Bitfinity, a leading blockchain technology firm, has successfully secured $7 million in a funding round. The round saw participation from 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 company’s innovative platform is currently undergoing testing. It promises to bring about a significant change in the DeFi sector by facilitating high-speed transactions at a fraction of the cost associated with Ethereum. Bitfinity’s solution has the potential to process over 1000 transactions per second (TPS), a rate that could considerably surpass the current transaction speeds on the Ethereum network.
A crucial element of Bitfinity’s technology is its Chain-Key technology. This technology forms 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 report was produced with the assistance of AI and was reviewed by an editor. For more details, please refer to our T&C.
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 | Bitfinity, Reuters, Polychain Capital, ParaFi Capital |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
