DeFi
Launch of “TON Teleport BTC” to allow Bitcoin owners to participate in DeFi on TON with enhanced security
- TON introduced its latest interoperability product, TON Teleport BTC.
- Details of the project were released over the weekend and will allow BTC holders to convert traditional Bitcoins into tokens that can be spent on the TON network at a 1:1 ratio.
- TON will back all issued BTC with equal reserves.
The Open Network (TON) has received a lot of community attention in 2024, largely due to blockchain. emergence as home to several popular GameFi projects. Notcoin clicker games and Hamster Fight have amassed millions of players in just a few months, leveraging Notcoin’s speed, security, and integration with Telegram to create large, engaged communities.
But TON’s vision is to become much more than just a game host. The protocol aims to be an interoperability network, bridging the gap between Web3 dApps and tokens. Their latest feature, a Bitcoin bridge, was announced on July 18th to much anticipation, allowing BTC holders to engage with TON’s growing DeFi ecosystem.
Related: PIXFI Token Launched on TON Amid Explosive Growth of Telegram Gaming
Investors can trade Bitcoin tokens with just a few clicks
The new Bitcoin bridge, TON Teleport, will allow users to efficiently and cheaply exchange their Bitcoins for TON tokens. The process will not rely on an intermediary, focusing on the fundamental principles of decentralization that the Bitcoin blockchain introduced to the world in 2009.
The method to transfer Bitcoin to TON is relatively simple.
First, investors will send their BTC tokens to a unique wallet address. Once the transaction is verified, an equivalent amount of BTC built on the TON token standard will be issued to the investor’s TON wallet.
And that’s about it: holders can now use their Bitcoins within the growing TON ecosystem.
TON Teleport BTC is expected to go live later this year.
Innovation: TON is constantly evolving, with new features and projects being developed all the time.
The future of DeFi is bright on TON, and the Bitcoin Bridge is a key step to unlock its full potential!✨
Share your thoughts on the Bitcoin Bridge in the comments below! pic.twitter.com/9Z66Rcciio
— stephcrypt👑 $GIB (@stephcrypt1) July 20, 2024
Blockchain Bridges Have a Tricky History – What Does TON Do Differently?
Blockchain bridges have generated a lot of discussion since their popularity in 2017. Bridges provide a valuable service: they improve interoperability between blockchain token standards without the need for a third party. However, they are not without security issues, with several major hacks and smart contract bugs exploited through insecure bridges.
One of the first steps TON is taking to combat these issues is its BTC reserve. Every bitcoin issued based on TON will be backed 1:1 by a real bitcoin, an important step to ensure transparency.
TON Marketing Director Jack Booth spoke about other security implementations the team used to keep the bridge safe.
TON Teleport BTC uses a trustless architecture to secure funds while bridging the gap 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.
Additionally, TON blockchain validators will never have access to unique private keys, which have been compromised in the past. Instead, the bridging process will rely on a distributed public key.
Interoperability has long been a barrier to creating a seamless Web3 world. TON is one of the leaders in this space, and its new BTC bridge is another step towards a connected blockchain space.