The Open Network (TON) has unveiled its Teleport BTC whitepaper, highlighting its plans for tgBTC. According to the announcement, the platform intends to introduce the public to a seamless method of connecting the Bitcoin and TON ecosystems. The platform expects the initiative to result in the creation of a seamless bridge to aid cross-chain transactions.
Although still in its testing phase, TON said users can now send Bitcoin to unique addresses linked to TON Teleport. Toncoin (TON) has also reacted to the news, recording a fresh surge. Despite being plagued by huge selling pressure, TON has recorded a 17% jump in the past seven days. However, the asset is still fighting back the deficit in its 24-hour trading volume, dropping by 8% to $405 million.
Whitepaper details the operation of TON Teleport BTC
The whitepaper highlighted the detailed principles that the TON Teleport BTC system will function under. It revealed that the Bitcoin and TON networks will operate via a trustless and interoperable system. It also mentioned qualities like decentralization and transparency that the system will use to ensure that tokens are secure and managed.
The whitepaper mentioned that the TON Teleport BTC system will offer users secure and seamless transactions. Meanwhile, tgBTC, which will act as its representation, will enable increased trust and convenience as users conduct their transactions. However, the team refused to discuss the technical aspect of the whitepaper while adding that it wanted to make the process understandable for users with Blockchain experience.
TON Teleport’s idea of embracing BTC
The whitepaper is divided into different chapters, highlighting the need for trustlessness and an overview of the project. It also includes important aspects like the peg-in and peg-out process. Meanwhile, the initial goal of the initiative, which will be to embrace Bitcoin in the TON ecosystem won’t be ignored.
With the platform opening up space for BTC, through tgBTC, it will enable users to move their tokens into Web3 mini apps like StormTrade, STON FI, and EVAA. This means the tokenized Bitcoin will be used to deposit and withdraw BTC from the wallet and on the chain. The project aims to use Bitcoin to position itself as a go-to chain between the Bitcoin network and other applications.
Toncoin, TON network’s native token, reacted to the news impressively. In the last 24 hours, the token saw a slight uptick at $6.45. However, the token is still miles below its all-time high figure of $8.24, which it clinched on June 15. In other news, Bitcoin is still looking to breach the $100,000 level before the new year. Despite consecutive unsuccessful attempts, the asset is now trading at $97,349.
The post TON unveils tgBTC plans in its Teleport BTC whitepaper first appeared on Coinfea.
