Crypto Terms:
Letter B
What is Blockchain Transmission Protocol (BTP)?
Meaning:
Blockchain Transmission Protocol (BTP) -
a technology that enables compatibility between diverse blockchains by allowing data exchange and value transfer.
Let's find out Blockchain Transmission Protocol (BTP) meaning, definition in crypto, what is Blockchain Transmission Protocol (BTP), and all other detailed facts.
Blockchain Transmission Protocol (BTP) is a technology used to enable compatibility between diverse blockchains. This allows for service invocation, value transfer, and data exchange. BTP can be enabled for blockchains with distinct algorithms and consensus mechanisms, creating flexibility.
BTP is often applied to token exchanges across blockchains and utilizes smart contracts to conduct such transactions without a trading platform acting as the middleman.
BTP can also enable data transfers between different partners powered by ICONLOOP. One of such services, MyID, verifies Decentralized ID (DID) credentials on the open ICON Network. Users can then connect to BTP without having to submit their credentials to other blockchains individually.
BTP has been utilized as a streamlined solution to issue certificates for blockchains. The public ICON network service Broof allows users to create and store validated certificates on-chain. BTP can trigger the ICON Network’s smart contract issuing mechanism.
The validation processes are accessible for auditing or verification since BTP uses smart contracts to validate all external data.
BTP only links two chains directly. However, these chains may be linked to other chains. This forms a network of interconnected blockchains. It was developed to be versatile.
Even blockchains that do not enable smart contracts can take part in BTP transactions with some restrictions. For example, such a blockchain may take part as the sender chain but be unable to act as the receiver chain.
The ICON Network
Blockchain networks typically operate in isolation, as each blockchain has its own ecosystem, structure, and consensus mechanism. The ICON Network has been established to connect separate blockchains, making them interoperable. This process occurs via the Blockchain Transmission Protocol (BTP).
There are certain functions and standards set for BTP to transfer data and maintain its integrity. Namely, these are message relayers, message specifications, message verifiers, and service smart contracts.
- Message Relayers – applications that receive and deliver BTP messages;
- Message specifications – details that have to be provided in the message: recipients, senders, service names and data, and serial numbers;
- Message verifiers – functions that validate message data;
- Service Smart Contract (SSC) – the contract that verified messages are delivered to. SSC executes the transition from the source blockchain smart contract to the destination blockchain smart contract.
Vitalik Buterin<\/a><\/strong>. It emphasizes <strong>the major issues of security, decentralization, and ease of use<\/strong>. Developers are the ones that run across these issues when creating blockchains, which means they generally have to select one problem to ignore while focusing on the other two.<\/p>\n<p>According to the CAP theorem, which was devised in the 1980s, by computer scientists, decentralized data storage - of which blockchain is one implementation - can only give two of three assurances at the same time. <strong>These are<\/strong> <strong>consistency, availability, and partition tolerance<\/strong>. As a result, many people believe that blockchains must give up one of the three.<\/p>\n<p>Many people also assume that controlling the three factors is unattainable and will never be accomplished. Nonetheless, this does not deter ambitious engineers who believe that blockchain networks can include all three and much more.<\/p>\n<p>Furthermore, the never-ending evolution of the decentralized environment resulted in <strong>Layer-1 and Layer-2<\/strong> <strong>solutions<\/strong> that eventually addressed the trilemma, alongside the emergence of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">Proof-of-Stake in the blockchain. Therefore, blockchain networks should have unchangeable protection to avoid fraudsters from gaining control.<\/p>\n<p>Rather than being administered by a single organization, blockchains spread network control fairly among all members. Likewise, blockchains should be able to sustain a large number of transactions and participants without experiencing bottlenecks due to increased fees and transaction delays.<\/p>","definition":"an idea that discusses the problems of security, decentralization, and ease of use.","status":"published","meta_title":"What is Blockchain Trilemma? Definition & Meaning | Crypto Wiki","meta_description":"Blockchain Trilemma meaning: Blockchain Trilemma - is an idea that discusses the problems of security, decentralization, and ease of use.","meta_keywords":null}"
:prev-section="{"id":113,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Blockchain","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-11-03T07:25:31.000000Z","slug":"what-is-blockchain-explorer","title":"What is Blockchain Explorer?","section":"B","keyword":"Blockchain Explorer","content":"<p><strong>Various records of the distributed ledger can be analyzed via blockchain explorer.<\/strong> Since clarity is very important in cryptocurrencies, blockchain explorers make sure users take advantage of it.<\/p>\n<p>Users can utilize the tool to track the status of their pending transactions, as well as to see the remaining balance of a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallet they hold. Moreover, it’s also possible to see every transaction a particular wallet took part in.<\/p>\n<p>The majority of cryptocurrencies, such as <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum and <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, have transparent ledgers that document all exchanges that are checked and certified by node administrators. Nonetheless, as these currencies become more popular, hundreds of deals are conducted each minute, <strong>making it difficult to retrieve data from the blockchain.<\/strong><\/p>\n<p>Aside from that, blockchain explorers allow users to enter a public or private address and acquire knowledge on all transactions that flow to and from that address. Users are also able to see blocks that aren’t attached to the main blockchain, as well as the new ones that were added.<\/p>\n<p>Even though blockchain explorers are made to showcase the transparency of distributed ledger technology, additional tools can secure the anonymity of addresses that do exchanges on the blockchain. One of which would be the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-coin-mixer/">coin mixer<\/strong><\/a> that masks the origin of a transaction.