Blockchain Transmission Protocol: Facilitating Interactions
Blockchain Transmission Protocol (BTP) is a protocol that allows isolated blockchains to operate as a fully decentralised settlement layer, securing transactions using a universal protocol.
What is Blockchain Transmission Protocol?
BTP is a technology that allows blockchains, even with completely different algorithms and consensus models, to be interoperable, enabling service calling, value transfer and data exchange.
BTP exchanges tokens between multiple blockchains directly through smart contracts without the need for an intermediate trading platform.
BTP also enables data transfer between partners running on ICONLOOP, such as MyID applications. The software verifies the decentralised identifier (DID) credentials on the ICON open network, allowing the user to send messages to any private or public network connected via BTP. All this happens without the need to provide their credentials and DID key to each blockchain.
BTP makes it easy to issue certificates for the blockchain. Broof is a public ICON network service that allows users to create and store validated certificates on their blockchain. BTP can run a mechanism for issuing smart contracts on the ICON network.
What is the ICON network?
Most recent decentralised blockchain applications and projects have operated in isolation. This has caused the blockchain industry to disintegrate into a mass of disparate blockchains.
ICON Network aims to bring these blockchains together by making them compatible with each other. The platform that enables this is known as the Blockchain Transfer Protocol (BTP).
Blockchain transfer protocol building blocks
In order to properly transmit data and maintain the validity and integrity of standards, BTP follows a set of features and standards that must be adhered to. The standards include message specifications, message relays, message verifiers and service smart contracts.
All messages must contain a range of data – recipient data, sender data, serial number, service name and service data. Data received from repeaters is verified by message verifiers.
The verified BTP messages are transmitted to the SSC.
How does a blockchain-based transmission protocol work?
BTP only connects two chains. However, linked circuits can additionally connect to more circuits, forming a network of interconnected and interacting blockchains. BTP verifies external data by means of smart contracts, accordingly – all verification operations are easily accessible and open for audit and verification.
In an asynchronous blockchain network, retransmitter/sender blockchain transmissions can stop due to a momentary break in communication. They can subsequently be recovered and re-sent when communication is re-established without loss of data.
The blockchain data transfer protocol is designed to be universal – it allows blockchains that do not support smart contracts to participate halfway in BTP transactions. For example, a blockchain that does not support smart contracts cannot participate as a recipient chain, but can be a sender chain.