Jack Booth, the marketing director of the Open Network (TON) Foundation, outlined how the organization is securing TON’s new Bitcoin bridge, designed to enable users to transfer their BTC into the TON ecosystem.
On July 18, the TON Foundation launched its Bitcoin bridge, which will integrate Bitcoin with the TON network. This allows digital assets to be used for decentralized applications (DApps), lending platforms, and other purposes within the TON ecosystem. The TON Foundation aims to create a “blockchain of blockchains,” uniting top Web3 services into one cohesive network.
Utilizing Trustless Architecture for Security
Blockchain bridges facilitate the transfer of tokens or data between different networks, addressing the need for greater interoperability among blockchains. This enables users to leverage the features of various blockchains while using their native tokens.
However, blockchain bridges have been vulnerable to security breaches in the past. A notable incident in 2022 involved the Ronin Bridge, resulting in over $600 million in losses due to hacking.
To prevent such vulnerabilities, Booth reassured the community that TON has implemented robust security measures for Bitcoin transfers into their network. He explained:
“TON Teleport BTC uses a trustless architecture to secure funds while bridging between the Bitcoin network and TON. A Simplified Payment Verification Client (SPVC) has also been implemented as a smart contract on TON. This verifies Bitcoin block states directly on the TON platform.”
Booth further emphasized that all key operations, including transaction verification, confirmation, and token issuance, are automatically and transparently managed by smart contracts. “This means that all activity is recorded on the TON Blockchain as soon as it is confirmed,” Booth said.
Summary Review: TON’s new Bitcoin bridge promises a secure and efficient way to integrate Bitcoin into the TON ecosystem, utilizing advanced security measures to protect against private key compromises and ensure the integrity of transactions.
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