Bitfinity, a leading blockchain technology firm, has successfully secured $7 million in a funding round. The round was led by notable investors such as Polychain Capital and ParaFi Capital. The company is pioneering the development of a sidechain that will connect the Virtual Machine (EVM) with the Internet Computer Protocol (ICP). This integration aims to improve decentralized finance (DeFi) operations and broaden smart contract functionalities for Bitcoin assets.
The groundbreaking platform is currently in its testnet phase. It aims to transform the DeFi sector by facilitating high-speed transactions at a fraction of the cost associated with Ethereum. Bitfinity’s solution has the remarkable ability to process over 1000 transactions per second (TPS). This speed could significantly surpass the current transaction speeds on the Ethereum network.
A crucial element of Bitfinity’s technology is its Chain-Key technology. This technology is part of the ICP’s Threshold Relay consensus mechanism. It is designed to enhance security through a cryptographic scheme that periodically refreshes key shares. This feature provides an additional layer of protection against potential security threats.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Polychain Capital, Bitfinity, Reuters, ParaFi Capital |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
