Internet Computer

Bioniq, a new marketplace for Bitcoin Ordinals, introduces a distinctive approach by operating on the Internet Computer blockchain.

Bitcoin Ordinals marketplace Bioniq launches on ICP

Backed by Polychain, Bioniq uses Internet Computer like a Bitcoin layer-2, tapping into its time and cost savings via wrapped assets.

Bitcoin Ordinals Marketplace Bioniq Launches—On Internet Computer


                    
                    Bioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network congestion and high fees associated with Ordinals inscriptions.
                    A new Bitcoin nonfungible token (NFT) marketplace aims to reduce network fees associated with the advent of Bitcoin Ordinals inscriptions by tapping into the Internet Computer Protocol (ICP).Developed off the back of the creation of Bitcoin Ordinals in early 2023, Bioniq operates on the ICP and taps into its native Bitcoin integration to power the trade of Bitcoin-based Ordinals inscriptions.Speaking to Cointelegraph on the eve of the platform’s launch, Bioniq CEO and co-founder Bob Bodily said the project has been in development since February 2023. The team has built a marketplace featuring Ordinals smart contracts auctions on the ICP, a complete cross-chain wallet between Bitcoin and the ICP, as well as an inscription tool. “It had only been two weeks after Casey Rodarmor released Ord 0.4.0, and I knew Ordinals were going to be absolutely massive.”The Bioniq team highlighted the growth in the market capitalization of BRC-20 tokens since their inception in Jan. 2023. The market cap now exceeds $3 billion, with over 42.6 million Ordinals minted to date. This has directly affected Bitcoin network congestion, leading to a spike in Bitcoin (BTC) transaction fees last seen since 2021.Bitcoin transaction fees showed significant spikes in 2023 following the advent of Bitcoin Ordinals and BRC-20 tokens. Source: Blockchain.comBioniq’s platform features a smart wallet for users to manage private keys using Web3Auth. This allows users to log into the platform using conventional Web2 Google accounts while maintaining noncustodial control of their wallets and assets.The platform also uses partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration. This unlocks smart contract capabilities for Bitcoin, removing the need for users to use centralized cross-chain bridges.ICP is a “fantastic Bitcoin sidechain”Building on ICP also allows Bioniq to claim transaction finality times below two seconds, as well as zero gas or network fees. Its architecture provides optimized storage costs, averaging around $5 per gigabyte of data stored annually.Bodily added that Toniq, the studio behind Bioniq, has been developing on the ICP since May 2021 and has extensive experience building smart contract wallets, marketplaces, NFT launchpads and collateralized NFT lending protocols:“ICP is a fantastic Bitcoin sidechain right now because it has wonderful Bitcoin primitives at the protocol layer.”Bodily explains that ICP operates a Bitcoin light node running fully on-chain, which facilitates reading the Bitcoin blockchain via native smart contract calls. The ICP also has a threshold digital signature algorithm, known as an Elliptic Curve Digital Signature Algorithm. The implementation allows ICP smart contracts to sign layer-1 Bitcoin transactions and broadcast them to the mempool.“These protocol primitives also enabled us to build an Ordinals wrapper entirely at the application layer; we didn’t have to touch the consensus layer of the protocol at all. So it is very fast to build Bitcoin tech on ICP right now,” Bodily added.Bitcoin users and trust assumptionsCointelegraph also inquired whether Bioniq’s wrapping process could be a potential barrier to entry for users. Bodily admits that while the process is largely automated by the Bioniq wallet and only requires BTC, there are two considerations that are pertinent for more discerning users.“Wrapping requires a Bitcoin transaction. This means you have to pay in order to wrap. This is a significant barrier. One way we are addressing the problem is by integrating open Nostr PSBT listings into Bioniq,” Bodily explained.This integration means that PSBT listings stored on Nostr through decentralized Ordinals marketplaces OpenOrdex or Deezy Place will be accessible on Bioniq. He added that it removes the need to wrap Bitcoin transactions, as users could list directly on Bioniq using open PSBTs. Perhaps more importantly, Bodily explained that the wrapping process requires “trust assumptions” on both protocols:“Wrapping over to ICP means in addition to trusting Bitcoin, you are now trusting the Internet Computer Protocol. Some Bitcoin users won’t want the counterparty risk of bridging assets to another chain.”Bodily adds that Bioniq is focusing on developing user experience ahead of inheriting Bitcoin’s security, which is ensured by the finality of layer-1 transactions. However, he envisions a “nice decentralization path” for applications like Bioniq.This would involve the evolution from being built on a sidechain with additional trust assumptions to “becoming a Bitcoin sovereign rollup on ICP that is trust minimized.” The final step would see Bioniq becoming a Bitcoin zero-knowledge rollup (ZK-rollup) on the ICP with no additional trust assumptions, inheriting the full security and decentralization of Bitcoin. “ICP fits perfectly into this plan as well because ICP can provide a replicated execution environment (decentralized sequencer) or validium (extra off-Bitcoin storage for rollups).”Banking on Bitcoin’s value propositionA number of NFT marketplaces already offer Bitcoin Ordinals auctions and trading, which begs the question of what an exclusively Ordinals platform will bring to the ecosystem. Bodily believes that existing offerings that featured “softer pivots” to Ordinals on their platforms were hamstrung by confusing user experiences. Developing a “dedicated Bitcoin Ordinals marketplace, built for Bitcoin users natively” hinges on developing a native cross-chain, BTC-ICP wallet.In addition, Bitcoin’s unchallenged position as the preeminent and largest cryptocurrency by market cap remains another drawcard for the continued interest in Bitcoin NFTs into the future.“If you look at the numbers, 89% of people in the world have heard about Bitcoin, Bitcoin accounts for around 50% of the total crypto market cap, and Ordinals have done over $500 million in volume this year — so there is massive demand.”Bioniq joins the likes of Ordinals Market as a Bitcoin-only Ordinals marketplace. Gamma is another Ordinals marketplace that directly mints to Bitcoin’s layer-1 chain. Ordswap was an early Ordinals marketplace that has since closed down after losing control of its website to hackers. Meanwhile, multichain platforms like Magic Eden prominently list Bitcoin Ordinals NFTs.Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion

