What is the Blockchain Transmission Protocol (BTP)?

Blockchain Transmission Protocol (BTP) is a technology designed to enable communication and transfer of value between different blockchains, both public and private blockchains.

Getting to know Blockchain Transmission Protocol (BTP)

Blockchain Transmission Protocol (BTP) is a technology that allows different blockchains, to interact with each other without the need to rely on intermediaries or central exchanges. This is important because the blockchain ecosystem consists of many different networks with their own protocols, rules, and security standards, which makes interoperability a big challenge.

The main goal of BTP is to facilitate blockchain interoperability, enabling the transfer of digital assets, such as tokens or crypto, data, and execution logic ( smart contracts ) between various blockchain platforms in a secure and efficient manner.

This opens up the possibility for many applications, including cross-chain asset transfers, cross-chain smart contract execution, and the creation of decentralized applications ( dApps ) that can operate on more than one blockchain.

Enables Data Transfer

Additionally, BTP enables data transfer between partners supported by ICONLOOP, for example, the MyID application.

The MyID program verifies Decentralized Identification (DID) credentials on the open ICON Network, allowing users to send messages to any private or public network connected via BTP, without needing to send their DID credentials and keys to each blockchain.

Blockchain Certificate Issuance

BTP can also simplify certificate issuance for blockchains. Broof is an ICON network service that allows users to create and store validated certificates on the chain. BTP can trigger smart contract issuance mechanisms on the ICON Network.

What is the ICON Network?

Most recent decentralized applications and blockchain projects operate in isolation. As a result, the blockchain industry has turned into a fragmented collection of blockchains.

The ICON Network aims to connect these blockchains so they can interoperate. The platform that allows this to happen is known as Blockchain Transmission Protocol (BTP).

Blockchain Transmission Protocol Basics

BTP follows a set of functions and standards that must be followed to transfer data correctly and maintain its validity and integrity. This standard includes message specifications, message servers, message inspectors, and service smart contracts.

• Message Specifications. All messages must have a recipient, sender, serial number, service name, and service data.
• Message Server. This is an application that retrieves and sends BTP messages.
• Message Checker. The data collected from the waiter is validated by the message checker.
• Smart Contract Services (SSC). The validated BTP message is passed to the SSC, which then executes the transmission from the source blockchain smart contract to the destination blockchain smart contract.

How Does Blockchain Transmission Protocol Work?

BTP only connects two chains, but connected chains can also connect to more chains, forming an interconnected and interoperable blockchain network.

Additionally, because BTP validates external data via smart contracts, all validation operations are easily accessible and open to audit and verification.

In an asynchronous network, the sender/sender blockchain may stop sending data if there is a momentary connection interruption, but can be recovered and retransmitted when the connection is repaired, without data loss.

Closing

Blockchain Transmission Protocol is designed to be flexible, meaning it allows blockchains that do not support smart contracts to partially participate in BTP transactions. This means that a blockchain that does not support smart contracts cannot participate as a receiving chain, but can be a sending chain.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change randomly