Meaning Of Blockchain Transmission Protocol (BTP)

In this article, we will be discussing the meaning of blockchain transmission protocol (BTP). We shall also talk about the meaning of ICON network, Smart contract, the founding unit of blockchain transmission protocol and operation of blockchain transmission protocol.

Series of remote blockchains function very well as a decentralized platform. This is as a result of Blockchain Transmission Protocol (BTP). This is done by securely performing transactions using a universal protocol. Now, let us study the meaning of Blockchain Transmission Protocol (BTP)

Definition of Blockchain Transmission Protocol (BTP)

You might have heard about BTP in our crypto journey. The meaning of Blockchain Transmission Protocol (BTP) is the technology that enables service supplication, value transfer and data exchange. This is done by making diverse blockchains. However, there maybe some with different algorithms.

A good application for BTP is the token exchanges across multiple blockchains. These exchanges are approved by BTP through smart contracts. It is also, through a single blockchain to another, without demanding a middle trading platform.

It is possible for data to be transferred to partners. This is done with the aid of BTP. However, this project is propelled by ICONLOOP. Then, under this, we have My ID apps. With the help of this program, verification of Decentralized ID (DID) is made easy. More so, BTP gives individuals the privileged to transmit messages. This can be on a private or public network. Nevertheless, submission of DID credentials to blockchain isn’t necessary.

Broof can be defined as a public ICON network service, which provides users the opportunity to produce and save important certificates on its chain. However, BTP can be very effective for offering a smart contract on the ICON Network. It can also streamline the offering of certificates for blockchains. This is all, on the meaning Of Blockchain Transmission Protocol (BTP)

Meaning Of ICON Network

The blockchain industry has broken down into a pieces of blockchains. Due to this act, most of current decentralized applications and blockchain projects have been separated from others.

The Blockchain Transmission Protocol (BTP) is a platform that allows ICON Network to connect these blockchains. This creates room for cross communication.

The Founding Unit of Blockchain Transmission Protocol

In this paragraph, we will be discussing the building blocks of BTP. A unique BTP operates on a set of functions and standards that must be followed. Furthermore, data dissemination amd its authenticity is preserved by BTP. Here are examples of these standards: message specifications, message relaters, message verifiers, and service smart contracts. Each of the examples are explained further.

Message Specifications

There are certain qualities a message should possess. This qualities add value to the message. re ; recipient, sender, serial number, service name, and service data.

Message Relaters

The major duty of message relaters is to send and receive messages.

Message Verifiers

After messages are received, message verifiers screens it and validates the data.

Service Smart Contract (SSC)

This is the final step in the examples of BTP operational standards. It houses the already verified messages. Therefore, its duty is to move those messages from the source to the final blockchain phase.

Operation of Blockchain Transmission Protocol

This shows us, how blockhain transmission protocol works. It mode of function comprises of linking chains. Furthermore, it linking of chains are related as the first two chains links other chains. Therefore, leading to a collection of linked blockchains.

Furthermore, it is easy to reach out to the necessary validation processes. Certainly, this validation process as open to verification. The reason behind this, is the validation of external data through smart contracts by BTP.

In a network that doesn’t operate at the same time or phase, the blockchain of the sender may pause delivering data. That’s if the connection is interrupted at any moment. They can later be recovered and re-sent when the connection is back to normal. With this, no data loss is experienced.

An important feature of blockchain transmission protocol is its ability to perform various tasks. This is to say, that blockchains that deny access to smart contracts, can be part of the BTP transactions. On the other hand, blockchains can join the BTP transaction as a receiver or sender chain. It solely depends if the blockchain doesn’t support smart contracts.

More Elaboration On The Project

In the segment, we shall study the ICON project. The relevance of this is to develop a decentralized network. With this network, transactions with different people, can happen on blockchain. Most importantly, this action is done without a third party. Everybody has the access to create a new blockchain project, and also be part of the network. Nevertheless, there is a possibility of connecting an existing project to a new blockchain project.

Let us look at the term “Interoperability”. It can be defined as the ability to make value transfer, service supplication, and data exchange easier. Meanwhile, transactions are safely guarded regardless of their trust level. Just like we mentioned earlier, different blockchain networks are made compatible with BTP. This implies that, completely different models and algorithms and work together.

More on the Integration

Moonbeam was a natural choice that offers high compatibility of Ethereum. Another feature it displays is its high incorporation level. Therefore, to ensure a smooth integration of BTP, there will be a collaboration between parachains and the ICON team. Meanwhile, Moonbeam is also a part of this collaboration.

Also, precompiled contracts will soon be merged to Moonbeam. By the end of second quarter of 2021, the Polkadot integration next target is to have testnet implementations for BTP smart contracts completed. Even with the launch of ICON 2.0, the mainnet being supported.

In the integration, the initial part is completed. The question is, how was this done? You will discover this, as we proceed. It is when preliminary conversion before the final conversion of contrasts are merged with other projects. For example, Frontier, the Polkadot EVM project are the projects. Meanwhile, the Moonbeam team got a grant from the Web3 foundation. Due to this, Frontier Pallet parachain and ICON can merge and perform well.

Over the years, blockchain technology has gradually arrived. It provides significantly improved scalability, security, and transaction throughout. However, the vast majority of blockchains today operate in silos. Despite the fact that there has been massive development on the long run.

Now, the wider blockchain space resembles a series of isolated and disconnected data networks. A host of new blockchain projects emerge every year. They plan to become the de-facto blockchain and home to tomorrow’s most prominent and influential decentralized apps (DApps).