Check out the latest ICP price prediction algorithm that expects a 7x gain in the next 12 months.

Internet Computer Prediction - Here's How High AI Thinks ICP Will Go After the 2024 Halving

The Dfinity Foundation and Singularitynet have announced an initiative to merge the Internet Computer blockchain with Singularitynet’s marketplace. This collaboration aims to transform the accessibility and transparency of decentralized large language models. By integrating these advanced technologies, the initiative is aiming to redefine the landscape of decentralized artificial intelligence. Dfinity and Singularitynet Merge for AI […]

Dfinity Foundation and Singularitynet Partner to Transform Decentralized AI with Blockchain Integration


                    
                    SingularityNET CEO Ben Goertzel said it’s important to make AI systems available in decentralized networks and not controlled by elite groups.
                    Research and development firm Dfinity Foundation has partnered with artificial intelligence (AI)-focused blockchain firm SingularityNET to improve the infrastructure of decentralized AI and allow decentralized applications (DApps) on the Internet Computer blockchain to access large language models (LLMs). On Nov. 20, the companies announced the launch of a joint initiative to integrate the ICP blockchain with the SingularityNET marketplace. According to a statement sent to Cointelegraph, the initiative aims to address the lack of transparency in the training data of AI tools because of its centralized nature. The two companies believe decentralizing AI models will make them tamper-proof and transparent. With the collaboration, blockchain developers who want to connect with AI can use the ICP network. The announcement highlighted that decentralized AI models on ICP are run within smart contracts, which makes the training parameters of the LLMs tamper-proof and open source. Apart from the blockchain integration, the two companies will also connect their grant programs. According to the announcement, this aims to “stimulate community developer engagement” and provide resources that can be used to advance decentralized AI. Related: How decentralization can mitigate ‘dystopic’ artificial intelligence risks — SingularityNET execBen Goertzel, the CEO of SingularityNET, highlighted that many experts believe that AI is about to break through into human-level artificial general intelligence (AGI) in the next few years. He explained: “Given this context, it’s extremely important that we move rapidly toward making the most advanced AI systems on the planet available via decentralized networks, not owned or controlled by any elite group, Big Tech company or government agency.”Meanwhile, Dominic Williams, the founder of the Dfinity Foundation, said there’s been an uptick in projects using AI on the ICP blockchain since it launched a $5 million grant in July. According to Williams, the initiative with SingularityNET will further advance their vision for decentralized AI.Magazine: Introducing the Trivergence: Transformation driven by blockchain, AI and the IoT



