Teleport BTC and TON are attempting to create a multi-chain asset convergence complex.

Original | Odaily Planet Daily (@OdailyChina)

Author | How is it, husband (**@vincent 31515173 )

Recently, the TON Foundation announced plans to launch the ecological infrastructure project TON Teleport BTC, allowing users to transfer BTC between the BTC blockchain and TON without relying on an intermediary. At the same time, it will connect to a longer EVM ecological system in the future, creating a longer chain interconnected ecological landscape. However, at present, it is only a one-way cross-chain bridge, and there is still a long way to go before true long-chain interoperability.

Although there is no significant innovation in technology, the profound meaning behind TON Block is self-evident. Odaily Star Daily will dissect the technology of TON Teleport BTC itself and analyze the true purpose behind TON's move.

TON Teleport Cross-Chain Interaction technology is innovative, but may be very slow

TON's official article provides a brief explanation of the TON Teleport BTC technology.

TON Teleport is a new infrastructure project in the ecosystem that allows users to transfer (hook and unhook) BTC between the BTC blockchain and TON without relying on a central intermediary institution. It will use a trustless system to enhance security and autonomy, ensuring transparent and non-externally controlled transactions.

"This process will involve users sending their BTC to a unique BTCAddress for each user. Once the BTC transaction is confirmed, an equivalent amount of BTC will be issued to the user's Address on the TON Block on-chain. Users can then use these BTC Tokens in various DApps on TON or exchange them back to BTC on the BTC network. For the reverse process, users will destroy their BTC Tokens on TON, which will trigger the release and return of their BTC."

The TON Teleport BTC process is trustless and transparent, and can operate without a centralized issuer. Every BTC on TON will be 100% backed by actual BTC, ensuring transaction security and reliability through the teleportation process. The system automatically executes all operations from validation to confirmation through network validators and Smart Contracts, eliminating the possibility of human error, review, or fraud. This automation and lack of intermediary not only enhances security, but also maintains the transparency and freedom for users to manage their cryptocurrency undisturbed.

Based on its description, TON Teleport uses network validators and Smart Contract to automatically execute all operations from verification to confirmation, where users will need to mint the amount of BTC on the TON blockchain equivalent to BTC on the BTC Mainnet, and transfer it to each user's specific BTC Address.

It is not difficult to find from here that the technical principle of TON Teleport is to create a new BTCAddress with Lock-up Position function for users on the BTCMainnet. After the user transfers BTC into this Address, TON Teleport will run the BTC client (also known as network validator in the text) to check whether the transaction is completed; once the monitored transaction is completed, the Smart Contract of the TON blockchain will create the corresponding mapped BTC transfer to the user's TON Address, thus forming a trustless mapped BTC minting function.

But how does the TON blockchain ensure the management and monitoring of the newly created BTCAddress for users, and prevent malicious behavior? In fact, this point has not been disclosed in the official article, which is also the most confusing part of the TON Teleport project. The author speculates that the technical principle may be that the TON Teleport project jointly manages the Secret Key of the BTCAddress with the user, which may prevent misconduct by both parties.

Looking forward to more details from the TON Foundation in the future to dispel the technical suspicions. At the same time, considering the operating speed of BTC Mainnet and its message transmission speed with other blockchains, the Cross-Chain Interaction speed is slow, but the security can be guaranteed. (Odaily Note: There is little technical interpretation of TON Teleport BTC in the official TON article, only describing the operation process from BTC to the TON blockchain, and the detailed technology is not disclosed. Therefore, this article relies on analogies with similar Cross-Chain Interactions for technical analysis. If TON blockchain releases more detailed documents in the future, corrections will be made accordingly.)

Before TON Blockchain launched Teleport, projects in other public chain ecosystems had already tried to introduce mapped BTC to enrich their own diversity. The following are introductions to projects in the Ethereum ecosystem that have introduced BTC. Odaily Star Daily hopes to help readers better understand the technical principles and development space of TON Teleport through the following content.

