💱 The Blockchain Transmission Protocol (BTP) is coming to @helloiconworld ($ICX) and we are all excited. Imagine being able to send all your favorite tokens to all your favorite (DeFi & NFT) platforms!
No barriers? No bridges? 🤔
I'm trying to understand and made this thread 👇
@helloiconworld 💱 1/7:
Will I just be able to randomly send $ETH to a @binance Smart Chain address, and how does $ICX fit in here?
Let's start at the beginning 💭 First of all: BTP compatible transactions must include sender, recipient, service name, serial number, and service data.
@helloiconworld @binance 💱 2/7:
Next, participating blockchains must implement three components through Smart Contracts:
👂 BSH (service handler)
🔑 BMV (message verifier)
💳 BMC (message center)
I believe these three BTP components are relatively easy to implement! They communicate as follows:
@helloiconworld @binance 💱 3/7:
Let's say Dave sends some tokens cross-chain... His wallet manager Hana from @ReliantNode will include sender, recipient, service name, serial number, and service data (?) 😁. As the transaction is posted, the 👂BSH picks up the required BTP data from his blockchain 1.
@helloiconworld @binance @ReliantNode 💱 4/7:
The 👂BSH passes the data to the 💳BMC, which then reads the BTP data, verifies it and passes it to $ICX Relay (Relay = application operating independent of blockchains). This $ICX relay seems to float in between the blockchains that are communicating with eachother.
@helloiconworld @binance @ReliantNode 💱 5/7:
$ICX Relay now has the essential and verified data from blockchain 1, and passes it on to the 💳BMC on blockchain 2. The data then flows through the 🔑BMV, which decodes the information, and on to the 👂BSH, which communicates the BTP transaction data to blockchain 2.
@helloiconworld @binance @ReliantNode 💱 6/7: Again
Blockchain 1: Dave makes transaction ➡️ 👂BSH ➡️ 💳BMC ➡️ $ICX Relay application
Blockchain 2: $ICX Relay application ➡️ 💳BMC ➡️ 🔑BMV ➡️ 👂BSH ➡️ transaction completed.
😬 NOTE: Blockchains that do not support smart contracts will only be able to SEND through BTP.
@helloiconworld @binance @ReliantNode 💱 7/7: Correct me if I'm wrong!
For BTP to function, participating blockchains MUST implement BTP components.
Wallet managers + Exchanges MUST send along all the right information with transactions...
Most content came from the @helloiconworld Medium: tinyurl.com/5ar8uu4d
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