What is Blockchain Transmission Protocol (BTP)?
Let's find out Blockchain Transmission Protocol (BTP) meaning, definition in crypto, what is Blockchain Transmission Protocol (BTP), and all other detailed facts.
Blockchain Transmission Protocol (BTP) is a technology used to enable compatibility between diverse blockchains. This allows for service invocation, value transfer, and data exchange. BTP can be enabled for blockchains with distinct algorithms and consensus mechanisms, creating flexibility.
BTP is often applied to token exchanges across blockchains and utilizes smart contracts to conduct such transactions without a trading platform acting as the middleman.
BTP can also enable data transfers between different partners powered by ICONLOOP. One of such services, MyID, verifies Decentralized ID (DID) credentials on the open ICON Network. Users can then connect to BTP without having to submit their credentials to other blockchains individually.
BTP has been utilized as a streamlined solution to issue certificates for blockchains. The public ICON network service Broof allows users to create and store validated certificates on-chain. BTP can trigger the ICON Network’s smart contract issuing mechanism.
The validation processes are accessible for auditing or verification since BTP uses smart contracts to validate all external data.
BTP only links two chains directly. However, these chains may be linked to other chains. This forms a network of interconnected blockchains. It was developed to be versatile.
Even blockchains that do not enable smart contracts can take part in BTP transactions with some restrictions. For example, such a blockchain may take part as the sender chain but be unable to act as the receiver chain.
The ICON Network
Blockchain networks typically operate in isolation, as each blockchain has its own ecosystem, structure, and consensus mechanism. The ICON Network has been established to connect separate blockchains, making them interoperable. This process occurs via the Blockchain Transmission Protocol (BTP).
There are certain functions and standards set for BTP to transfer data and maintain its integrity. Namely, these are message relayers, message specifications, message verifiers, and service smart contracts.
- Message Relayers – applications that receive and deliver BTP messages;
- Message specifications – details that have to be provided in the message: recipients, senders, service names and data, and serial numbers;
- Message verifiers – functions that validate message data;
- Service Smart Contract (SSC) – the contract that verified messages are delivered to. SSC executes the transition from the source blockchain smart contract to the destination blockchain smart contract.