@tezoswakenbake thank you for raising this topic and I’d be happy to comment on BTP (Blockchain Transmission Protocol) for the Tezos community to learn more.
BTP is a general purpose interoperability solution that can transfer any type of data between networks. It is secured entirely by cryptography and smart contracts with Relays in between simply to pass data - Relays play no factor in security or decentralization of BTP.
Any chain in the BTP Ecosystem is directly connected with one another - ICON is not a middleman. We provide the Relay infrastructure, BTP standard and APIs necessary to integrate into different applications.
Here is a recent article on how BTP works, key differentiators and value propositions. I’ll also summarize some differentiators and potential use-cases for the Tezos community below:
Differentiators from current bridging solutions:
1.) Verifier Contract - security of BTP is done through cryptography. The Verifier smart contract deployed on all connected networks is able to replicate the hashing process and verify validator signatures from source blockchains to ensure all relayed data is accurate.
It does not rely on proof-of-stake of Relays (slashing relays if they try to steal/lie), it does not rely on proof-of-authority (hand-picked relays that are simply trusted), and there’s no reliance on consensus of relays (multi-sig, 2/3+1 PBFT, etc.). This makes BTP as secure with 1 Relay as it would be with 100. More Relays just leads to more liveness
2.) Out-of-the-box Generalizable Architecture - BTP leverages Service Contracts (BSH). Each Service Contract can be a specific use-case developed by a specific app developer (though we have a few standards for things like token transfer). After developing your specific Service Contract, the app developer would submit a pull request to get it added to the BTP Network. Once adopted, your specific service is able to leverage the existing Relay network funded by ICON’s block rewards - there’s no need to incentivize your own Relays or set up your own network.
3.) All networks in the BTP Ecosystem are directly connected with one another, there’s no need to build a bridge per network.
Use-Cases for XTZ Community:
1.) Inclusion of other assets in Tezos DeFi products - ICON will be aggressively growing the BTP Ecosystem which will give you access to assets across all connected ecosystems. Maybe a DApp developer on Tezos would like to target users of Uniswap, no better way then offering a seamless way to either airdrop your XTZ-based asset to UNI holders or offer an incentive for UNI holders to supply their token on a Tezos-based product.
2.) Calling contracts on other networks - Tezos-based smart contracts will be able to call contracts on other networks. Perhaps a Tezos DApp developer wants to make an app that allows XTZ holders to borrow assets directly from DeFi products across several different networks.
3.) NFT Metadata transfer - Perhaps a Tezos Dapp developer would want to build an NFT marketplace on Tezos that can bring in NFTs from other networks. You could do this with BTP and actually bring the metadata with it rather than just a wrapped token.
The above use-cases are just what I’m thinking of on the spot, but anybody can develop their own Service Contract, there’s really no limit to the possibilities.
I hope this helped you guys! My next steps would hope to be discussing with developers experienced in Tezos development so we can contract them, add them to the BTP Working Group, and get started on implementation, thanks!