TON Teleport BTC’s white paper has introduced the public to an innovative method to connect the Bitcoin and TON ecosystems. TON expects the new introduction to create a seamless bridge for cross-chain transactions. Currently running in the testnet phase, users can send BTC to a unique address linked to TON Teleport.
Toncoin (TON) recorded a fresh surge in its price around the announcement. Dealing with the high selling pressure, Toncoin has managed to jump by over 17% in the past 7 days. However, its 24-hour trading volume took a hit of 8% to hover around $405 million.
Trustless Bitcoin transfers unveiled
The whitepaper detailed the operation principles of the TON Teleport BTC system. It mentioned the trustlessness and interoperability between Bitcoin and TON networks. The document also highlighted transparency, decentralization, and other similar features that ensure the working and security of managing digital assets.
It highlighted that the TON Teleport BTC system will allow secure and seamless Bitcoin transfers while its trustless representation, which is tgBTC, will offer users high levels of trust and convenience as they perform their operations.
The TON team did not discuss the complex technical issues in its Whitepaper release. It mentioned its aim of fostering an understanding of the system for users who are familiar with blockchain.
The document is divided into chapters covering the declaration of trustlessness and an overview of TON Teleport BTC. It also carries key concepts such as Peg-in and Peg-out processes.
TON Teleport makes a way for BTC
The document stated that the TON Teleport BTC will provide a path for Bitcoin to interact with Telegram’s TON ecosystem as tgBTC. This will allow users to carry their tokens into Web3 mini apps, such as EVAA, STON Fi, DeDust, and StormTrade.
It suggests that the tokenized Bitcoin (tgBTC) can be used to send and receive Bitcoin not just in the wallet but also in the TON ecosystem. The project expects that this fresh move will position TON as a user-favored gateway between the Bitcoin ecosystem and real-world applications.
Toncoin saw a minor uptick after the announcement. TON price surged marginally in the last 24 hours. It is trading at an average price of $6.45 as of press time. Meanwhile, it is still down by 21% from its all-time high (ATH) of $8.24, recorded on June 15, 2024.
On the other hand, Bitcoin is loading up after consecutive attempts at hitting the $100K milestone. BTC is trading at an average price of $97,349 as of press time.
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