Bitinity EVM: The Future of Developer Opportunity on Internet Computer

04/17/2023 10:41 • NFT Newsflash • 136 views

On April 17th, it was announced that the Bitinity EVM launched by the IC ecosystem DEX InfinitySwap has been launched on the Internet Computer (IC) main network. Bitinity EVM will make IC an EVM compatible chain on which developers can deploy Solidity contracts.

The Bitinity EVM launched by Infinity Swap has been deployed to the IC main network

In the world of decentralized finance (DeFi), the race to become the leading smart contract platform is constant. The internet computer (IC) has recently made a significant stride in cementing its place in the market by becoming EVM-compatible, and the Bitinity EVM launch is sure to solidify that position. In this article, we will explore what the Bitinity EVM is, how it will affect the IC ecosystem, and the potential benefits it offers for developers.

What is the Bitinity EVM?

Bitinity EVM is a new product launched by InfinitySwap on April 17th, 2022. It is an Ethereum Virtual Machine (EVM) compatible chain that is built to deploy Solidity contracts on the Internet Computer (IC). The compatibility enables developers to migrate their dApps to the IC ecosystem. Bitinity EVM has many advantages over the Ethereum network, including higher scalability, faster transactions, and lower gas fees.

Implications for the IC Ecosystem

Bitinity EVM will play a significant role in expanding the IC ecosystem. Developers can leverage their existing knowledge of Solidity and deploy their apps on the IC network using Bitinity EVM. With the rising number of DeFi projects, the IC network is positioning itself as an alternative to Ethereum and other smart contract platforms. With the advent of Bitinity EVM, IC is now on the radar of mainstream developers looking for opportunities to venture into smart contacts.

Benefits for Developers

With the launch of Bitinity EVM, developers have the flexibility to move their projects to the IC network. This flexibility helps lower the costs associated with developing dApps, including transaction fees and gas fees. Additionally, developers can access mainstream users that use IC networks, which translates to a higher adoption rate. Furthermore, with the ability to use Solidity, developers can avoid the need to rewrite their contracts in a different programming language.

The Future of Bitinity EVM

With the rising number of DeFi projects, Bitinity EVM has the potential to drive innovation and introduce new use cases for blockchain technology, including non-fungible tokens (NFTs), decentralized exchanges (DEXs), and more. As the popularity of DeFi rises, the IC network will likely benefit from Bitinity EVM adoption.

FAQs

What is the Internet Computer (IC)?

IC is a next-generation blockchain that offers a more secure, reliable, and efficient way to store data and execute smart contracts.

What is an EVM?

The Ethereum Virtual Machine (EVM) is a runtime environment for executing smart contracts. It is the dominant standard for smart contract platforms.

How will Bitinity EVM impact the DeFi market?

The launch of Bitinity EVM provides developers with a more efficient and cost-effective alternative to deploy their dApps. Additionally, it opens up the IC ecosystem to the broader DeFi market, which can lead to increased adoption.
In conclusion, Bitinity EVM is a significant development for the IC ecosystem, driving innovation and creating new opportunities for developers interested in venturing into DeFi. With the compatibility with the Ethereum Virtual Machine, Bitinity EVM will likely contribute to the mainstream adoption of IC networks, making them more prominent in the blockchain industry.

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