• WBTC is the earliest and most widely used tokenized form of BTC on the ETH network. Each WBTC Token is pegged to on-chain BTC at a 1:1 ratio. Custodians (such as BitGo) hold the actual BTC, while merchants (such as Kyber and Ren) handle users' WBTC minting and redemption requests. WBTC is managed through smart contracts, and all minting and burning operations are recorded on-chain. Its advantages lie in high transparency and strong liquidity, but it relies on centralized custodians and merchants.
• renBTC is DecentralizationtokenizationBTC provided by Ren protocol. It achieves the exchange between BTC and ETH through RenVM (Ren Virtual Machine) Cross-Chain Interaction bridge. RenVM uses longer calculation technology of Decentralization to manage Cross-Chain Interaction operations of BTC. Users deposit BTC into RenVM, and RenVM mints an equivalent amount of renBTC on the ETH blockchain. Its advantages lie in Decentralization and high privacy, but the technical implementation is relatively complex.
• TBTC is a BTC tokenization protocol based on Decentralization, developed by Keep Network and Summa. tBTC manages BTC custody through a distributed network of 'signers', who use encryption technology to manage BTC deposits, while signers must provide ETH as Collateral to ensure security and stability. tBTC is completely Decentralized, reducing dependence on a single entity, with high security but a more complex user experience.
• sBTC is a synthetic asset provided by the Synthetix platform, which does not directly anchor actual BTC, but achieves price exposure to BTC on the ETH blockchain through synthetic assets. sBTC relies on the underlying mechanism of the Synthetix platform, using Synthetix's collateral pool and Smart Contract over-collateralization to anchor to the price of BTC. Users can trade sBTC and other synthetic assets on the Synthetix platform without trust. Its advantages include trustless trading and high liquidity, but there is a risk of indirect BTC anchoring.

Comparing the above four Ethereum-based BTC issuance solutions, the most well-known and widely used is WBTC, mainly due to its first-mover advantage: as one of the earliest projects to map assets, WBTC was the first to be supported by the Decentralized Finance protocol leading Aave and Compound protocol, which is the core reason it can defeat many competitors with its centralized architecture.

Now with the launch of TON Teleport, it may also gain a first-mover advantage: (1) The BTC cross-chain bridges project launched by the TON Foundation itself has a high position in the TON ecosystem; (2) TON Blockchain is the first to launch the BTC cross-chain bridges project with uniqueness; (3) TON Blockchain operates in a trustless manner, dispelling users' doubts and aligning with Telegram's privacy features.

The above points are sufficient to prove the future development prospects of TON Teleport, as well as the future enhancement of the TON blockchain.

TON already has a Telegram traffic pool, why rely on Cross-Chain Interaction to find new traffic?

Previously, when the world of encryption talked about Cross-Chain Interaction, it would basically think of multi-chain interconnection, unified Liquidity, and asset transfer. However, the core purpose of most Cross-Chain Interactions is to attract users and funds from other chains to come to their own ecosystem, so as to achieve their own leapfrog development.

The TON blockchain is very different from previous projects with Cross-Chain Interaction requirements. With the support of Telegram's 900 million monthly active users, TON already has a huge traffic delivery channel, and only needs its own ecosystem to better accommodate this part of the traffic. The emergence of TON Teleport will aggregate high-quality assets from other chains to the TON blockchain through a single Cross-Chain Interaction, and use the influence of these assets to enable the TON blockchain to better digest the traffic brought by Telegram.

In addition, TON Block's own operating speed and network costs have certain advantages compared to other chains. The only thing missing is the lack of high-quality assets in the ecosystem. When BTC is mapped to the TON Block chain and assets from the future EVM ecosystem pour in, it will greatly enhance the prosperity of the TON ecosystem's Decentralized Finance.

Finally, BTC is rooted in the TON blockchain, which can better form a closed-loop ecosystem with encryption transactions on Telegram, making the interaction between the two more encrypted.

In conclusion, TON Blockchain introduces TON Teleport, which may create a new comprehensive entity that aggregates long assets as a traffic hub for Telegram.