DFINITY, a Swiss-based non-for-profit with the largest research and development team in crypto, has created a technological breakthrough: an Ethereum Virtual Machine Remote Procedure Call (EVM RPC) that will allow for interoperability between Internet Computer (ICP) and Ethereum-compatible blockchains.
The creation of EVM RPC is a function of DFINITY’s Chain Fusion technology, which allows ICP’s smart contracts to interact directly with other blockchains, including Bitcoin, now Ethereum, and soon Solana, without relying on intermediaries. This creates cross-chain liquidity and reduces the need for bridges, which are often targets for hackers.
As part of the advancement, ckUSDC, a digital twin of the popular stablecoin, has been integrated into ICP. Like ICP’s other digital twin tokens, ckBTC and ckETH, ckUSDC is a breakthrough made possible by ICP’s chain-key cryptography. The inclusion of ckUSDC will allow for an abundance of utility in the ecosystem, specifically in the area of decentralized finance (DeFi).
Through EVM RPC, ICP developers will be able to integrate other ERC-20 tokens into their projects. Some ICP projects that have already integrated ckUSDC are IC Lighthouse, ICPSwap, Helix Markets, and NFID Vaults. According to the press release shared with Rarity Sniper, this indicates a high demand for such cross-chain assets.
“We are excited to offer blockchain developers even more flexibility to seamlessly integrate support for new assets into their projects,” Lomesh Dutta, Vice President of Growth at DFINITY, said in a statement. “With the addition of ckUSDC and read/write APIs, dozens of different chains can now leverage ICP smart contracts to freely interact with other networks, making the Web3 ecosystem massively more interoperable and unified as a whole.”
DFINITY is a major contributor to ICP. It specializes in research and development, with employees having amassed over 1,600 publications, 100,000 citations, and 250 patents.
Sparks Fly for Internet Computer in 2023-2024
Internet Computer (ICP) may not be one of the most well-known crypto ecosystems, but some big names are trying to change that. It is truly cross-chain, using digital twins and technological advancements to allow developers to interact, through ICP, with Bitcoin, Ethereum, and more. Here are three stories involving ICP from 2023-2024.
First, about a month ago, DFINITY unveiled the Olympus Accelerator Platform, the first decentralized on-chain accelerator platform of its kind. Initially funded with $20 million earmarked for the ICP Asia Alliance, Olympus will support the adoption of Web3 technologies across several ecosystems.
Next, about two months ago, we ran an interview with Daniel James, the Chief Operating Officer of Dmail, a Web3 email and website domain service. Dmail relies on the ICP features of interoperability, shared functions, and decentralized applications to create a product that could change the way we access our private data going forward.
Lastly, six months ago, Bioniq, a Bitcoin-based NFT marketplace, launched on ICP. Created by Toniq Labs, Bioniq, billed as the world’s fastest Bitcoin NFT marketplace, had two goals: facilitating the buying and selling of Ordinals (Bitcoin NFTs) and alleviating the congestion on the Bitcoin network.
As these stories show, ICP is on the rise, and its cross-chain interoperability is a feature that could prove indispensable in the years to come. Rarity Sniper will keep an eye out for any developments in this story and update it if needed.