"It's different, like, TON takes crazy fast steps."
Announced by the TON Foundation which supports The Open Network (TON), its team will soon launch TON Teleport BTC which is a trustless bridge designed to facilitate the safe transfer of Bitcoin (BTC) on the Telegram network.
The system aims to allow BTC holders to participate in decentralized financial (DeFi) activities on TON while maintaining the security of their original assets, the TON Foundation further stated.
Please be informed that TON Teleport BTC will allow users to engage with decentralized exchanges, lending platforms and other DeFi applications in the TON ecosystem that will operate without centralized issuers.
All transactions are executed through smart contracts then verified by TON validators, commented TON Technical Head Anatoliy Makosov adding that storing and using BTC on TON is as secure as the BTC network but much cheaper and convenient.
Every BTC on TON will be fully backed by real BTC, where it is pegged through a teleport process to ensure safe and reliable transactions.
TON is closely aligned with the popular messaging application Telegram as the messaging platform uses TON for ad revenue sharing payments with channel owners including other purposes.
It should be noted that the attention-grabbing TON has pushed its token price up this year amid increased acceptance from Telegram itself plus there are Telegram-based crypto games such as Notcoin and Hamster Kombat.