Teleport

Bitcoin

Generation

Ronin

Foundation

<a href="https://www.jackboothfilm.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Jack Booth</a>, marketing director of the Open Network (TON) Foundation, discussed the security measures of TON’s newly introduced Bitcoin bridge.
This bridge will enable users to transfer BTC into the TON ecosystem, facilitating the use of digital assets in decentralized applications (DApps), lending platforms, and other network purposes.
On July 18, the TON Foundation launched its Bitcoin bridge, aligning with its vision to become a “blockchain of blockchains,” integrating leading Web3 services into a unified network.
Blockchain bridges facilitate the transfer of tokens or data between different networks, enhancing interoperability and allowing users to leverage features across blockchains.
However, these bridges have been prone to security vulnerabilities, resulting in significant fund losses, such as the $600 million hacking incident involving the Ronin Bridge in 2022.
Despite these risks, Booth assured the community that TON employs robust security measures to protect Bitcoin transfers within its network.
He explained, “TON Teleport BTC uses a trustless architecture to secure funds while bridging between the Bitcoin network and TON.
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“A Simplified Payment Verification Client (SPVC) has also been implemented as a smart contract on TON. This verifies Bitcoin block states directly on the TON platform.”
Booth emphasized that all key operations, including transaction verification, confirmation, and token issuance, are automated and transparent through smart contracts.
“This means that all activity is recorded on TON Blockchain as soon as it is confirmed,” he said.
Booth also highlighted the bridge’s resistance to private key compromises. He stated that private keys would not be created or held by a single entity.
TON’s Validators generate a joint public key using the Distributed Key Generation (DKG) process and sign transactions with aggregated signatures through the FROST protocol.
“While the FROST protocol ensures that no single participant can produce a valid signature on their own, DKG ensures that the private key is never created or held by a single party,” Booth explained.
Booth believes this decentralized approach enhances security, making the bridge “highly resistant to compromised keys or insider threats” and eliminating a single point of failure.
He noted that private key compromises have led to over $400 million in losses across 42 security incidents in the first half of 2024, according to CertiK data.
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TON Foundation Unveils Secure Bitcoin Bridge with Robust Trustless Architecture and Key Compromise Resistance

Crypto Intelligence

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