π± 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? π€
I'm trying to understand and made this thread π
No barriers? No bridges? π€
I'm trying to understand and made this thread π
@helloiconworld π± 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 π First of all: BTP compatible transactions must include sender, recipient, service name, serial number, and service data.
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 π First of all: BTP compatible transactions must include sender, recipient, service name, serial number, and service data.
@helloiconworld @binance π± 2/7:
Next, participating blockchains must implement three components through Smart Contracts:
π BSH (service handler)
π BMV (message verifier)
π³ BMC (message center)
I believe these three BTP components are relatively easy to implement! They communicate as follows:
Next, participating blockchains must implement three components through Smart Contracts:
π BSH (service handler)
π BMV (message verifier)
π³ BMC (message center)
I believe these three BTP components are relatively easy to implement! They communicate as follows:
@helloiconworld @binance π± 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 (?) π. As the transaction is posted, the πBSH picks up the required BTP data from his blockchain 1.
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 (?) π. As the transaction is posted, the πBSH picks up the required BTP data from his blockchain 1.
@helloiconworld @binance @ReliantNode π± 4/7:
The πBSH passes the data to the π³BMC, 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.
The πBSH passes the data to the π³BMC, 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 π± 5/7:
$ICX Relay now has the essential and verified data from blockchain 1, and passes it on to the π³BMC on blockchain 2. The data then flows through the πBMV, which decodes the information, and on to the πBSH, which communicates the BTP transaction data to blockchain 2.
$ICX Relay now has the essential and verified data from blockchain 1, and passes it on to the π³BMC on blockchain 2. The data then flows through the πBMV, which decodes the information, and on to the πBSH, which communicates the BTP transaction data to blockchain 2.
@helloiconworld @binance @ReliantNode π± 6/7: Again
Blockchain 1: Dave makes transaction β‘οΈ πBSH β‘οΈ π³BMC β‘οΈ $ICX Relay application
Blockchain 2: $ICX Relay application β‘οΈ π³BMC β‘οΈ πBMV β‘οΈ πBSH β‘οΈ transaction completed.
π¬ NOTE: Blockchains that do not support smart contracts will only be able to SEND through BTP.
Blockchain 1: Dave makes transaction β‘οΈ πBSH β‘οΈ π³BMC β‘οΈ $ICX Relay application
Blockchain 2: $ICX Relay application β‘οΈ π³BMC β‘οΈ πBMV β‘οΈ πBSH β‘οΈ transaction completed.
π¬ NOTE: Blockchains that do not support smart contracts will only be able to SEND through BTP.
@helloiconworld @binance @ReliantNode π± 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
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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