TL;DR
- TON Teleport BTC launches its white paper and activates its testnet, marking a key step toward integrating Bitcoin into The Open Network ecosystem.
- This decentralized bridge enables secure Bitcoin transfers through smart contracts, ensuring interoperability and autonomy for users.
- The mainnet is expected to be ready in 2025, with future plans to expand support to other blockchains and enhance interoperability.
TON Teleport BTC has made significant progress in integrating Bitcoin into its ecosystem with the release of its white paper and the activation of its testnet phase.
This platform serves as a decentralized bridge that allows secure Bitcoin transfers without the need for intermediaries. It operates on an autonomous system powered by smart contracts. Its goal is to facilitate interoperability between the Bitcoin and TON blockchains, offering an efficient solution for users who wish to bring BTC into The Open Network ecosystem and utilize it in decentralized finance (DeFi) applications.
How Does TON Teleport BTC Work?
The transfer process works as follows: after sending BTC to a unique address linked to Teleport, tgBTC tokens equivalent to the BTC sent are generated on the The Open Network blockchain. This process occurs after three confirmations on the Bitcoin network. The resulting tgBTC tokens can be used in various DeFi applications or, if the user prefers, converted back to Bitcoin through a process called “peg-out,” in which tgBTC is burned and the corresponding BTC is sent back to the user’s Bitcoin address.
A key feature of TON Teleport BTC is its focus on decentralization and security. Each BTC deposit address is updated every 4 hours, enhancing protection against attacks or manipulation attempts. This address rotation mechanism also minimizes the risk of a single validator controlling the system for an extended period. Additionally, validators rotate every 4 hours, ensuring that the process remains transparent and unbiased.
Testnet Phase and Upcoming Mainnet Launch
The white paper also highlights the system’s autonomy, allowing users to independently verify all transactions. The system is censorship-resistant and designed to protect users from third-party interference, making it an attractive solution for those seeking to avoid traditional fees and limitations.
TON Teleport BTC is currently in the testnet phase, with its mainnet launch scheduled for the second quarter of 2025. In the future, the team behind the project also plans to expand support to other blockchains, increasing its interoperability
