Effortless Bitcoin Transfers with TON Foundation’s New Teleport BTC Bridge
Seamless Bitcoin Transfers: The TON Foundation has introduced “TON Teleport BTC,” a groundbreaking bridge that facilitates seamless Bitcoin transfers to the TON Blockchain. This innovative feature aims to enhance Bitcoin’s utility by integrating it with TON’s scalable and secure network.
Enhancing Bitcoin’s Utility with TON Teleport BTC
TON Teleport BTC is a new infrastructure project within the TON ecosystem that enables users to transfer BTC between the Bitcoin blockchain and TON without the need for central intermediaries. Each BTC on TON is fully backed by actual Bitcoin and secured through the teleport process, ensuring secure and reliable transactions.
Automation and Security in Bitcoin Transfers
The system automates operations with network validators and smart contracts, eliminating human error, censorship, and fraud. By removing intermediaries, the bridge boosts security and empowers users to manage their cryptocurrency with transparency and freedom. Users send BTC to their unique Bitcoin address, and once confirmed, an equivalent amount of BTC is credited to their address on the TON Blockchain.
Utilizing BTC on TON Blockchain
Users can utilize these tokens in various decentralized applications (dApps) on TON or exchange them for BTC on the Bitcoin network. For the reverse process, users burn their BTC tokens on TON, which initiates the return of their original BTC.
Trustless Architecture and Advanced Security
Ryan Dennis, the Head of Communications for TON Foundation, explained to BeInCrypto that TON Core Developers and RSquad Blockchain Lab have developed a trustless architecture to secure and fully back Bitcoin. Leveraging TON’s advanced protocols, such as FROST and Distributed Key Generation, ensures user assets’ protection without a single point of failure. In essence, Teleport’s only potential points of failure are the Bitcoin and TON blockchains themselves, relying entirely on the chains and the accuracy of smart contract algorithms.
Empowering DeFi Activities and Decentralization
“Users can engage in DeFi activities and more, all while upholding the principles of decentralization and security that have made Bitcoin world-famous. Our mission is to put crypto in every pocket and now your crypto has even more utility,” Dennis added.
Coinbase Adds Support for Toncoin (TON)
Following this announcement, Coinbase, the largest crypto exchange in the US, revealed its plan to add support for Toncoin (TON), the blockchain’s native token, for its perpetual futures on Coinbase International Exchange and Coinbase Advanced. The market will open on or after 09:30 UTC on July 25. These developments have positively impacted TON’s price. In less than 24 hours, TON’s price increased by approximately 2.67%, from $7.21 to $7.31. Additionally, TON achieved a new record-high total value locked (TVL), with DefiLlama reporting TON’s TVL at $761.37 million at the time of writing.
Frequently Asked Questions (FAQs)
What is TON Teleport BTC?
TON Teleport BTC is a bridge developed by the TON Foundation that enables seamless Bitcoin transfers to the TON Blockchain.
How does TON Teleport BTC work?
Users send their Bitcoin to a unique Bitcoin address. Once the transfer is confirmed, an equivalent amount of BTC is credited to their address on the TON Blockchain. These BTC tokens can be used in various decentralized applications (dApps) on TON or exchanged for BTC on the Bitcoin network.
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