What is Babylon? Get to know this newest Bitcoin Staking Protocol

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Bittime - Binance, the world's largest crypto exchange, recently announced its investment in Babylon. This is a protocol that allows Bitcoin holders to stake Bitcoin on a Proof-of-Stake (PoS) network without the need to use third parties, bridges, or wrappers. 

This investment was made through Binance Labs, the venture capital arm of Binance, which aims to support development and innovation in the blockchain industry .

What is Babylon?

Babylon is a protocol built on top of Bitcoin Signet, a test network that mimics Bitcoin's behavior. By using Babylon, Bitcoin holders can lock their Bitcoins in a secure and independent way, and gain the right to validate the PoS network and earn rewards in return. 

Additionally, Babylon also offers a unique feature that allows Bitcoin holders to quickly return their Bitcoins and redeposit them on other PoS networks, thereby increasing liquidity and staking yields.

Also read How to Buy Crypto:

Security Bitcoin Babylon staking protocol

Babylon has three important security properties. The following is the explanation:

1. Fully bypassable PoS security . Every time there is a security breach, 1/3 of the amount of Bitcoin staked is guaranteed to be deducted. As long as 2/3 of the Bitcoins staked follow the PoS protocol honestly, the PoS chain remains running.
2. Staker security . Every Bitcoin staker is guaranteed to be able to withdraw funds, or untie funds, as long as the staker follows the PoS protocol honestly.
3. Staker liquidity . The unbinding of staked Bitcoins is guaranteed to be safe and fast without the need for social consensus.

What is the Vision of Babylon?

Babylon has a vision to integrate Bitcoin into the PoS ecosystem, which is one of the main paradigms in blockchain. By using Bitcoin's strong security model, Babylon can improve the security of PoS networks that may still be vulnerable to attack or manipulation. 

Additionally, Babylon can also help distribute funds among new PoS networks, which may still find it difficult to offer competitive staking rewards due to high capital requirements.

Babylon has received support from some of the leading investors in the crypto world, such as Polygon Venture, OKEx Ventures, and Polychain Capital. Babylon also launched its testnet in February 2024, and plans to launch its mainnet by the end of 2024. 

Thus, Babylon promises a revolution in Bitcoin staking that can benefit both Bitcoin holders and the PoS network.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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Mining Bitcoin vs Validating Bitcoin Transactions

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.