Blockchain Transmission Protocol (BTP) Architecture, Economics, and Key Differentiators

Hey Everybody,

Creating this thread for anybody that may have questions or comments on the recently released article on BTP.

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This is really awesome work. It’s innovative and clearly drives value for the network and I think you guys have done a fantastic job designing the architecture. I’m very excited to see this come to life in the wild and see how this might be used to create the next generation decentralized applications!

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Thanks for creating this thread, @Benny_Options! If you need any help from over our side, just ping us. We’d be glad to get some of our BTP engineers in here to help you answer any questions the community may have.

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Hi Scott,

Firstly congrats to ICON and everyone involved in the development of BTP. It’s an amazing feat and I really look forward to seeing it in action!

I was hoping someone could elaborate a little bit further on the below section of the announcement.

“The reward for running a Relay will come from inflation and the amount will be decided in the IISS 3.1 economics vote. Relays will be penalized from their staked ICX if they are not live when called upon to relay a message, so those that pre-register should be aware of this risk and pay close attention to BTP announcements to avoid loss of ICX”

Perhaps it’s a little early for these questions but I’m intrigued. If it’s too early no worries!

Firstly, the reward for staking; will relayers still receive their standard ICX staking rewards on top of whatever rewards there is for being a relayer? I’m also very interested in the second part of this paragraph. Can you elaborate a small bit more on the risks involved and what will be required from a relayer? Will relaying be a similar set-up to mining in that PC’s would be expected to be running 24/7 to avoid missing the relay of a message? I’m curious as to what the difficulty would be like and whether relayers will be incentivized enough to cover the potential costs involved in being a relayer. What kind of hardware infrastructure does one need to be a relayer?

Thanks!

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Amazing work on BTP ICON DAO! Keep up the great work :clap::clap::clap::clap::fire:

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Thanks for making this thread. I will no doubt be back here quite often :sunglasses:

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@Benny_Options Thanks for this thread Scotty and keep up the good work! Im sure there will be a lot more questions before this is released. With regard to the 0.2% fee, how dose this compare to other blockchain interoperability options currently and is this something that can be lowered to stay competitive if need be? I only ask as at current eth prices, a 1eth transaction would cost approx $3.25 usd so I can see how that could get very expensive quickly with large transactions, also if someone wanted to send a transaction between two blockchains using ICON as the middleman, from eth to ada for example, would that mean the 0.2% fee gets charged twice as it would have to go in one relayer and out of another one?

Cheers!

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@budw1ser thanks for the kind words and I appreciate the excitement!

Yes, their ICX bond will be staked and delegated to one p-rep of choice

The only responsibility of a Relay is to maintain uptime and relay messages between blockchains. If they fail to Relay a message, there will be a penalty. More info will be made available closer to launch.

Yep that’s correct

This is why ICON will run the actual Relays at first. Pre-registered Relays will earn minimal extra rewards as ICON Relays are doing all the actual work. When we have a reliable idea of costs we will propose a proper adjustment to Relay rewards and proper recommendations for necessary infrastructure

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@CatfishCity Appreciate your excitement as well!

Some have a fixed-fee model, others are quite similar in fee structure. This will be flexible and we’ll adjust with both competition and necessity. I imagine a fixed-fee will be integrated at some point or at the very least a minimum transaction size to make sure Relays are not wasting money paying transaction fees for small transactions

Actually ICON does not act as a middleman. It doesn’t flow through ICON, but fees are aggregated on the ICON Network. When somebody sends a transaction from ETH to ADA per your example, the transaction is handled by ICON Relays, they assess a fee, send the fee to the ICON Network Fee Aggregator Contract, and complete the transaction directly between the two networks.

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I wonder if it is possible to operate a relay with a mobile phone.

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Thanks for the detailed response @Benny_Options. Look forward to seeing how things develop! Keep up the great work :slight_smile:

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No this will not be possible, it is fairly robust infrastructure

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