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South Korean ICON launches Blockchain Interoperability Protocol

May 29, 2020

ICON (ICX), the largest public blockchain project in South Korea, released its Blockchain Transmission Protocol (BTP) on May 28.

The protocol enables interoperability between individual blockchainsFacilitating the transfer of values, calling services and data exchange.

Chain link

As blockchain technology has evolved, the myriad of competing networks have contented themselves with isolating themselves, occasionally looking for inspiration, but rarely interacting fully with each other.

South Korean ICON launches Blockchain Interoperability ProtocolSouth Korean ICON launches Blockchain Interoperability Protocol

SYMBOL, However, It has always declared its mission “Hyperconnect the World”, and this latest launch is a big step towards that goal.

BTP is an interoperability protocol that enables different independent blockchains to interact and communicate with each other, including those with completely different consensus models and algorithms. It also enables interoperability between public and private blockchains.

The use of the real world

The killer app for this type of interoperability is the transfer of tokens between different blockchains. ICON explains:

“BTP enables direct chain-to-chain transfers without the use of a central trading platform at the protocol level.”

Other uses are data verificationas a decentralized identity through communication between chains, and the automation of the services of a blockchain that is triggered by and in favor of another.

let’s talk

BTP connects networks via news channelsthat are independent of blockchains, and message center, verifier and service managerthat must be implemented in every blockchain through smart contracts.

Blockchains that do not support intelligent contracts can only participate as senders and not as recipients of messages.

While a single BTP implementation connects two blockchain networks, these networks can also connect to other networks through additional BTP implementations.Create an interconnected and interoperable network of blockchains.

As Cointelegraph reported, ICON launched its new consensus algorithm last month that improves scalability and bandwidth while maintaining security.

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