TON developers have introduced a bridge to Bitcoin

Froklog · 2024-11-28T23:36:08+00:00

TON has introduced TON Teleport BTC - bridge to Bitcoin, allowing bitcoins to be transferred into and out of the blockchain ecosystem. The bridge operates autonomously and without the involvement of third parties. The input and output processes are carried out through the TON contract. In the future, the bridge will be able to support other blockchains in addition to Bitcoin. The cryptocurrency rating has not changed.

Froklog

2024-11-28 23:36:08

Abstract generation in progress

TON developers presented a bridge to Bitcoin

The Open Network (TON) team has published the technical documentation for the TON Teleport BTC cross-chain bridge to transfer bitcoins into and out of the blockchain ecosystem.

What’s better than TON? $TON+ $BTC of course! Dive into the TON Teleport BTC whitepaper that outlines the fundamental principles, technical aspects, and vision for tgBTC.

We’re bringing a trustless cross-chain bridge between Bitcoin and TON that will allow you to take crypto’s… pic.twitter.com/iKxXYsj8Q8

— TON 💎 (@ton_blockchain) November 28, 2024

“TON Teleport BTC directly transfers bitcoin to Telegram via TON as tgBTC, allowing you to carry it in your pocket - inside Web3 mini-apps that you use daily,” developers said.

The processes of depositing and withdrawing the first cryptocurrency occur autonomously, without the involvement of third parties such as exchanges or custodians.

Peg-in: the user sends BTC from the Bitcoin blockchain to a unique TON Teleport address. After six block confirmations, the smart contract issues an equivalent amount of tgBTC. The process is verified by the Bitcoin Light Client, which also functions as a TON contract.

Data: TON. Peg-out: the user burns their tgBTC, initiating the transfer of bitcoins to the specified address. Control over compliance with all parameters is carried out by masterchain validators.

Data: TON. Developers have noted the potential of using Bitcoin in the DeFi segment on TON to generate income and expand the mass adoption of the first cryptocurrency. Tokens like tgBTC, for example, can:

acting as collateral for borrowing stablecoins, supporting liquidity pools, and leverage in credit protocols;
support collateralized debt positions based on the DAI MakerDAO model;
be used to pay for mining services like GOMINING

By the end of the year, TON Teleport BTC will be operating in testnet mode. The transition to the mainnet is scheduled for the second quarter of 2025. The bridge architecture allows for future support for other blockchains besides Bitcoin.

Recall, in early November TON Foundation introduced a new model of ecosystem management in the form of a decentralized autonomous organization Society DAO.

TON-3,04%

BTC-1,44%

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