- The Ton ecosystem’s news project – TON Teleport BTC has drawn market attention in the past day.
- The project released its whitepaper in the last few hours, expounding its goals and operational mechanisms.
As the community enters winter, Bitcoin has risen to the $96K level. Will things get heated over the weekend? We’ll have to wait it out. Meanwhile, prominent financial tycoon Don Wilson suggested that the sector restart regulations from scratch. On the other hand, Ton’s newest project, TON Teleport BTC, has released its whitepaper to the community.
TON Teleport BTC, a TON-based project, is described as a ‘trustless decentralized bridge’ that allows users to transfer Bitcoin from its blockchain into the TON blockchain. The project aims to facilitate this process independent of centralized bodies, bringing the technology to the users.
The TON Teleport BTC whitepaper states trustlessness, autonomy, transparency, and decentralization as its key goals. The document further discusses the operational processes of the blockchain and how it plans to transfer BTC between the two networks.
The Ton ecosystem has made several moves suggesting market expansion and seeking a global audience. TON Teleport BTC is the community’s latest project apart from numerous Telegram-based crypto games and other projects. Additionally, the Ton ecosystem currently partners with Hot Labs for building a memecoin platform as per reports.
How Does TON Teleport BTC Function?
The Ton ecosystem’s blog article provides an overview of the TON Teleport BTC’s working mechanism. Simply put, the TON Teleport uses a mechanism of peg-in and peg-out to help users transform their BTC tokens to TON. Users will have to send their tokens to an address connected to TON Teleport.
Following this, post confirmation, users get an issuance of an equivalent amount of tgBTC on the TON blockchain. They can utilize these tokens on the blockchain or convert them to the original BTC. This way, the project automizes the process. Reports state that its mainnet launch will happen in 2025.
On the other hand, the ecosystem’s native token, TON has shown notable surges over the past week. It has recorded a significant 15.05% price increase and is predicted to go higher as per reports.
