The developers behind Internet Computer Protocol seek to decentralize the internet, enabling open-source alternatives to mainstream services and potentially replacing the current $3.9 trillion IT infrastructure. Achieving this goal would signify a significant transformation in internet operations, challenging traditional IT structures and revolutionizing sectors such as social media, gaming, and finance.
Here are the key blockchain updates from June, consolidated for your convenience. Dive in to stay informed with all the latest developments in one comprehensive read.
ICP Celebrates Their Third Anniversary
Internet Computer just celebrated its third anniversary, drawing attendees from across continents to DFINITY HQ in Switzerland. The event united 500 guests and 60 ecosystem partners, showcasing insights from 45 speakers. DFINITY CEO Dominic Williams highlighted key developments, including the launch of Chain Fusion’s Tritium Milestone, enabling seamless interaction with Ethereum and other EVM chains. Furthermore, the celebration featured the introduction of ckERC20 tokens and initiatives from 15 ICP HUB leaders worldwide, emphasizing global collaboration and innovation within the ICP community.
Additionally, the event marked the unveiling of ICP’s ambitious 4th-year roadmap, focusing on nine key areas, including Chain Fusion and AI integration. With Bitfinity’s launch as an EVM-compatible Bitcoin sidechain, developers can now leverage familiar tools for ICP development, ensuring compatibility and ease of migration for decentralized applications. Subsequently, the anniversary not only celebrated past achievements but also set the stage for future advancements, reinforcing ICP’s position as a leader in third-generation blockchain technology.
Unlocking Secure and Seamless Digital Identity with Verifiable Credentials on Internet Computer
Verifiable Credentials (VCs) represent a transformative leap in digital identity management, offering a secure, seamless, and privacy-preserving method for individuals to manage and share their credentials online. Whether it’s proving your identity for a financial transaction or gaining access to exclusive digital services, VCs provide a cryptographic means to verify claims without revealing unnecessary personal information. Notably, on the Internet Computer, VCs are powered by Internet Identity, a decentralized, federated service that ensures users maintain full control over their digital identities.
Furthermore, ICP’s implementation of VCs adheres to the W3C verifiable credentials standard, enabling interoperability and security across different applications and ecosystems. By leveraging blockchain technology, ICP eliminates the need for centralized authorities in identity management, ensuring that users interact directly with issuers and relying parties without compromising privacy. This approach not only enhances security — by making credentials tamper-proof and extremely difficult to steal — but it also streamlines the user experience, allowing for selective disclosure of information tailored to specific interactions.
Additionally, developers on ICP can now build innovative solutions that leverage VCs to address a wide range of use cases, from KYC processes in financial services to proving humanity for airdrop eligibility in crypto projects. By utilizing Internet Identity’s walletless approach, users can manage their Verifiable Credentials directly through a browser, avoiding dependencies on traditional app stores or centralized platforms. This accessibility is particularly beneficial in regions where digital wallets are not widely adopted, offering a versatile solution that bridges Web2 and Web3 applications seamlessly.
Genfinity Interviewed BitBasel, Solutio, and Personal DAO
Genfinity secured exclusive interviews with leading innovators within the Internet Computer (ICP) ecosystem, exploring how Personal DAO, Solutio, and BitBasel are reshaping entertainment, finance, and digital art ownership.
BitBasel has been instrumental in advancing the convergence of art and blockchain technology, culminating in their pioneering initiative to place art on the moon. This ambitious project, part of the Lunaprise Moon Museum, marks a significant milestone in merging artistic expression with technological innovation. Looking ahead, BitBasel is preparing for the launch of Ordinals on the Internet Computer, which promises to redefine digital art ownership and accessibility through blockchain technology. Scott Spiegel, Founder and CEO, emphasized their commitment to supporting artists and integrating Web3 technologies like AI and augmented reality, setting a precedent for future collaborations between art and emerging technologies.
Personal DAO, founded by Jesse Williams, seeks to revolutionize digital finance by providing a decentralized lending platform powered by DAO principles. Williams highlighted the project’s mission to empower you through data ownership and participation in a transparent, community-driven financial ecosystem. With plans to expand functionality and integrate multiple cryptocurrencies, Personal DAO aims to enhance user engagement and foster broader adoption within the ICP ecosystem. Jesse Williams envisions a future where decentralized finance solutions like Personal DAO mitigate the risks associated with centralized platforms, offering a more equitable and user-centric alternative.
Furthermore, we interviewed Solutio, a company bridging the gap between idea generation and execution through a collaborative platform that leverages blockchain technology. Their approach facilitates crowdfunding and community-driven development, catering not only to developers but also to content creators and problem solvers across various blockchain projects. Looking forward, Solutio plans to broaden its user base and enhance platform functionality based on community feedback, positioning itself as a versatile tool for collaborative innovation within and beyond the ICP ecosystem. Notably, the founders emphasized the importance of user-driven solutions in fostering a vibrant and inclusive decentralized ecosystem, advocating for collaborative ownership and shared prosperity across digital platforms.
