Babylon Launches Bitcoin Staking Protocol MVP for PoS Chain Security
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Babylon’s Bitcoin Staking Protocol introduces a consensus mechanism to bolster the security of Proof-of-Stake (PoS) chains.
By repurposing the vast dormant supply of Bitcoin, valued at $329 billion, Babylon aims to provide a robust security foundation for emerging PoS networks, eliminating the need for native assets.
Crypto security blockchain Babylon introduced its Minimum Viable Product (MVP) for a Bitcoin staking protocol, which aims to enhance security through a consensus mechanism. By harnessing dormant Bitcoin, Babylon will strengthen emerging Proof-of-Stake (PoS) chains, transforming Bitcoin into a security foundation for these networks.
Unlike conventional PoS chains dependent on native assets, Babylon leverages the dormant Bitcoin supply, valued at approximately $329 billion, constituting over 66% of the circulating total.
The MVP of Babylon’s Bitcoin staking protocol was unveiled at the Cosmoverse conference in Istanbul, Turkey. Babylon’s approach not only aims to revitalize idle Bitcoin but also addresses the security challenges faced by emerging PoS chains. By repurposing Bitcoin, considered one of the most secure chains globally, the networks can inherit a high level of security.
David Tse, co-founder of Babylon, envisions Bitcoin as the cornerstone of security for PoS chains.
“Our approach seamlessly integrates Bitcoin staking with almost any PoS protocols in a modular fashion, allowing any bitcoin holder to earn staking rewards from a wide variety of PoS chains. This not only amplifies economic incentives but paves the way for broader adoption, underscoring Bitcoin’s diverse utility beyond its widely-recognized role as a store of value,”said David Tse, in a statement.
Unlocking Bitcoin’s Potential for PoS Security
The launch of the MVP will provide Bitcoin holders with an opportunity to test the Bitcoin staking protocol through a user-friendly web application. Following the MVP release, Babylon aims to promote the adoption of its protocol within the Cosmos ecosystem, paving the way for a more secure and interconnected cryptocurrency landscape.
In July, Babylon shared a litepaper outlining a plan to utilize 21 million Bitcoins for enhancing the security of PoS economies. The Bitcoin Staking Protocol’s litepaper emphasizes that Bitcoin’s untapped potential, driven by scalability, latency, and programmability constraints, can be harnessed without bridging to other chains. Instead, it proposes a direct staking approach to fortify PoS chains.
Recent developments like Ordinals have demonstrated Bitcoin’s expanded functionality, and the litepaper anticipates that Bitcoin staking will further catalyze this progress, encouraging the exploration of additional trustless applications for Bitcoin.
The company has recently secured a seed funding round led by IDG and Breyer Capital, well-known early supporters of Coinbase and Circle. With this momentum, the firm actively seeks further investment to strengthen the development of the Bitcoin Staking protocol and other initiatives.
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