Blockchain Transmission Protocol (BTP) Working Group Update: ICON Joins Forces with the Polkadot Ecosystem
As the first update from the Blockchain Transmission Protocol (BTP) Working Group, we are excited to announce tangible progress toward the integration of BTP into the Polkadot Ecosystem. Acala, Moonbeam, Edgeware, and Plasm, four of the top parachain candidates in the Polkadot Ecosystem, will be the first to be integrated into ICON’s BTP interoperability solution.
Acala brings a robust, EVM-compatible Polkadot DeFi ecosystem, Moonbeam brings unmatched Ethereum compatibility and the largest and most robust portfolio of live integrations across the DeFi, NFT, and gaming spaces, Edgeware brings decentralized community governance, and Plasm brings a DApp hub and layer 2 solutions for the Polkadot Ecosystem. We look forward to working closely with all four of these teams and envision many collaboration opportunities across all of our ecosystems.
Through the hard work and dedication of the Edgeware team, we have completed the first phase of integration by merging the necessary precompile contracts with a Polkadot EVM (Frontier Pallet). This puts all the necessary pieces in place for ICON to connect to any Frontier Pallet parachain. Precompiled contracts will soon also be merged to the Acala, MoonBeam, Plasm, and Edgeware EVM, for compatibility with each of their individual custom-built EVM modules.
The next milestone for the Polkadot integration is to have testnet implementations for BTP smart contracts completed by the end of Q2 2021 and main net support upon launch of ICON 2.0. ICONDAO, a passionate software development team and ICON validator, is spearheading these efforts for the working group and has already spent considerable time and resources familiarizing themselves with the Polkadot technology stack.
These BTP connections will allow applications on all four parachains to directly interact with ICON, each other, and any other network added to the BTP Ecosystem. It supports cross-network smart contract interactions, cross-network token transfer, cross-network NFT transfer, and more. BTP is a generalizable and decentralized cross-chain data transfer protocol with limitless potential.
As an immediate first use-case, we envision a vibrant cross-chain DeFi ecosystem between ICON’s DeFi products and all 4 of these Polkadot parachains. Specifically, ICON DeFi DApps such as Omm.finance, Balanced.Network, Equality.Exchange and Optimus.finance will all be able to easily add tokens from these parachains to their products and vice versa.
Cross-chain token trading, borrowing, and lending are all exciting and useful, but the ICON Team is even more excited for the future use-cases yet to be imagined. We look forward to collaboration opportunities with the Polkadot Ecosystem and sharing the continued progress, growth and success of the BTP Working Group.
Acala is the all-in-one DeFi hub of Polkadot. The EVM-compatible platform offers a suite of financial applications including a trustless staking derivative (liquid KSM), a multi-collateralized stablecoin backed by cross-chain assets (kUSD), and an AMM DEX — all with micro gas fees that can be paid in any token.
Edgeware is a fairly launched, actively governed smart contract ecosystem. It had integrated advanced features like proof-of-stake validation, self-upgrading WebAssembly, and EVM smart contracts, ChainBridge by ChainSafe, an interface for on-chain identity and governance. Edgeware is also the first smart contract chain from the Polkadot ecosystem.
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by mid-2021. Learn more about the Moonbeam project by visiting the website and by following the Moonbeam Network in social media:
Plasm Network is the dApps hub on Polkadot that supports Ethereum and layer2 solutions like ZK Rollups. Plasm aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines like EVM and WASM.
Polkadot provides unprecedented economic scalability by enabling a common set of validators to secure multiple blockchains. Polkadot provides transactional scalability by spreading tr