Close Menu
    Bitcoin

    Exploring the Surge in Chain Fusion Protocol Adoption on Internet Computer: A 1,230% Increase Fueled by Bitcoin Apps and AI Integration

    By No Comments2 Mins Read
    HI DeFI boom tokens, The DeFi boom prompted a nonfungible tokens rebirth, tokenization technology, push, blockchain, fountain, rapid growth, B-man, bitcoin, pump

    30s Summary

    Internet Computer’s Chain Fusion protocol use has skyrocketed by 1,230% over the past year, driven largely by Bitcoin apps, with total network activity volume on all Internet Computer protocols up 150% year-on-year. Chain Fusion enables ICP to directly interface with the Bitcoin network, facilitating the use of smart contracts without needing other trusted bridges. The protocol plans to integrate with Solana, while AI firm DecideAI has fully moved an AI model onto the ICP blockchain, a novel method of launching models onchain.

    Full Article

    The messaging protocol Chain Fusion belonging to Internet Computer (ICP) has seen a huge rise in use over the past year. There’s been a whopping 1,230% increase, largely from apps that use Bitcoin. It’s been a major help for Bitcoin apps like Rainbow Protocol, Tap Protocol, and Bitfinity who are using ICP to run smart contracts and lots of complicated programs.

    In simple terms, Chain Fusion is like a bridge that lets ICP interact directly with the Bitcoin network. This makes it possible to use smart contracts with Bitcoin without the need for any other trusted bridges.

    Internet Computer is basically a protocol that helps independent data centres around the world pool their resources together to provide a decentralized alternative to the standard centralized internet providers.

    All in all, network activity on all Internet Computer protocols has jumped 150% year-on-year.

    With the 2021 Taproot upgrade for the Bitcoin network, lots of Bitcoin-native decentralized exchanges (DEXs) and layer-2 scaling solutions have cropped up. The total value currently held on the Bitcoin network now surpasses a hefty $2.6 billion.

    Bitcoin’s new DEXs are still in the early stages and face limits due to a lack of interaction between DEXs. Ideally, what’s needed is someone who can level out prices and help users run smoothly.

    Looking ahead, Chain Fusion plans to integrate with Solana (SOL), and, in other news, artificial intelligence firm DecideAI in August announced that it had fully moved an AI model onto the ICP blockchain. This was a first and heralds a new way of launching models onchain.

    Related Posts