Dfinity taps SingularityNET to bring AI services to DApps

In a bid to elevate the user experience, OpenChat is steering towards a new frontier where conversations are not just exchanges of words, but authentic connections facilitated by advanced technology. The innovative chat application operating on the revolutionary Internet Computer blockchain acknowledges the imperative to authenticate users and deter the proliferation of multiple profiles by […]

Testing the Waters: OpenChat To Experiment With Facial Recognition In Blockchain


                    
                    The decentralized exchange increased margin requirements on several markets on Nov. 18, after an alleged targeted attack on the YFI token triggered massive liquidations. 
                    Decentralized crypto exchange dYdX has disclosed new measures to mitigate trading-related risks after burning $9 million of its insurance fund on Nov. 17 to cover users’ losses.According to an announcement on X (formerly Twitter), the exchange increased margin requirements on several “less liquid markets,” affecting tokens such as Eos (EOS), 0x Protocol (ZRX), Aave (AAVE), Algorand (ALGO), Internet Computer (ICP), Monero (XRM), Tezos (XTZ), Zcash (ZEC), SushiSwap (SUSHI), THORChain (RUNE), Synthetix (SNX), Enjin (ENJ), 1inch Network (1INCH), Celo (CELO), Yearn.finance (YFI), and Uma (UMA).dYdX triggered its insurance fund to cover users’ trading losses on Nov. 17 after a profitable trade targeting long positions on the YFI token caused the liquidation of positions worth nearly $38 million. dYdX founder Antonio Juliano dubbed the move a "targeted attack" on the exchange. According to him, YFI's open interest in dYdX spiked from $0.8 million to $67 million in a matter of days as a result of the actions of one individual. The same individual, according to Juliano, attempted to attack the SUSHI market on dYdX a few weeks earlier. "We did take action to increase initial margin ratios for $YFI prior to the price crash, but this was ultimately not sufficient. The actor was able to withdraw a good amount of $USDC from dYdX right before the price crash," he wrote. On X, the exchange’s team said that "highly profitable trading strategies have now been banned on dYdX,” in a reference to the language used by Mango Markets’ exploiter Avraham Eisenberg in his $116 million attack of 2022. dYdX is now offering a bounty payment in exchange for valuable information:dYdX will pay bounties to those most helpful in aiding the investigationWe will not pay bounties to, or negotiate with the attackerWe and others have made significant progress into identifying the attacker. We are in the process of reporting the information we have to the FBI— Antonio | dYdX (@AntonioMJuliano) November 19, 2023

The YFI token declined by 43% in just a few hours on Nov. 17 after soaring over 170% in November. The sharp decline wiped out over $300 million in market capitalization from the recent gains, according to data from CoinMarketCap. In the past 30 days, however, the token has still gained over 90%, trading at $9,190 at the time of writing.The Yearn.finance team hasn’t disclosed any official details about the incident. A source familiar with the matter told Cointelegraph that developers on the team do not control the majority of the token supply, strongly refuting initial concerns about a potential scam. The claim is supported by Etherscan data showing large centralized exchanges as YFI top holders.Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

dYdX raises margin requirements in some markets, bans “highly profitable trades”

Explore the potential of Internet Computer (ICP) in our comprehensive analysis that balances technical insights with market trends. Dive into the crypto market's state and discover the ICP place in the evolving digital landscape. Join us as we chart a course through bullish and bearish scenarios that could impact your investment strategy.