KEY FACT: The Open Network (TON) is planning to launch a trustless Bitcoin bridge called TON Teleport BTC. This bridge will allow users to transfers Bitcoin to and from TON blockchain seamlessly for DeFi purposes.
Image Source - TON
Introducing TON Teleport BTC: Bringing Bitcoin to TON
The Open Network (TON), a blockchain platform associated with the Telegram messaging app, has announced plans to launch a new Bitcoin bridge known as TON Teleport BTC. The bridge will allow users to transfer their Bitcoin to the TON blockchain in a trustless manner. With TON Teleport BTC, users will be able to engage in DeFi on TON, use their Bitcoin in TON DEXs, and lending platforms, etcetera.
Want to unlock new potential for your Bitcoin ₿ on #TON? 👀
🔈 Introducing TON Teleport BTC, aiming to enhance Bitcoin utility on TON X Post
Announcing the development through posts on X socialmedia and ton blog on July 18, the TON team harped that the development aims to expand the utility of Bitcoin within the growing TON ecosystem.
The bridge will also allow the TON ecosystem to use digital assets for decentralized applications (DApps), lending platforms and other purposes within its network. Moreover, this bridge will allow users to bring Bitcoin to the TON blockchain for DeFi purposes. Such processes will be executed through smart contracts and verified by TON blockchain validators, without relying on a centralized authority.
TON Teleport is a new planned infrastructure project for the ecosystem that allows users to transfer (‘peg-in’ and ‘peg-out’) BTC between the Bitcoin blockchain and TON without relying on central intermediaries. It will use a trustless system for heightened security and autonomy, ensuring that transactions are transparent and free from outside control.
Each TON Teleport BTC will be backed 1:1 by native Bitcoin, ensuring that users can maintain the security of their original assets while gaining access to new opportunities on TON. Anatoliy Makosov, TON’s technical lead, explained thus:
“Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient.”
The system will automate all operations, from verification to confirmation, via network validators and smart contracts, eliminating the possibility of human error, censorship, or fraud. Users will be required to send their BTC to a specific Bitcoin address unique to each individual user. Once the Bitcoin transaction is confirmed, an equivalent amount of BTC will be issued to the user’s address on TON Blockchain. For the reverse process, users will burn their BTC tokens on TON, which triggers the release and return of their BTC.
Image Source - TON
Generally, blockchain bridges allow users to transfer tokens or data between two different networks. This addresses the need for blockchains to allow users of native tokens to benefit from the features of other blockchains. One of TON protocol’s long-term visions is to be a “blockchain of blockchains,” integrating the top Web3 services into one network. The announcement comes at a time when TON is experiencing significant growth.
The TON team has acknowledged th concerns of users on bridge security failure but assures the community that TON employs various security measures to ensure that Bitcoin transfers into their network are secure. Speaking for the TON team, Booth had this to say:
“TON Teleport BTC uses a trustless architecture to secure funds while bridging between the Bitcoin network and TON. A Simplified Payment Verification Client (SPVC) has also been implemented as a smart contract on TON. This verifies Bitcoin block states directly on the TON platform.”
TON Teleport BTC is expected to expand Bitcoin's utility. What do you think about this innovation?
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