Introducing TON Teleport: Bringing Bitcoin to TON

One of the initial long-term visions of The Open Network was to become a “blockchain of blockchains,” integrating the top Web3 services into a single network. Today, we’d like to share with the TON Community our latest step toward this vision: TON Teleport BTC; an upcoming decentralized, secure, and trustless way to bridge Bitcoin to TON. We want to give Bitcoin holders the trustlessness and security of Bitcoin along with the speed and scalability of The Open Network.

What is TON Teleport BTC?

TON Teleport is a new planned infrastructure project for the ecosystem that allows users to transfer (‘peg-in’ and ‘peg-out’) BTC between the Bitcoin blockchain and TON without relying on central intermediaries. It will use a trustless system for heightened security and autonomy, ensuring that transactions are transparent and free from outside control.

The process will involve users sending their BTC to a specific Bitcoin address unique to each individual user. Once the Bitcoin transaction is confirmed, an equivalent amount of BTC will be issued to the user’s address on TON Blockchain. Users can then use these BTC tokens in various dApps on TON or redeem them for BTC on the Bitcoin network. For the reverse process, users will burn their BTC tokens on TON, which triggers the release and return of their BTC.

The TON Teleport BTC process is trustless and transparent, operating without a centralized issuer. Each BTC on TON will be 100% backed by actual BTC, pegged through the teleport process, ensuring secure and reliable transactions. This system automates all operations, from verification to confirmation, via network validators and smart contracts, eliminating the possibility of human error, censorship, or fraud. This automation and lack of intermediaries not only enhance security but also maintain the transparency and freedom of users to manage their cryptocurrency without interference.

In short, the only potential points of failure for Teleport are the Bitcoin and TON blockchains themselves. Security depends entirely on the chains and the accuracy of smart contract algorithms.

Key benefits

• Enhanced DeFi Integration: TON Teleport BTC will significantly boost the DeFi sector within TON Blockchain by allowing for new Bitcoin-based financial mechanisms and products like DEXs, lending platforms, and advanced wallet services. Bitcoin will be transformed from just a stored asset on TON into a tool for generating additional returns.

• Blueprint for Future Integrations: The architecture of TON Teleport BTC extends beyond just the Bitcoin network, setting a precedent for future systems that could link TON with other EVM-compatible networks and demonstrating its potential for wider blockchain integration.

This will be huge!

TON Teleport BTC, when implemented, will be a major technical achievement and a vital step toward a more connected and efficient global blockchain ecosystem. It offers a decentralized, secure, and transparent method to integrate Bitcoin into the TON Ecosystem without centralized intermediaries, ensuring there is no censorship or control over asset flow.

The only vulnerabilities are those inherent to the blockchains themselves, ensuring robust security and immediate token reclaimability. TON Teleport BTC promises to redefine the boundaries of the TON Ecosystem and could kickstart a new era of connectivity and innovation within Web3.