Blockchain
Bitcoin Bridge Coming to Telegram-Linked TON Blockchain
The TON Foundation, which supports The open network (TON), announced on Wednesday that it will soon launch TON Teleport BTC, a trustless bridge designed to facilitate security Bitcoin transfers to and from the network connected to Telegram.
The new system aims to allow Bitcoin holders to participate in decentralized finance (DeFi) activities on TON while maintaining the security of their original assets, the Foundation said.
TON Teleport BTC will allow users to interact with decentralized exchanges, lending platforms, and other DeFi applications within the TON ecosystem. The Foundation said the process will be completely trustless and transparent, operating without a centralized issuer.
“All transactions are executed via smart contracts and verified by validators on the TON blockchain,” Anatoliy Makosov, TON’s chief technical officer, said in a statement. “Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient.”
According to the foundation, every Bitcoin on TON will be fully backed by actual Bitcoins, pegged via the teleportation process to ensure safe and reliable transactions.
Open Network is closely aligned with the popular messaging app Telegram, as the messaging platform uses TON for ad revenue sharing payments with channel owners and other purposes. Telegram originally built TON internally before abandoning the project in 2020 amid regulatory scrutiny, with development continuing externally via a community of builders.
TON has seen growing attention and a surge in the price of its token this year amid that growing embrace from Telegram itself, along with a crypto gaming boom that has produced hits with Telegram-based games like Not money AND Hamster Fight.
Editor’s note: This article was written with the assistance of AI. Edited and verified by Andrea Hayward.