The Open Network (TON) Spans the Bitcoin-TON Chasm with New Teleport Bridge

The Open Network (TON) has enjoyed a lot of community attention in 2024, thanks in large to the blockchain's emergence as home to several popular GameFi projects.

The Open Network (TON) has enjoyed a lot of community attention in 2024, thanks in large to the blockchain’s emergence as home to several popular GameFi projects. Clicker games Notcoin and Hamster Kombat have amassed millions of players within 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 something more than just a host for games. The protocol hangs its hat on being an interoperability network, bridging the gap between Web3 dApps and tokens. Their newest feature, a Bitcoin bridge, was announced on July 18th to much anticipation, allowing BTC holders to engage in TON’s growing DeFi ecosystem.

Related: PIXFI Token to Launch on TON Amid Explosive Growth of Telegram Games

Investors Can Swap Bitcoin Tokens With Just a Few Clicks

The new Bitcoin bridge, TON Teleport, will efficiently and cheaply let users swap their Bitcoin for TON tokens. The process won’t rely on an intermediary, honing in on the fundamentals of decentralisation that the Bitcoin blockchain introduced to the world in 2009.

The method to transfer Bitcoin to TON is relatively straightforward.

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 the depth of it – holders can now use their Bitcoins within TON’s burgeoning ecosystem.

TON Teleport BTC is set 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 in unlocking its full potential!✨

Share your thoughts on the Bitcoin Bridge in the comments below! pic.twitter.com/9Z66Rcciio

Blockchain Bridges Have a Dicey History – What’s TON Doing Differently?

Blockchain bridges have drummed up a lot of discourse since becoming popular in 2017. Bridges provide a valuable service – improving interoperability among blockchain token standards without relying on a third party. However, they’re not without security concerns, with several major hacks and smart contract bugs being exploited thanks to insecure bridges.

One of TON’s first measures against such issues is its BTC reserve. Each TON-based Bitcoin issued will be backed 1:1 by the real thing – an important measure to ensuring transparency.

TON’s marketing director, Jack Booth, spoke to other security implementations the team was using to ensure the bridge’s safety.

“Validators on the TON blockchain will never access single private keys, which have been compromised in the vast majority of blockchain bridge hacks,” said Booth.

“Instead, the bridging process will rely on a distributed public key, which is generated by combining the public keys of several validators.”

Additionally, the TON blockchain will handle the generation and distribution of private keys for Bitcoin deposits.

“This ensures that no single entity has control over the Bitcoin private keys at any point during the bridging process,” added Booth.

The Open Network is a Layer-1 blockchain protocol designed to host Web3 applications and decentralised services. The protocol was founded in 2017 by Telegram founder Pavel Durov and his brother Nikolai.

The network was initially conceived as a decentralised version of Telegram, with the blockchain being used to power the messaging app’s decentralised features.

However, following legal disputes with the U.S. Securities and Exchange Commission (SEC), Telegram was forced to abandon its plans for a native blockchain and airdrop.

The rights to the TON blockchain were eventually sold to a group of investors, who relaunched the protocol in 2023 as an independent Layer-1 blockchain.

Since then, TON has quickly emerged as one of the most popular Layer-1 protocols thanks to its high speed, low fees and integration with Telegram.

The protocol is now home to a wide range of decentralised applications, including DeFi protocols, NFT marketplaces and GameFi projects.

Interoperability has long stood in the way of a seamless Web3 world. Several projects have attempted to tackle the issue, with varying degrees of success.

TON is one of the leaders in this space, and their new BTC bridge is another stride towards a connected blockchain space.

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