The DFINITY Foundation, the Swiss-based organization behind the Internet Computer blockchain, has released its 2024 Ecosystem Report, highlighting significant growth in the blockchain’s interoperability technology.
The report notes a 1,230% increase in activity on ICP’s Chain Fusion protocol, a feature that connects smart contracts directly with multiple blockchain networks like Bitcoin (BTC) and Ethereum (ETH), without third-party intermediaries, according to a press release shared with crypto.news.
Internet Computer (ICP) is a blockchain platform for decentralized applications and services. Unlike traditional blockchains, ICP aims to facilitate seamless interaction across different networks.
Its Chain Fusion protocol enables developers to build cross-chain applications by allowing smart contracts to communicate with various blockchains directly. This is an important capability in Web3, where the goal is to create a connected digital ecosystem with minimal reliance on intermediaries.
Report findings on growth and developer interest
According to the report, Chain Fusion’s activity increased by 1,230% in the past year, with a 2,040% rise in messages processed through this interoperability system.
These gains reflect a broader trend, with ICP’s overall network activity up 150% over the same period and a 30% increase in full-time developers, indicating sustained interest in ICP as a development platform despite an industry-wide slowdown in Web3 hiring.
Bitcoin integration as a key feature
A unique aspect of ICP’s growth is its ability to interact directly with Bitcoin, allowing developers to incorporate Bitcoin’s security and network into decentralized applications without the need for a “bridge,” which can be vulnerable to security risks.
With ICP’s Chain Fusion technology, Bitcoin-based applications can now leverage ICP’s smart contract features. This has led to projects like Rainbow Protocol and Tap Protocol, which enable complex financial applications to operate on Bitcoin.
Source: https://crypto.news/internet-computer-sees-1230-surge-in-cross-chain-activity/