Bridging Ethereum with the Internet Computer Protocol: Unveiling ckETH

May 13, 2024

Bridging Ethereum with the Internet Computer Protocol: Unveiling ckETH

Recently, the launch of ckETH on the Internet Computer Protocol (ICP) has sparked considerable interest within the crypto community. This innovative development aims to seamlessly integrate Ethereum's functionality into the decentralised world of the Internet Computer, offering a new realm of possibilities and use cases.

ckETH, short for "Chainkey Ethereum," represents a groundbreaking initiative to bring Ethereum's smart contract capabilities to the Internet Computer Protocol. This integration facilitates the deployment and execution of Ethereum-compatible smart contracts directly on the Internet Computer network, enabling developers to leverage the power of both platforms simultaneously.

As of Monday, December 18, 2023, at 21:00 UTC, 815.3 ETH has been deposited and $1.8 million of value has been locked.

Use Cases and Applications

The introduction of ckETH opens up scores of use cases and applications across various industries. From decentralised finance (DeFi) and non-fungible tokens (NFTs) to supply chain management and decentralised autonomous organisations (DAOs), ckETH empowers developers to explore new possibilities and innovate more effectively.

One of the most significant advantages of ckETH is its ability to enhance the scalability and performance of decentralised applications (DApps). By leveraging the Internet Computer's advanced consensus mechanism and scalability features, developers can build high-throughput, low-latency applications that offer a seamless user experience.

Furthermore, ckETH enables seamless interoperability between Ethereum and the Internet Computer, allowing users to transfer assets and execute transactions across both networks effortlessly. This interoperability paves the way for new cross-chain DeFi protocols, token swaps, and liquidity pools, fostering greater collaboration and innovation within the crypto ecosystem.

Understanding the Differences ckETH and ckBTC

While both ckETH and ckBTC aim to bridge different blockchain ecosystems, they operate in distinct ways and serve different purposes.

ckETH focuses on bringing Ethereum's smart contract functionality to the Internet Computer Protocol, enabling developers to deploy and execute Ethereum-compatible smart contracts directly on the Internet Computer network.

On the other hand, ckBTC, also known as " Twin Bitcoin on the Internet Computer," aims to tokenise Bitcoin (BTC) assets on the Internet Computer Protocol. By creating a bridge between Bitcoin and the Internet Computer, ckBTC allows users to leverage Bitcoin's liquidity and security while benefiting from the Internet Computer's scalability and functionality.

In summary, while both ckETH and ckBTC promote interoperability and innovation within the blockchain space, they cater to different use cases and target different blockchain ecosystems.

The launch of ckETH marks a significant milestone in the evolution of blockchain technology, offering a glimpse into a future where interoperability and collaboration will serve users in the blockchain ecosystem. As developers continue to explore the possibilities of ckETH and the Internet Computer Protocol, we can expect to see a wave of innovative applications and solutions emerge, driving the industry towards greater decentralisation, efficiency, and inclusivity.

How to acquire ckETH on the Internet Computer Protocol (ICP)

  • First, find a reputable cryptocurrency exchange or platform that supports ckETH trading pairs.
  • Deposit your desired cryptocurrency into your account, then place a buy order for ckETH using your deposited funds.
  • After confirming the transaction, withdraw your ckETH tokens to your wallet on the Internet Computer Protocol network. Consider staking or using ckETH in decentralised applications to earn rewards or engage in activities like staking or interacting with DApps.

How to withdraw ckETH

  • Convert it from ckETH on ICP to ETH on Ethereum
  • The ckETH holder would approve the ckETH mint canister smart contract to deduct gas fees and set a specific Ethereum wallet address and ckETH amount to convert to ETH.
  • The ckETH minter canister smart contracts the specified ETH amount to the specific wallet address. DONE.

It's essential to exercise caution and conduct thorough research when acquiring cryptocurrencies, including ckETH, to ensure the security of your funds and transactions. Additionally, be mindful of transaction fees, trading pairs, and liquidity when using cryptocurrency exchanges.