In the heart of San Francisco, Bitfinity, a trailblazing blockchain technology enterprise, has triumphantly secured $7 million in a funding round spearheaded by distinguished investors such as Polychain Capital and ParaFi Capital. The firm stands on the cutting edge of crafting a sidechain that will seamlessly connect the Ethereum Virtual Machine (EVM) with Bitcoin. This ingenious linkage harnesses the Internet Computer Protocol (ICP) to elevate the realm of decentralized finance (DeFi), introducing advanced smart contract functionalities for Bitcoin assets.
Currently navigating its testnet phase, the avant-garde platform aspires to redefine DeFi dynamics. Its mission: facilitating swift transactions at a fraction of the typical Ethereum-associated costs. Noteworthy is Bitfinity's groundbreaking solution, boasting an impressive throughput capability of processing over 1000 transactions per second (TPS). Such a speed may notably outstrip the existing transaction velocities observed on the Ethereum network.
At the core of Bitfinity's technological prowess lies its Chain-Key innovation, an integral part of the ICP's Threshold Relay consensus mechanism. This distinctive feature operates to fortify security via a cryptographic scheme that systematically refreshes key shares at intervals, thereby erecting an additional layer of defense against potential security vulnerabilities.
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