Internet Computer (ICP) Integrates Threshold-Schnorr for Advanced Bitcoin Operations
According to Foresight News, DFINITY announced that ICP will integrate Threshold-Schnorr technology. ICP smart contracts will be able to mint Runes, mint Ordinals, send and receive BRC-20 tokens, and sign transactions directly in Bitcoin. ICP plans to fully implement Threshold-Schnorr by mid-2024.
ICP said the combination of Threshold Schnorr-BIP340 with its integration with the Bitcoin network opens up new opportunities for decentralized applications that can leverage BTC’s liquidity and security. These services will not require centralized bridges and will be completely decentralized. Signature scheme integration supports basic and advanced use cases such as decentralized exchanges and Bitcoin records.
In addition to increasing use cases on the Bitcoin network, the integration of Threshold-Schnorr will allow ICP smart contracts to inscribe ordinals in a decentralized way, send, receive, and bridge BRC-20 tokens, and sign Taproot transactions.
