LOGO_CRYPTO_SIGHT

South Korea-based ICON Rolled Out Blockchain Transmission Protocol

By Chris Torres | May 30, 2020

ICON (ICX) – major South Korea-based blockchain project – has reportedly rolled out its Blockchain Transmission Protocol (BTP) on May 28. 

Specifically, the protocol is reportedly designed to promote interoperability blockchain-to-blockchain, as well as to support value transfer, service invocation and data exchange.

Along with the growth of blockchain, competing networks in the sector have reportedly been moving forward with an attitude to isolate themselves, with little interaction with one another. 

ICON reportedly looks to tackle this matter, with its goal to “Hyperconnect the World”, initially implemented via this newest development. 

Blockchain Transmission Protocol (BTP) reportedly functions as an interoperability protocol, enabling interaction and communication among distinct stand-alone blockchains – including the ones with an entirely different set of consensus models and algorithms. BTP reportedly also supports interoperability between public and private blockchains.

“BTP facilitates such transfer directly through smart contracts, from one chain to another without using a central trading platform, at the protocol level.” ICON further revealed. 

BTP can reportedly also be used for data verification, nominally a decentralized identity, via cross-chain communication, and services automation on one blockchain being triggered from and for the benefit of another.

Message relayers are reportedly employed for network connection, which run independently from blockchains. message centers, verifiers, and service handlers, and require smart contract-enabled blockchain implementation.

Tags: , ,

Related Articles

Comments