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ICON Network Releases Blockchain Transmission Protocol

ICON (ICX) one of the largest public blockchain project, released its Blockchain Transmission Protocol (BTP) on May 28. 

The BTP protocol enables interoperability between individual blockchains, facilitating value transfer, service invocation and data exchange.

BTP 1.0 is finally here! Check out the interoperability demo video on our youtube page and the blog post below! This is a HUGE milestone for the #ICONProject and we're excited to see where this technology can take us! — ICON (@helloiconworld) May 28, 2020

BTP is an interoperability protocol, allowing distinct stand-alone blockchains to interact and communicate with each other, including even those with completely different consensus models and algorithms.

BTP allows for interoperability between public and private blockchains allowing transferring of tokens between different blockchains.

ICON claims that:

“BTP facilitates such transfer directly through smart contracts, from one chain to another without using a central trading platform, at the protocol level.”

Other potential uses include decentralized identity through cross-chain communication and the automation of services on one blockchain being triggered from and for the benefit of another.

Demo video here! $ICX 🚀 — ICON (@helloiconworld) May 28, 2020

BTP connects networks via message relayers, independent of the blockchains, and message centers, verifiers, and service handlers, which must be implemented on each blockchain via smart contracts.

However, blockchains which do not support smart contracts can only participate as a sender, not as a receiver of messages.

While a single implementation of BTP connects two blockchain networks, these networks can also connect to other networks through further BTP implementations, creating an interconnected and interoperable web of blockchains.

ICON has always stated its mission to “Hyperconnect the World”, and its latest release is a large step towards that goal.


Source: Cointelegraph | Image: Unsplash

#interoperability #SouthKorea #ICON #BlockchainTransmissionProtocol #BTP #publicblockchain

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