Can Bitfinity withstand the next bull market, leveraging the EVM to address issues in the Bitcoin network?

Recently, the emerging Bitcoin Layer 2 network, Bitfinity, announced the completion of a significant $7 million financing round, bringing its valuation to a staggering $130 million. Notable investors in this round include Polychain Capital, ParaFi Capital, Warburg Serres, Dokia Capital, and Draft Ventures.

The fundraising for this capital is divided into two phases: the initial seed round took place in 2021, raising approximately $1 million; subsequently, in June of last year, Bitfinity completed another round of token financing. Rumor has it that Bitfinity is set to launch its mainnet at the end of January or early February. Now, let’s delve into the Bitfinity project.

Bitfinity Addresses the Interoperability Pain Points of EVM

Before delving into Bitfinity, it’s necessary to understand what EVM is. Introduced by the Ethereum Foundation, EVM is a revolutionary computing platform that operates in the form of a state machine. As a decentralized unified computer, EVM tracks all activities on the network by processing state changes generated through transactions.

Considering the challenges faced by existing blockchain infrastructure, EVM plays a crucial role in achieving network interoperability. The current characteristics of the blockchain ecosystem involve numerous independent and isolated networks lacking effective interaction. This lack of cross-chain communication results in inefficiency, hindering the development of a truly interconnected global blockchain ecosystem.

To overcome these challenges, blockchain platforms supporting the Ethereum Virtual Machine (EVM) are implementing cross-chain bridges, a critical tool for facilitating network interoperability. Through these bridges, assets, tokens, and information can freely move between different networks, establishing connections between previously isolated platforms and driving the development of cross-chain applications.

In this context, the role of Bitfinity becomes particularly significant. As an emerging Bitcoin Layer 2 solution, Bitfinity’s development is closely tied to EVM technology. Leveraging the compatibility and flexibility of EVM, Bitfinity aims to address scalability issues in the Bitcoin network while promoting broader blockchain interoperability.

In the coming years, with the emergence of more EVM-compatible networks, EVM technology is expected to play an increasingly crucial role in fostering interoperability. As part of this process, Bitfinity is poised to become a key force in connecting various blockchain networks and driving the development of the global cryptocurrency ecosystem.

In summary, EVM is not only at the core of the Ethereum network but also a crucial driving force propelling the advancement of blockchain technology. With the inclusion of emerging platforms like Bitfinity, the influence of EVM is set to expand further, bringing forth more opportunities for innovation and collaboration in the cryptocurrency world.

The deep integration of Bitfinity Network’s EVM with Internet Computers (IC) is set to bring a series of innovations to the industry

Discussing the integration of Bitfinity Network’s EVM with Internet Computers (IC) opens up a world of opportunities for us. With the increasing number of blockchains compatible with EVM, the implementation of Bitfinity EVM on the IC network opens doors for users already familiar with these chain workflows. This integration not only enhances user accessibility but also improves the convenience of network usage.

The implementation of Bitfinity EVM further highlights some impressive features of IC, such as network speed and scalability. These features are crucial for blockchain technology, especially when dealing with a high volume of transactions and complex smart contracts. By implementing Bitfinity EVM on the IC blockchain, developers will be able to experience the unique features of IC, such as decentralized storage, containers, chain key encryption, and the innovative reverse gas model. Particularly, the reverse gas model is expected to attract significant attention from new developers on the network, effectively addressing the gas price control issues faced by many on the Ethereum chain.

As a high-performance (1000 TPS+) next-generation EVM, Bitfinity serves as a second-layer solution for Bitcoin and its on-chain assets. With Bitfinity, developers can deploy smart contracts written in Solidity for Bitcoin, Ordinals, and BRC-20, all built on top of the internet computer. This integration not only brings new possibilities to the Bitcoin network but also opens up new paths for the development of the entire cryptocurrency ecosystem.

In addition, compared to widely adopted second-layer solutions in the Ethereum world, Bitfinity employs a threshold encryption scheme called Chain-Key. This creates a secure decentralized bridge between Bitfinity and the Bitcoin blockchain. The uniqueness of Chain-Key lies in the fact that no single node can access the complete threshold key; these key shares are regularly regenerated every 11 minutes through advanced algorithms.

IC itself is already in a advantageous position with outstanding features, innovation, a loyal user base, and some impressive achievements to date. Even without Bitfinity EVM, IC has performed exceptionally well. However, the deployment of Bitfinity EVM is expected to further enhance the network by opening links to all existing EVM-compatible blockchains, significantly improving IC’s cross-chain compatibility. It is anticipated that the number of developers and users on the blockchain will sharply increase.

While the actions of Bitfinity EVM on the IC blockchain are intriguing, the actual effects still need to be validated over time

In conclusion, the implementation of Bitfinity EVM on the IC blockchain not only makes sense but also represents a crucial step in driving the development of blockchain technology. As IC technology becomes more widespread, Bitfinity EVM will become a powerful tool to achieve this goal. It not only enhances the performance and functionality of the network but also brings unprecedented opportunities for collaboration and innovation to the blockchain community. Through the implementation of Bitfinity EVM, IC can more effectively connect with other blockchain networks, fostering the formation of a more unified and interconnected blockchain ecosystem.

This new era of cross-chain collaboration signifies a more diverse and efficient future for blockchain technology. Developers and users can anticipate faster transaction processing speeds, lower transaction fees, and broader application scenarios. Additionally, for emerging cryptocurrency projects and applications, such an environment will provide more opportunities and potential.

In summary, the deployment of the Bitfinity EVM is not only a significant upgrade to the IC network but also a crucial milestone in the overall development of blockchain technology. Through this innovation, IC and Bitfinity together pave the way for a new path filled with opportunities for the global cryptocurrency and blockchain community, indicating a brighter and more interconnected future.