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News

TON Teleport BTC White Paper Released, Mainnet Expected to Launch in 2025

November 28, 2024 - Around 2 mins mins to read

Key Points:

  • The TON Teleport BTC white paper introduces a trustless bridge allowing secure Bitcoin transfers between the Bitcoin and TON blockchains.
  • The bridge is in its testnet phase, targeting mainnet launch by Q2 2025 to enhance Bitcoin’s integration into decentralized applications.
The white paper of TON Teleport BTC, a trustless bridge between the Bitcoin and TON blockchains, has now been released.
TON Teleport BTC White Paper Released, Mainnet Expected to Launch in 2025

Read more: TON Teleport BTC Prepares To Launch To Support Seamless Bitcoin Transfers

TON Teleport BTC White Paper Highlights Decentralized Bitcoin Bridge

The document outlines the basic principles of the system, its technical structure, and the role it is supposed to play in DeFi applications within the TON ecosystem.

The white paper states that TON Teleport BTC enables users to transfer Bitcoin in a secure and non-centralized intermediary way. The bridge guarantees that every Bitcoin available on the TON blockchain, referred to as tgBTC, is fully collateralized by real Bitcoin held on the Bitcoin network. Such transparency and autonomy of tgBTC can be used within TON’s DeFi ecosystem while still keeping the principles of trustless operations.

The process starts with the user sending Bitcoin to a deposit address that is tied specifically to TON Teleport. After three confirmations have been made on the Bitcoin blockchain, an equivalent amount of tgBTC is minted on the TON blockchain. Further, these tokens could be utilized in TON’s ecosystem or burned to redeem Bitcoin that would be returned to the user’s designated Bitcoin address.

Testnet Active, Mainnet Launch Planned for 2025

To increase safety, the BTC deposit address for each user is changed every four hours. If Bitcoins are sent to an address which has already expired, tgBTC will not be given out. Refunds can be made only if a pre-set password or key is used during the transaction. Otherwise, the funds become irretrievably lost.

Currently, TON Teleport BTC is on testnet but plans to go to mainnet by the second quarter of 2025. When it goes live, Bitcoin’s potential use cases on DeFi applications will increase while staying secure and transparent.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.