The crypto world is buzzing again with the presence of Babylon , a project that has just received investment from Binance Labs . The investment amount has not been disclosed, but this news is quite interesting.
To celebrate the successful launch of their testnet , Babylon held a "Pioneer Pass" printing event on February 28th. Previously, in December 2023, Babylon successfully raised $18 million in funding from Polychain Capital, Hack VC, Framework Ventures, Polygon Ventures, and OKX Ventures.
Let's get to know more about the Babylon project which is currently on the rise.
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What is Babylon?
Babylon is a blockchain innovation originating from Stanford, seeking to change the economic security role of Bitcoin through remote staking and Ordinals technology. The chain that Babylon built using the Cosmos SDK not only provides the crucial Bitcoin timestamp service for PoS (Proof of Stake) chains, but also acts as a synchronization center between the Bitcoin network and PoS chains.
Here are the core Babylon technology solutions:
1. Remote Pledge (Remote Deposit)
Remote Staking is the core of Babylon's technology, which allows Bitcoin owners to stake without needing to move their Bitcoin to a PoS chain. This approach leverages innovations in cryptography and consensus protocols, as well as the use of an optimized Bitcoin scripting language, to achieve a decentralized staking process and completely eliminate the need for Bitcoin bridging, encapsulation, and hosting.
2. PoS Pledge (PoS Deposit)
Through its revolutionary Staking mechanism, Bitcoins can be locked and collateralized without needing to be transferred to a PoS chain. This mechanism ensures validators (verifiers) behave honestly, because during the verification process on the PoS chain, Bitcoin is locked as collateral, and if the validator violates the rules, the collateral will be reduced. This not only increases the security of the PoS chain, but also allows Bitcoin owners to profit while keeping their assets safe.
3. Higher Technical Security
Babylon is not only a staking platform, but also a technical framework for secure Bitcoin sharing. This mainly includes Bitcoin timestamping and Bitcoin staking protocols, which aim to provide economic security for decentralized systems. Babylon leverages the security of the Bitcoin network to provide additional protection for chains in the Cosmos ecosystem by writing block header information from PoS chains to the Bitcoin blockchain. Validators running Babylon will not only be compensated using native tokens of the Babylon chain, but will also be further rewarded with native tokens of Babylon.
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Opportunity to Join: Pioneer Pass
The “Pioneer Pass” introduced by the Babylon platform marks a major breakthrough in the field of Bitcoin staking, giving participants the opportunity to become early explorers and earn a special place in the Babylon ecosystem.
To participate and have a chance to receive this commemorative NFT, participants need to complete the following steps:
1. Install the Required Wallet
including the Keplr wallet (used to connect to the Babylon chain to receive staking rewards) and the OKX wallet (used to connect to the Signet Bitcoin trial network for staking operations).
2. Get Bitcoin Testnet
Participants need to visit the official Bitcoin testnet faucet to get Signet testnet Bitcoins. Trial coins are designed for staking activities and have no actual economic value, ensuring the security of the participation process.
3. Participate in Staking Activities
In accordance with the special staking guidelines released by Babylon on February 28, 2024, participants need to complete staking according to the guidelines. Participants who successfully complete the deposit will be entitled to print a Pioneer Pass.
4. Print a Pioneer Pass
As a commemorative NFT, Pioneer Passes will be minted among participants who successfully complete the staking activity. Each pass will be engraved with a unique serial number, representing the participant's unique contribution to the Bitcoin staking revolution.
5. Claim Period
The claim period is 7 days, starting from 28 February 2024 to ending 5 March. Due to limited Pioneer Pass availability, attendees will need to act quickly to secure this unique souvenir.
Also Read: How to Stake Bitcoin with Babylon Protocol
The Story of Babylon's Rise and Challenges
Babylon Finance's journey is like a rollercoaster story in the crypto space, characterized by rapid growth, sudden setbacks, and finally an attempt to recover. In 2022, Babylon seems to be at the end of a steep road, marked by a drop in BABL token prices and the cessation of operations.
At that time, various challenges such as investment losses, a sharp decline in TVL (Total Value Locked), and loss of market confidence, enveloped Babylon's future.
However, 2023 brings a breath of fresh air. Through technological innovation and market strategy adjustments, Babylon succeeded in attracting new investment and launching a testnet, proving the potential and practicality of its technology. Even though it is in the recovery process, Babylon still faces challenges in meeting market demand and building a strong ecosystem. Nevertheless, their efforts have attracted widespread attention in the crypto field.
The story of Babylon's journey reflects the various difficulties that crypto projects have to face in a dynamic and fast-changing market environment. Despite experiencing a downturn, Babylon has shown its tenacity and potential through its focus on technological innovation and ecosystem development.
However, Babylon's experience is also a reminder for players in the crypto sector of the importance of having a deeper and more detailed understanding of the applications and market needs of new technologies.
Ultimately, the story of Babylon is not just about ups and downs, but also about the importance of continuing innovation and adaptation in the crypto world. Their experience provides valuable lessons for other projects, especially about how to maintain resilience and continue to innovate in the face of challenges.
Babylon's ability to continue growing steadily in the future will depend on how it continues to adapt to market changes and meet user needs.
Can Babylon be a pioneer of financial innovation on the Bitcoin chain? Only time will tell. However, their journey so far has proven that persistence, innovation and adaptability are key factors for success in the challenging crypto space.
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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.
Also Read:
What is Babylon? Get to know this newest Bitcoin Staking Protocol
Ankr and Babylon Collaborate, Opening $1 Trillion Bitcoin Market for PoS Networks
CoinShares Distributes Ethereum Staking Profits to ETP Clients
DISCLAIMER : This article is informational in nature and is not an offer or solicitation 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.
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