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South Korea’s ICON Releases Blockchain Interoperability Protocol

South Korea's ICON Releases Blockchain Interoperability Protocol

ICON (ICX), South Korea’s largest public blockchain venture, launched its Blockchain Transmission Protocol (BTP) on Could 28. 

The protocol allows interoperability between particular person blockchains, facilitating worth switch, service invocation and information trade.

Connecting the chains

As blockchain expertise has developed, the multitude of competing networks bobbing up have largely been content material to isolate themselves, often others for inspiration, however hardly ever totally interacting with each other. 

ICON nonetheless, has at all times said its mission to “Hyperconnect the World”, and this newest launch is a big step in the direction of that purpose.

BTP is an interoperability protocol, which permits distinct stand-alone blockchains to work together and talk with one another, together with these with utterly completely different consensus fashions and algorithms. It additionally permits for interoperability between private and non-private blockchains.

Actual world makes use of

The killer app for this sort of interoperability is to have the ability to switch tokens between completely different blockchains. ICON claims that:

“BTP facilitates such switch instantly by means of sensible contracts, from one chain to a different with out utilizing a central buying and selling platform, on the protocol degree.”

Different potential makes use of embody the verifying of knowledge, equivalent to a decentralized id, by means of cross-chain communication, and the automation of companies on one blockchain being triggered from and for the advantage of one other.

Lets get speaking

BTP connects networks through message relayers, that are impartial of the blockchains, and message facilities, verifiers, and repair handlers, which have to be applied on every blockchain through sensible contracts.

Blockchains which don’t help sensible contracts can solely take part as a sender, not as a receiver of messages.

Whereas a single implementation of BTP connects two blockchain networks, these networks can even connect with different networks by means of additional BTP implementations, creating an interconnected and interoperable net of blockchains.

As Cointelegraph reported, ICON final month unveiled its new consensus algorithm, enhancing scalability and bandwidth whereas sustaining safety.

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