Finally, the whitepaper for TON Teleport BTC was released in the public domain, and reportedly, it will debut on the Ton mainnet network in Q2 2025.
TON is a popular Proof-of-Stake (PoS) crypto network that emerged as the top crypto network for Telegram users, as this blockchain network debuted in the crypto space via Telegram-based bot services. Wallet, a crypto wallet supported in Telegram’s ecosystem, helps Telegram users to transfer cryptocurrencies.
On 28 Nov 2024, the white paper for TON Teleport BTC was released publicly, showing that the decentralized, trustless bridge that enables users to securely transfer Bitcoin between the Bitcoin and TON blockchains without relying on central intermediaries is ready to debut on the Ton network.
The developed system will work under a fully decentralised ecosystem, where BTC tokens on the TON network will be fully backed by real BTC on the Bitcoin network.
The availability of BTC on the TON network will allow crypto people to use it for various DeFi applications with full transparency and autonomy.
The TON Teleport BTC white paper has been publicly released. The document outlines the basic principles, technical mechanisms and future vision of tgBTC. TON Teleport BTC is currently only running in the testnet stage, and the goal is to achieve the mainnet conversion in the…
— Wu Blockchain (@WuBlockchain) November 28, 2024
Currently, this decentralised project is in the testing phase, and it is expected that it will be launched on the Ton mainnet network by the second quarter of 2025.
It is worth noting that in 2024, many crypto networks showed their inclination toward the wrapped form of Bitcoin concept so that people can trade & transfer Bitcoin on efficient crypto networks where transaction fees & execution times remain very low.
Just a day ago, Cardano founder Charles Hoskinson also announced that the development of the Cardano-Bitcoin bridge is now the top priority of Cardano developer firm Input Output Hong Kong Global (IOG).
https://t.co/EQYxhbOZazHoskinson shifts gears from #BitcoinOS & decides to develop their own #Cardano-Bitcoin bridge
— Bitcoinik (@Bitcoinikdotcom) November 28, 2024
Indeed, the Cardano founder was not planning to develop any aggregator to bring Bitcoin to the Cardano network, but the controversy with the BitcoinOS team forced him to do so.
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