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Following the Internet Computer’s direct integration with Bitcoin, users will soon also be able to transfer BTC via instant message.
OpenChat is an instant-message dapp that functions like WhatsApp and Signal, with a key difference being that OpenChat runs entirely on the Internet Computer blockchain. An architecture based on canister smart contracts, which bundle code and data, allows dapps running on the Internet Computer to implement features and abilities that show the potential of Web3.
Smart contracts on the Internet Computer can securely serve interactive content to web browsers. OpenChat runs on blockchain from end to end, and does not rely on cloud providers or centralized intermediaries to function.
OpenChat users now have the ability to transfer ICP utility tokens through OpenChat, demonstrating how SocialFi is taking shape within the Internet Computer ecosystem. With the Internet Computer’s direct integration with the Bitcoin network nearing completion in the coming weeks, and a Bitcoin API developer preview already available, OpenChat users will soon also be able to transfer BTC via instant message — a feature that will ultimately extend to any tokens that exist on the Internet Computer.
ICP transfers via OpenChat are currently capped at 10 ICP, are subject to a standard network transaction fee of 0.0001 ICP, and are finalized within approximately 10–15 seconds. This latency is currently longer than the Internet Computer’s 1–second transaction finality for dapp subnets because ICP token transfers involve sending an update call to an OpenChat canister, which in turn calls the ledger on a different subnet and then processes the callback in the OpenChat canister.
- Manage your OpenChat balance (top up using your account identifier or withdraw to an account of your choice).
2. Click the “send crypto” arrows button to launch a popup inside a direct chat to create an ICP transfer.
3. Press “send” and you will see the transaction as an outbound message.
4. The receiving user will see the transaction as an inbound message.
5. Either participant can click on the link to view the details of the transaction.
6. You can view your account balance in the user profile section of OpenChat.
7. A section in the dapp’s FAQ explains how the OpenChat ICP account works.
As OpenChat transitions into becoming an open internet service, the dapp will be tokenized via the Internet Computer’s upcoming Service Nervous System feature, creating a user community DAO that will govern OpenChat.
Early adopters and contributors will be rewarded with OpenChat tokens, which will be used to participate in the governance of the service. In a similar manner to the Internet Computer’s Network Nervous System, changes to the dapp would only result from proposals that are voted on and accepted by the global community of OpenChat token holders.
There are also plans for users to be awarded governance tokens for actively using OpenChat, moderating content on the platform, reporting bugs, and referring others to the dapp.
Ultimately, OpenChat’s users will become part of the team that determines how the dapp continues evolving and innovating in the future.
Start building at smartcontracts.org and join the developer community at forum.dfinity.org.
OpenChat Dapp Enables ICP Token Transfers Via Instant Message was originally published in The Internet Computer Review on Medium, where people are continuing the conversation by highlighting and responding to this story.
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