#IC fans
Finally, we are very close to tapping in the liquidity of #BTC. There is no doubt this will generate immense value.
But what about the integration with #ETH? How will this integration help both the #IC and #ETH? A thread 🧵👇
Finally, we are very close to tapping in the liquidity of #BTC. There is no doubt this will generate immense value.
But what about the integration with #ETH? How will this integration help both the #IC and #ETH? A thread 🧵👇
First of all, by direct integration we mean that #ETH smart contracts can directly call into canisters on the #IC, and that the #IC canisters can directly call into smart contracts on #ETH. Canisters will be able to hold $ETH, no trusted third parties or bridges!
At the moment, dapps on #ETH have frontends that live on centralized clouds. Websites served by canisters can securely interact with general canisters on the #IC, so if these canisters can interact with smart contracts on #ETH, dapps on #ETH can be made end-to-end decentralized.
Storing data on Ethereum is very expensive, not viable at all. But with the direct interoperability of canisters and smart contracts on #ETH, #ETH dapps can utilize the superpowers of the #IC: low-cost, tamperproof and unstoppable storage on-chain (think of NFTs).
The #IC can use #ETH as a settlement layer, this has been discussed before. One might create a Decentralized Exchange using canisters on the #IC (no centralized cloud providers), but with flows of value and assets settled on the Ethereum blockchain.
Internet Identity for #ETH dapps: we #IC fans know how convenient II is by authenticating ourselves to #IC services using our physical devices like Face ID, fingerprint sensor or a YubiKey. Just imagine how convenient it will be for #ETH dapps users once they have access to II.
And last but not least: tapping in the liquidity of #ETH DeFi. At the moment, DeFi on #ETH has roughly $126 Billion TVL. Just imagine that the #IC has access to even a fraction of that. The marketcap of $ICP at the moment is roughly $4.2 Billion.🤯
Let there be no doubt of how immensely valuable this integration will be for the #IC. As @dominc_w himself said: ``We stand on the shoulders of giants, and are friends of Ethereum, and always have been.’’ Stay humble and keep building.
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