Since we have introduced blockchain technology, we have explored what Bitcoin and Ethereum are. Now we have another blockchain product (ICP) that surely takes charge of its unlimited possibilities.

In the Bitcoin ecosystem, the objective was to develop a decentralized digital currency that facilitates security and immutability. Apart from this, the Ethereum ecosystem was more like a decentralized platform for the installation of dApps (decentralized applications), focusing on smart contracts and programmability.

In 2021, the ICP (the internet computer) entered the blockchain industry as the third invention of the blockchain that brought the concept of infinite blockchain and redefined the development of everything.

In this article, we’re going to take a look at how ICP transforms the outlook of the Bitcoin and Ethereum ecosystems.

Introducing Decentralized Identity (DID):

With the inclusion of a decentralized identity, it’s now a much more secure approach to storing the data. Unlike traditional protocols, which have very few ways to provide identity and authentication,

This innovation provides the benefit of an extra identity layer to the users of Bitcoin and Ethereum for the sake of reducing fraud.

Significant evolution of smart contracts:

As the blockchain landscape is evolving, there is an important advancement in smart contracts. In ICP, canister smart contracts provide a reliable and secure alternative to Ethereum’s smart contracts.

With the advancement of smart canisters, it may be beneficial for developers who want to create innovative applications on ICP that interact with Bitcoin and Ethereum.

Enabling remarkable interoperability:

Not only Bitcoin integration but also ICP bridges the gap with Ethereum and fosters a seamless collaboration between the two ecosystems. This eliminates the need for bridges and achieves full decentralization.

This direct interface creates unparalleled opportunities for frictionless interactions between ICP and the Bitcoin blockchain, opening up new routes for decentralized applications.

Including scaling capabilities and cost efficiency:

Unlike Bitcoin and Ethereum, IPC comes with infinite scaling capabilities, as there are no limitations on transactions per second (TPS), which is 7 for Bitcoin and 15-20 for Ethereum. It’s very important to have such an amazing scaling capacity, as it’s very important for the future growth of ICP.

The cost efficiency of storing 1GB of data on ICP is approximately $5 per year, which is around $350,000,000 for Ethereum. This cost-effectiveness is one of the biggest reasons for the inclination towards ICP.

Seamless integration with Bitcoin and Ethereum:

The Internet Computer (ICP) is altering the decentralized environment with its distinct set of features and capabilities. Through direct integration with Bitcoin, smooth interaction with Ethereum, and the ability to offer interactive web content directly to consumers, ICP envisions a future in which blockchain technology fulfills its full potential. Whether you’re a consumer looking for a more accessible and user-friendly blockchain experience or an investor looking for game-changing companies, ICP provides an attractive opportunity to investigate the possibilities of decentralized innovation. Embrace the power of the Internet and start on the road toward a decentralized future.

Final Thoughts:

The third invention of blockchain technology holds an amazing future for integrating with other blockchain platforms like Bitcoin and Ethereum. ICP takes an important step towards improving scalability, security, and, of course, transparency. With its optimum utilization, now we can build everything differently. As we all know, it’s the era of the digital revolution, and blockchain is not an exception.

However, it’s also important to understand that ICP is still in the process of development, and with time, it will pave the way to building a whole different world along with proper governance of it.

So there you have it. If you have any suggestions for this post, feel free to join the discussion.

This is Raj Awasthi.

Signing off!