Thread by @FoundryBoxMedia

The case for #interoperability and #ICON’s Blockchain Transmission Protocol (#BTP) $ICX
#cryptocurrency #blockchain #metaverse

A thread! 👇

There are many similarities between the internet and #blockchain in terms of how the #technologies have dawned and evolved. This will, undoubtedly, continue going forward. Much like the dawn of the internet, there are isolated networks operating with their own rules and uses.

Really, this was pre-internet because, initially, the internet was just a connection between similarly isolated networks of computers. But as the #technology was refined and became more desirable and used, this network of networks grew into what we know as the #internet today.

Much like the early internet, #blockchain is made up largely of independent and isolated networks, but that’s changing very rapidly. Blockchain #interoperability is not only on the rise, but is the next necessary and logical step for #blockchain evolution.

Enter #BTP: a trustless, secure, fast and intuitive technology built on top of #ICON 2.0. Much like the creation of TCP/IP technology, #BTP is a protocol and relay technology built on $ICX specifically to tackle this next challenge!

While #BTP isn’t the only #interoperability solution in the space, it does bring a number of unique and powerful advantages to #developers and networks looking to expand their reach and scope.

First #BTP is designed to be #trustless. Transactions are handled and verified by smart contract backed relays on both sides of the network, meaning no trust in relay operators or game theory mechanics are required. The tx are as #secure as the chains they are connected to.

Second #BTP is a chain agnostic and not a single ad hoc bridge implementation. This means that once a connection has been made to #BTP from any #blockchain, that chain can relay transactions to any other connected chain in the network without further work!

While many #networks have working bridges, the vast majority of these are ad hoc connections developed and maintained individually. If one changes on either side of the bridge, it must be updated separately.

Back to the internet analogy: This is like connecting 2 separate networks directly with an ethernet cable. Alternatively, #BTP is more like a network switch (or more accurately a network of network switches) designed to quickly route data between any and all connected chains!

But, #BTP isn’t a stand-alone solution and will also benefit the $ICX network, upon which it is built, directly in a few critical ways: by collecting fees from connected networks and greatly increasing transaction volume on the $ICX network.

It should go without saying that the more networks connected via #BTP, the more volume that will be carried through the #ICON network. Every tx relayed to or through $ICX by #BTP will also be a at least 1 tx processed by the $ICX network.

Additionally a fee is assessed against the origin chain's tokens for using the #BTP relay and collected by a fee aggregation smart contract on the $ICX network.

As one very exciting aspect of #BTP the Fee Aggregation contracts collect the fees from origin chains and allow $ICX holders to bid on those tokens at or below market spot prices through the upcoming #BTP nexus, driving value and additional use cases for the $ICX token.

For additional details on #BTP economics and design check out the following official article:
icx.icon.foundation/2021/03/24/blo…

The obvious uses for #BTP and cross-chain token transfers immediately come to mind, like truly decentralized exchanges and #defi experiences that abstract the individual networks of the tokens. But #BTP is designed for #data transfer too, opening up the possibilities immensely.

#BTP will launch with its dashboard #Nexus which will provide users the ability to swap tokens through connected chains in one, intuitive dashboard. But the real exciting use cases will come soon after when #dapps and #developers leverage #BTP in streamlined user experiences...

behind the scenes to create seamless cross-chain and/or chain-agnostic #crypto experiences that abstract the technical details away from the end-user!

Additionally, With the advent of the #metaverse and its obvious #crypto implications, the desire and necessity for #blockchain #interoperability will become increasingly clear and in demand. #BTP to the rescue.

#BTP will be launching to the masses soon and with it, we can expect a number of connections nearly out of the gate including @NEARProtocol, @BinanceChain, @kusamanetwork , @MoonbeamNetwork, @harmonyonee , @Algorand, #ICON’s very own $ICE blockchain and more soon!

If you're looking for more information on #BTP or the #ICON blockchain in general, head on over to iconrepublic.org and give @helloiconworld a follow and a shout out!