What is Babylon project? Babylon future value analysis

What is Babylon? Is there any development potential? According to today’s news, 28 projects in the currency circle have raised 169.7 million US dollars, and Babylon Babylon chain has received 70 million US dollars in investment! This week, 28 blockchain startups raised US$169.7 million in funding, with the largest financing being Babylon raising US$70 million, which proves that the price of the Babylon chain will be immeasurable in the future.

Today, the editor of this site will give you a detailed introduction to the comprehensive interpretation of Babylon. I hope you like it!

What is Babylon Babylon Chain

Babylon Babylon Chain received US$70 million in investment, 28 projects raised 169.7 million US dollars

Babylon pledge ultra-detailed nanny-level tutorial (this article comes with multiple faucets )

Project Introduction

BabylonChain is a new Layer 1 blockchain. Babylon’s vision is to extend the security of Bitcoin to protect decentralization transform the world. By leveraging three aspects of Bitcoin—its timestamping service, block space, and asset value—Babylon is able to deliver Bitcoin’s security to numerous Proof-of-Stake (PoS) chains, creating a more robust, unified ecosystem .

The Babylon project is a proposed Bitcoin staking protocol that allows Bitcoin holders to pledge their idle Bitcoins to increase the PoS (Proof-of-Stake) chain security and gain in the process. It aims to achieve the integration of Bitcoin and the PoS economic system.

The Babylon project attempts to use Bitcoin staking as a new way of utilization, which not only improves the efficiency of Bitcoin as an asset but also strengthens the economic security of the PoS chain. This new use brings positive effects to Bitcoin itself, Layer2 and the related PoS ecosystem.

Babylon’s trustless Staking mechanism

How can BTC be safely verified on the POS chain without going through a cross-chain method? ? Babylon has made a breakthrough in this regard. Babylon's own "safe sharing protocol" enables users to achieve safe staking without transferring Bitcoins out of their own addresses. This protocol, when combined with a ready-made consumer PoS chain, has three important security properties:

1) Comprehensive penalty-reducible PoS security. Once the integrity of the blockchain is violated (safety violation) (such as chain fork - translator's note), one-third of the pledged Bitcoins will definitely be fined. As long as two-thirds of the staked Bitcoins honestly comply with the PoS protocol, the PoS chain can maintain good activity. 2) Security of pledgers. As long as they honestly abide by the PoS protocol, every Bitcoin staker can withdraw or unbind their pledged Bitcoins at maturity. 3) Liquidity of pledgers. The unbinding of pledged Bitcoins is guaranteed to be safe and does not require community consensus to quickly unbind.

Example:

Alice has a Bitcoin and she wants to stake it on the PoS chain. First, she enters a staking contract by sending a staking transaction to the Bitcoin chain. The transaction was a Bitcoin transaction that locked her Bitcoins into a self-custodial vault. The locked Bitcoin can only be unlocked using Alice's private key through one of the following two ways: (1) Alice initiates an "unbonding transaction", and the Bitcoin will be unlocked and returned to the recipient within three days. Alice. (2) Alice initiates a "slashing transaction" to send Bitcoin to the destruction address. Once this staking transaction enters the Bitcoin chain, Alice can start signing blocks with her key to validate the PoS chain. During her verification duties, there are two possible paths.

Hard-core scientific research and technology team

The origin of Babylon stems from a research paper on the security of Bitcoin, which was written by co-founder David Original scientific research co-authored by Tse, Fisher Yu and EigenLayer founder Sreeram Kannan, as well as other co-authors.

Mingchao (Fisher) Yu—Founder and CTO

holds a PhD in telecommunications from The Australian National University. He has developed theories and algorithms in network information theory and coding, with a special focus on wireless communications. .

David Tse (Co-Founder)

Tse received his BS in Systems Design Engineering from the University of Waterloo in 1989, his MS in Electrical Engineering from MIT in 1991, and his BS in Electrical Engineering from MIT in 1994. in electrical engineering from the college. As a postdoc, he was a staff member at AT&T Bell Laboratories.

Tse’s research at Stanford University focuses on information theory and its applications in areas such as wireless communications, machine learning, energy, and computational biology. Won the 2017 Claude E. Shannon Award. In 2018, he was elected as an academician of the U.S. National Academy of Engineering.

In addition, the team also has a team of consultants including Co-Founder Sunny Aggarwal of Osmosis lab, Sreeram Kannan, founder of eigenlayer, etc.

##Strong financing lineup

On December 7, 2023, Bitcoin protocol Babylon Finance announced the completion of $18 million in Series A financing. Investors include Polychain*, Hack VC*, IOSG Ventures, Castle Island Ventures, Framework Ventures, P2 Ventures, OKX Ventures, ABCDE Capital, Primitive Ventures, Breyer Capital, Symbolic Capital, Finality Capital Partners, L2IV, GeekCartel, Web3.com Ventures , Cluster Capital, Jia Yaoqi, Evan Cheng, Deian Stefan, etc.

On May 30, 2024, the decentralized asset management protocol Babylon Finance announced the completion of US$70 million in financing. Investors include Paradigm*, Polychain, Bullish, HashKey Capital, IOSG Ventures, Amber Group, HTX Ventures, Galaxy Digital, LD Capital, Breyer Capital, imToken Ventures, P2P Validator, InfStones, ViaBTC Capital, Everstake, Bware Labs, Allnodes, Luganodes, Stakin, RockX, etc.

Summary

Bitcoin was the first blockchain and remains the top blockchain in terms of total market capitalization. However, beyond being a store of value, its utility is limited by Bitcoin’s small block space, high latency, and poor programmability. In particular, blockchain practitioners have also worked hard to expand the Bitcoin chain and broaden its scope of use by building side chains and other second-layer projects, but have been stymied by the inability to bridge large amounts of Bitcoin to these chains. These bridges are either limited by security, limited by capacity, or both.

Babylon brings an unprecedented and important use case to the Bitcoin asset: providing security to the PoS world by staking Bitcoin. Babylon proves that, at least in this use case, it is possible to provide full economic security to a PoS chain without bridging Bitcoin assets to other blockchains.

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