Jaipur, Rajasthan, India — These days, the word “cryptocurrency” inspires a myriad of thoughts. For those more familiar with the space, the term may conjure up thoughts of bitcoin, ether, Dfinity’s ICP, or other altcoins. Individuals participating in the blockchain industry may think of non-fungible tokens (NFTs), decentralized finance (DeFi), or other related subindustries made possible by this new creation.
What seldom comes to mind is how the mechanics of cryptocurrency are even possible. These days, the ability to safely and securely send and receive cryptocurrency in a trustless — without third-party involvement — manner is largely taken for granted.
As several blockchains begin to mature, and as the need to interact across blockchains begins to rise, communities are starting to realize the importance of this topic, especially as cross-chain transactions become more desired by crypto users.
The recent news of an upcoming bitcoin integration makes that project just one of the many that Dfinity and the Internet Computer blockchain are actively working on and discussing. Within the year, Dfinity’s Internet Computer blockchain aims to make it possible for both the Internet Computer and bitcoin to interact with each other directly — all without the need for bridges.
How are such things done, and how does the underlying technology make it possible for these interactions to happen? We explore further in the sections below.
The word “crypto” traces its roots back to Greece (the Greek word “kryptós” translates to “hidden”).
Cryptography, which is the field of computer science that makes cryptocurrency possible, has existed since 1900 B.C. — making the field more than 3,900 years old and one of the oldest areas of science in existence. The first use of cryptography was discovered in ancient Egypt, found in the tomb of Khnumhotep II, a high-ranking noble who served during the 12th Dynasty of the Middle Kingdom period. In this tomb,…
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