Upcoming Event: Chain Fusion Day
Chain Fusion Day, hosted as a side event during EthCC, is a comprehensive conference aimed at exploring the capabilities of the Chain Fusion stack. Organized by Arche Capital, G-20, Aviate Labs, and the DFINITY Foundation, this full-day event on Wednesday, July 10 in Brussels, Belgium, gathers founders, builders, investors, and users interested in advancing multi-chain dApp development.
In essence, Chain Fusion simplifies the complexity of developing applications across multiple blockchains, leveraging ICP’s interoperability with major chains like Bitcoin, Ethereum, and EVM-compatible networks, with Solana integration forthcoming. Unlike other platforms, ICP allows smart contracts to interact directly with different chains, enabling innovative applications such as cross-chain ordinal marketplaces, Runes trading in Telegram, browser-based wallets, and multi-chain social dApps. The event features a Founder’s Breakfast and sessions throughout the day showcasing projects harnessing Chain Fusion and advocating for a future of interconnected blockchains.
Internet Computer Partners With Tap Protocol
Tap Protocol and ICP have teamed up to establish a trust-minimized bridge connecting Ethereum and TAP Protocol. This groundbreaking collaboration allows Bitcoin to integrate with Ethereum’s DeFi ecosystem, enabling seamless asset management across platforms and leveraging TAP’s innovative OrdFi features. By utilizing ICP’s Chain Fusion Technology, the partnership aims to enhance liquidity and accessibility for digital assets, empowering you to move freely between ecosystems and benefit from diverse financial services. Furthermore, this partnership marks a significant step towards bridging blockchain networks and expanding decentralized finance opportunities. Stay tuned for the upcoming MVP release!
ckUSDC Transactions Add Up to Over $2 Million
Chain-key USDC (ckUSDC) is a compliant token on the Internet Computer, designed to mirror USDC on a 1:1 basis, ensuring each ckUSDC can be exchanged for 1 USDC and vice versa. The minting and burning of ckUSDC tokens are managed by the ckETH minter canister, which processes transfers of USDC to and from its control. Notably, transactions involving ckUSDC are recorded by a ledger canister and archived for transparency, with an index canister providing account-specific transaction details.
Stablecoins like ckUSDC illustrate their potential to foster financial inclusivity on a global scale. Significantly, within its initial two weeks, ckUSDC facilitated transactions totaling over $2 million, highlighting its growing role in decentralized finance on the Internet Computer platform.
Introducing zCloak Network’s “Cloaking Layer”: Revolutionizing Fast & Low-Cost ZK Proof Verification
zCloak Network has unveiled its latest ZK verification layer product, known as the “Cloaking Layer,” which offers an efficient solution for rapid and cost-effective ZK proof verification. Addressing the current challenges faced by Ethereum, where ZK proof verification is both slow and costly, zCloak leverages ICP’s blockchain to implement its privacy layers. By utilizing ICP canisters to execute ZK verifiers compiled into WASM, the Cloaking Layer introduces a novel approach.
Moreover, it employs threshold ECDSA signatures to distribute ZKP verification results across multiple chains, ensuring robust interoperability. This innovation supports various existing ZK systems, paving the way for numerous new applications through its ZK-as-a-Service model. You can read more about this novel innovation on Medium.
ICP Creates an Educational Hub
Discover the ICP Education Hub, your go-to resource for comprehensive learning materials on the Internet Computer. Whether you’re a novice or an experienced learner, delve into a wealth of educational resources covering smart contracts, blockchain technology, and more. From beginner tutorials to intermediate courses, the ICP Education Hub offers tailored content to kickstart your journey into understanding ICP. Start exploring today and enhance your knowledge base with our diverse array of learning tools!
Bridging DeFi and CeFi: Helix Markets on the Internet Computer
Welcome to the intersection of decentralized and centralized finance, where Helix Markets is pioneering a revolutionary approach to crypto trading. By seamlessly integrating DeFi and CeFi through their innovative order book DEX built on the Internet Computer, Helix Markets offers you unparalleled access to a diverse array of assets across multiple blockchains.
Moreover, this groundbreaking initiative harnesses ICP’s Chain Fusion technology to eliminate traditional middleware, ensuring a secure, fast, and user-friendly trading experience. Helix Markets aims to redefine crypto trading by prioritizing true ownership and transparency, bridging the gap between decentralized principles and the reliability of centralized financial services within the Web3 ecosystem.
Internet Computer’s vision is to revolutionize global software infrastructure by replacing traditional software with smart contracts. This transformation is driven by ICP’s capability to empower smart contracts with unprecedented performance. Unlike Ethereum, ICP smart contracts can harness extensive memory and compute power comparable to modern CPUs, enabling applications like AI inference models directly on the blockchain. This exemplifies ICP’s potential to redefine the boundaries of blockchain-based applications, making complex computations and high-performance tasks feasible in a decentralized environment.
We hope you found these updates enlightening and that they’ve provided valuable insights into the advancements shaping the future of blockchain technology. Stay tuned for more innovations and developments as ICP continues to push the boundaries of what’s possible!
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