InfinitySwap’s EVMC on Internet Computer blockchain
As part of the entity’s future plans and endeavors, InfinitySwap is actively building the first-ever Bitcoin-enabled Ethereum Virtual Machine Canister (EVMC) on the Internet Computer blockchain. It is common knowledge that Decentralized Finance (DeFi) is making its presence felt in the finance arena and playing the role of a substitute form for conventional financial methods.
This is achieved with the provision given to users to carry out transactions and participate in numerous financial-related activities without the interference of intermediaries. One of the highlighting features happens to be the exposure of the true capabilities of Bitcoin on the Internet. InfinitySwap also plays its own part in exposing the true capabilities of Ethereum with the help of the EVMC, which will provide an immense amount of upgradeability and low-cost storage.
At the present moment, the EVM seemingly has left way behind the Byzantium hard fork of Ethereum, which provided added safety, privacy, and upgradability of the Ethereum network. It brought about the lowering of the mining reward from 5 ETH to 3 ETH, which prevented miners’ overflow of new tokens. Another aspect was the execution of the zk-SNARKS protocol, which allowed private transactions.
The Ethereum virtual machine (EVM) and smart contract functionality were both enhanced in Ethereum 2.0, which came after. The change from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus mechanism was one of the most important of them. One was shattering. This was done in order to fragment the Ethereum network into more manageable, smaller sections known as shards. The objective was to improve the network’s ability to execute numerous transactions simultaneously. The execution of eWASM happened concurrently with all of that. Together with a new random number generator, Ethereum 2.0 also added a new account abstraction feature.
Shifting to the present, it happens to be InfinitySwap, which is creating further improvements on the EVM by allowing adaptability with Bitcoin. This will provide the opportunity to developers to conveniently create further Bitcoin-adaptable DeFi on the Internet Computer’s network, while at the same time utilizing the benefits of the Ethereum network.
With the help of the InfinitySwap Bitcoin-enabled EVM canisters, users will find themselves in the position of being able to carry out trading of Bitcoin through the Internet Computer’s Chain Key cryptography and not rely on wrapping it as an ERC-20 token on InfinitySwap. It is also the entity’s new-age AMM on the Internet Computer ecosystem, which allows smart contracts to be able to protect the private keys of users and a Bitfinity Wallet for connecting with Bitcoin DeFi services. The entity has been offered support from various venture capital organizations, such as Polychain Capital, Draft Ventures, and more, for its endeavors.