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.
Read the full article here
