for Ethereum, it is closer to 15 seconds. While this improved speed is an impressive feature of the IC blockchain, it makes transaction mapping a little tricky and is an issue that must be overcome in development before the Bitfinity EVM can be rolled out.
The Next Iteration of DeFi
Once these difficulties facing the network's talented core developers are ironed out, and the Bitfinity EVM is live, the IC will be ready to level up in terms of performance. With so many chains in existence being EVM-compatible, a wider market of tokens will be opened up to IC users for interaction.
This will undoubtedly have a disruptive impact on the Defi space as we know it, opening the door for new and exciting DeFi applications to be built on the IC blockchain.
With improved speed and throughput for transactions on the IC network, it will make sense to use the IC as your DeFi blockchain, regardless of which EVM-compatible network hosts the DeFi protocol you wish to interact with.
Bitfinity EVM-Enabled Cross-Chain Interoperability
Currently, several cross-chain bridges can be accessed on the IC network, allowing for cross-chain functionality of user's tokens. More are on the way. With the Bitfinity EVM in development, there are more and more bridges coming online for tokens, making the IC ecosystem more diverse, more connected, and more effective in terms of the network effect.
Features of the IC protocol, such as the proof-of-useful-work consensus mechanism and chain key cryptography, improve transaction speeds and scalability to unprecedented levels in a fully EVM-compatible environment. The introduction of the Bitfinity EVM will mean large-scale improvements for the IC network.
Why the Bitfinity EVM will be Successful
With a track record of coming through on deliverables such as the BTC integration, it looks like the next development will also be a success. With a knowledgeable, capable team building the Bitfinity EVM, it is a safe bet for a successful rollout.
By fulfilling users' needs for more efficient multi-chain interoperability between chains, the new Bitfinity EVM will be extremely well-positioned for success.