Demex Daily #199: TON Foundation Announces Trustless Bitcoin Bridge for DeFi on Telegram's Blockchain

What’s Interesting Today:

The TON Foundation announced the upcoming launch of TON Teleport BTC, a trustless bridge allowing Bitcoin transfers to the Telegram-linked TON blockchain for use in decentralized finance (DeFi) activities. This system aims to facilitate participation in DeFi exchanges, lending platforms, and other applications within the TON ecosystem securely and cost-effectively. According to TON's technical lead, Anatoliy Makosov, the process will be transparent, with all transactions executed and verified through smart contracts by TON blockchain validators. Each Bitcoin used on TON will be backed by an actual Bitcoin, ensuring secure and reliable transactions. The initiative aligns with TON's increasing integration with Telegram, particularly in areas like ad revenue sharing and the rising popularity of Telegram-based crypto games.

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StarkWare has successfully implemented a zero-knowledge proof (ZK-proof) on Bitcoin's test network, Signet, leveraging a Satoshi-era code called OP_CAT. This test marks a significant step towards introducing advanced computational tools, like those used in Ethereum, to Bitcoin, which has historically lacked these capabilities due to limited computational capacity. However, the implementation of OP_CAT, which allows for data concatenation in transactions, remains controversial within the Bitcoin community due to concerns about potential network vulnerabilities. Despite these challenges, StarkWare, led by privacy technology advocate Eli Ben-Sasson, is at the forefront of testing and advocating for the integration of zero-knowledge proofs to enhance Bitcoin's scalability and privacy.

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