BTP Extension

In this segment, we are focusing on the blockchain transmission protocol extension. When it comes to ranking of blockchain networks, South Korea-based ICON Network sits at number one. Meanwhile, it has a goal to achieve. It hopes to subsequently connect compatible blockchains around the world.

A true desire of the ICON Network is to discover the capability of distributed ledger technology (DLT). With this desire, it goes far to provide interactive medium for different protocols. With the aid of BTP, blockchains can interoperate at the protocol level.

Elaboration of BTP

The BTP of an ICON Network facilitates compatibility or interoperability among different blockchains. This also involves the blockchains with diversed algorithms. Now, let’s define the term interoperability before moving on. ICON Foundation defines interoperability as the ability to enable value transfer, service invocation, and data exchange among blockchains via different protocols. It also enables these isolated blockchains to freely interact with each other. Therefore, it will be performed on a worldwide standard. But, its doubtful settlement layer is part of it function.

BTP facilitates such transfers at the protocol level directly via smart contracts, transferring data from one blockchain to another without involving any central trading platform. In terms of application of interoperability solutions, token transfers between different blockchains is an important point to consider.

Speaking of the practical aspects from the ICON ecosystem, there could be a task of allowing data exchange between enterprise partners. ICONLOOP enable partners, including MyID applications.

Figure 1. MyID application to interact between chains through BTP

The aim here is to verify the registered personal decentralized ID data on the public ICON network. The can share the messages among public and private networks. Meanwhile, BTP handles the exchange. There is no requirement for DID documents or any other vital article.

Figure 2. Broof certificate issuance

From the illustration above, BTP helps in arousing the issuance service to a Broof smart contract on the ICON Network. Broof is a DLT-powered service on the public ICON Network. It allows issuance and storage of verified certificates on the blockchain. Its performance can improve through BTP. For instance, BTP can help control the process of certification issuance for a private chain automatically.

Confirmation of BTP Data

ICON Network gives utmost importance to transparency and trust which reflects in the BTP data verification mechanism.

When BTP verify external data using smart contracts, all verification procedures are transparently shared on the blockchain. This makes the code publicly available to be audited and verified by anyone. What’s more, under this mechanism, building a BTP environment becomes as easy a task as deploying a smart contract.

Cross Communications Among Blockchains

The usability of BTP can’t be over emphasized. It has a vital role of connecting two blockchains which are compatible. This process helps to promote the growth of a network of interconnected, interoperable blockchains. On that note, the blockchains connected through BTP can extend the connection to other blockchains.

Serial Operations

Serial or asynchronous operations are those that do not occur at the same phase. BTP takes care of inefficiencies and data blockage the cause. Unfortunately, if there happens to be an occurrence of temporary network failure, a sender blockchain may stop sending data. Under these unfavorable conditions, you can restore BTP messages. You can also transmit the messages. All this happens without any loss of data.

Partial Engagement

A group of smart contracts may not be compatible with certains blockchains. However, BTP accept this blockchains. This is to say, that the blockchain can take only two forms, either as a receiver or as a giver.

Full Engagement

Utilizing BTP features demand certain conditions. In other words, the sender blockchain must have block finality. Also the blockchains engaged must be potential enough to support smart contracts.

Finality – This is the stage where no further changes occur. The blockchain, which is the sender, attain the final stage. You cannot change the result. These results are then verified through the verifier smart contract.

Smart Contract – This supplements the benefits of a fully-fledged BTP. However, blockchains execute the following components. This is through smart contracts.

  • BMC (BTP Message Center) is in charge of building BTP messages. The pass through a Relay for message delivery.
  • A BTP Message Verifier (BMV) verifies and decodes the message gotten from a Relay to BTP Messages.
  • What BSH (BTP Service Handler) does is to send BTP messages to service smart contracts.

Delivery Flow of BTP Message

Figure 3. BTP Message Delivery Flow Chart

The illustration below gives an idea on how a public chain application can verify the identity of a user held on a private chain:

  1. Jim logs into a Ride Share app. This app requires verification of Jim’s MyID identity information
  2. The Ride Share app sends a transaction with Jim’s encrypted identity information to BSH_A on the public chain. This happens after Jim logs in
  3. BSH_A sends a service message to BMC_A on the public chain. This message requests for the verification of encrypted identity information provided by Jim
  4. BTP Message Relay spots the event and assembles Jim’s encrypted identity information
  5. BMC_B on the private MyID chain picks up the request to verify Jim’s information
  6. BMV_B on the private MyID chain decodes the encrypted information in order to verify Jim’s identity
  7. BSH_B on the private MyID chain gives feedback to BMC_B with the results of Jim’s identity-check
  8. BMC_B transfers these results to the BTP Message Relay
  9. The BTP Message Relay sends the results back to BMC_A

CONCLUSION

It will be wise to learn more about the descriptions of the protocol, the BTP proposal under ICON Improvement Proposal (IIP). More so, learn the meaning of blockchain transmission protocol (BTP). It will also be good to study the meaning of ICON network, the founding unit of blockchain transmission protocol and operation of blockchain transmission protocol.

See the List of things to learn.
  1. Blockchain Technology
  2. Defi
  3. NFTs
  4. DAOs
  5. Crypto
  6. Web 3.0
  7. Altcoin Tokenomics
  8. Metaverse
  9. Smart Contracts

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