.dfinity is bringing layer-2 capabilities to Bitcoin, making it faster and cheaper to transact without compromising security. By shauryamalwa.
The Dfinity Foundation, a significant contributor to the development of the Internet Computer network, on Monday issued ckBTC — a liquid and cost-efficient “twin” token that is backed on a 1:1 basis with bitcoin .
By integrating directly with the Bitcoin network, ckBTC can be used on decentralized finance applications on supported networks without relying on centralized bridging services, which are a major security concern in the broader crypto ecosystem. However, while bitcoin integration unlocks a plethora of opportunities, it also inherits the slow and expensive transaction times associated with the Bitcoin network. To combat this, Internet Computer has set fees on Liquid Bitcoin to just 0.0000001 ckBTC, or a few cents, at a value significantly lower than Bitcoin network fees.
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