<\/p>\n<p>When a user submits assets to a coin mixer, the program mixes multiple other incoming transactions and delivers a whole new set of tokens to the ultimate address, which cannot be identified. As a result, while the transaction will be recorded on the blockchain, the destination address will remain unknown.<\/p>\n<h3>How Does the Blockchain Explorer Work?<\/h3>\n<p>To gain the information, numerous technological steps must be performed, including the usage of application programming interfaces and databases, as well as a blockchain node. The information is put into a database and made searchable.<\/p>\n<p>The explorer server then generates a website from which it can engage with users. Requests for searches are sent to the backend server, which responds to the user interface.<\/p>\n<p>Finally, the user interface and API deliver website content in HTML format to the user's browser, so that the results may be viewed in a coherent form.<\/p>\n<p>If we look at it from a user's perspective, to use the blockchain explorer, they are obligated to type in a search query in the interface of the explorer, and then the software sends it out.<\/p>\n<p>Some users can check information on the current status of transaction validation, the number of requests remaining, and the list of unconfirmed transactions. <strong>It depends on which blockchain explorer they utilize.<\/strong><\/p>","definition":"is a program that allows users to look through the blockchain records.","status":"published","meta_title":"What is Blockchain Explorer? Definition & Meaning | Crypto Wiki","meta_description":"Blockchain Explorer meaning: Blockchain Explorer - is a program that allows users to look through the blockchain records.","meta_keywords":null}"
:model="{"id":120,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Blockchain","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-11-03T07:33:52.000000Z","slug":"what-is-blockchain-transmission-protocol-btp","title":"What is Blockchain Transmission Protocol (BTP)?","section":"B","keyword":"Blockchain Transmission Protocol (BTP)","content":"<p><strong>Blockchain Transmission Protocol (BTP)<\/strong> is a technology used to enable compatibility between diverse <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchains. This allows for service invocation, value transfer, and data exchange. BTP can be enabled for blockchains with distinct <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-algorithm/">algorithms and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-consensus-mechanism/">consensus mechanisms<\/strong><\/a>, creating flexibility.<\/p>\n<p>BTP is often applied to token exchanges across blockchains and utilizes <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> to conduct such transactions without a trading platform acting as the middleman.<\/p>\n<p>BTP can also enable data transfers between different partners powered by ICONLOOP. One of such services, MyID, verifies <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-identifier-did/">Decentralized ID (DID)<\/strong><\/a> credentials on the open ICON Network. Users can then connect to BTP without having to submit their credentials to other blockchains individually.<\/p>\n<p>BTP has been utilized as a streamlined solution to <strong>issue certificates for blockchains<\/strong>. The public ICON network service Broof allows users to create and store validated certificates on-chain. BTP can trigger the ICON Network’s smart contract issuing mechanism.<\/p>\n<p>The validation processes are accessible for auditing or verification since BTP uses smart contracts to validate all external data.<\/p>\n<p>BTP only links two chains directly. However, these chains may be linked to other chains. This forms a network of interconnected blockchains. It was developed to be versatile.<\/p>\n<p>Even blockchains that do not enable smart contracts can take part in BTP transactions with some restrictions. For example, such a blockchain may take part as the sender chain but be unable to act as the receiver chain.<\/p>\n<h2>The ICON Network<\/h2>\n<p>Blockchain networks typically operate in isolation, as each blockchain has its own ecosystem, <strong>structure<\/strong>, and consensus mechanism. The ICON Network has been established to connect separate blockchains, making them interoperable. This process occurs via the Blockchain Transmission Protocol (BTP).<\/p>\n<p>There are certain functions and standards set for BTP to transfer data and maintain its integrity. Namely, these are message relayers, message specifications, <strong>message verifiers<\/strong>, and service smart contracts.<\/p>\n<ul>\n<li>Message Relayers – applications that receive and deliver BTP messages;<\/li>\n<li>Message specifications – details that have to be provided in the message: recipients, senders, service names and data, and serial numbers;<\/li>\n<li>Message verifiers – functions that validate message data;<\/li>\n<li><strong>Service Smart Contract (SSC)<\/strong> – the contract that verified messages are delivered to. SSC executes the transition from the source blockchain smart contract to the destination blockchain smart contract.<\/li>\n<\/ul>","definition":"a technology that enables compatibility between diverse blockchains by allowing data exchange and value transfer.","status":"published","meta_title":"What is Blockchain Transmission Protocol (BTP)? Definition & Meaning | Crypto Wiki","meta_description":"Blockchain Transmission Protocol (BTP) meaning: Blockchain Transmission Protocol (BTP) - a technology that enables compatibility between diverse blockchains by allowing data exchange and value transfer.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming 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Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration 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Analysis","slug":"crypto-analysis","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-analysis.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-analysis-101.jpg","rating":100,"sections":[{"chapter_id":8,"order":1,"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","status":"published","modified_content":null},{"chapter_id":8,"order":2,"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","status":"published","modified_content":null},{"chapter_id":8,"order":3,"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","status":"published","modified_content":null},{"chapter_id":8,"order":4,"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]"
current-chapter="B"
current-section="what-is-blockchain-transmission-protocol-btp">
