By Gabriel Joyce
Jack Booth, TON Foundation marketing director, said that the protocol will ensure that private keys are not made or retained by one party.
Jack Booth, The Open Network (TON) Foundation’s market director, revealed how the organization is securing TON’s Bitcoin bridge. This will facilitate the movement of Bitcoin into TON.
The Open Network Foundation unveiled its Bitcoin bridge, which permits the TON ecosystem to utilize digital assets for lending platforms, decentralized applications (Dapps), and other purposes within its network. TON notes that being a ‘blockchain of blockchains’ is one of its long-term visions. The vision entails combining the primary Web3 services into a single network.
Deploying Trustless Architecture to Secure Funds
Blockchain bridges facilitate the movement of data or tokens between two different networks. This addresses the importance of becoming more interoperable, permitting native token users to benefit from other blockchains’ features.
Despite bridges’ excellent utility, a previous blockchain bridge security incident caused significant fund losses because of susceptibilities. The Ronin Bridge hacking incident in 2022 resulted in the loss of over $600M.
Despite the loss, Booth convinced the community that The Open Network uses different security strategies to ensure the security of Bitcoin transferred into their network. He said that TON Teleport BTC utilizes a trustless architecture to secure funds while bridging between TON and the Bitcoin Network.
Besides, he talked about implementing a Simplified Payment Verification System (SPVC) as a smart contract on TON to approve Bitcoin block states directly on the TON platform.
Booth also noted that smart contracts execute all crucial operations, for instance, transaction confirmation and token issuance, transparently and automatically. This indicates that all activity is recorded on TON Blockchain following confirmation.
Resistance to Private Key Compromises
According to Booth, the network’s Bitcoin bridge would be ‘considerably resistant’ to private key compromises. In this case, the protocol will ensure that one party does not create or hold private keys.
Further, he said that TON’s Validators will use the Distributed Key Generation (DKG) process to create a joint public key and the FROST protocol to sign transactions with aggregated signatures. Booth said that while the FROST protocol ensures that no participant can generate a valid signature, DKG ensures that no single party creates or holds the private key.
Booth noted that the strategy develops a safer, decentralized bridge with ‘considerable resistance to compromised keys or insider risks.’ He is confident that this guarantees no points of failure. Private key compromises have resulted in significant losses. Certik data reveals that this form of attack vector in the first half of this year resulted in the loss of more than $400M across 42 security cases.
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