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Bittime - Babylon is a protocol that allows Bitcoin holders to stake their coins on a proof-of-stake (PoS) based blockchain network and earn rewards. The protocol has been in development since 2022 and recently launched its testnet to the public.
Testnet Babylon
Babylon's testnet is built on BTC Signet, a test network for Bitcoin that uses the same proof-of-work (PoW) consensus as the Bitcoin mainnet. As such, there are no real Bitcoins staked on this testnet, rather only Bitcoin Signet which can be obtained for free through faucets.
The purpose of this testnet was to test the performance, security, and scalability of the Babylon protocol before launching the mainnet. This is the first testnet of this protocol, and will be followed by several other steps, including post-testnet audits and testnet incentives.
Babylon co-founder David Tse said that the launch of this testnet will last for several weeks, and it is expected that the post-audit testnet will be launched between May and June. The Babylon mainnet is planned to launch by the end of 2024.
To participate in the Babylon testnet, users need to download browser extensions from OKX and Keplr wallets, which support the Solana network, on which the Babylon protocol is built. In addition, users also need to acquire Bitcoin Signet through Signet Faucet and Babylon testnet token (BBN) through Babylon's Discord faucet channel.
Users who mint Bitcoin Signet and BBN on the Babylon testnet will be rewarded with a "bitcoin pioneer pass NFT", a non-fungible token that demonstrates their participation in the testnet. The pass has a limited supply and a claim period that runs from February 28 to March 5. The pass will also give access to some exclusive features that will be announced later.
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Babylon Protocol Staking Bitcoin
Babylon is an innovative and ambitious protocol, which aims to leverage Bitcoin's security to improve the security of PoS networks. The protocol also offers an opportunity for Bitcoin holders to earn rewards from other crypto assets without having to leave the Bitcoin network.
Jehan Tremback, from the Cosmos Hub team at Informal Systems, one of Babylon's partners, said that the launch of the testnet provides a practical demonstration of how Bitcoin can be used to secure PoS chains. He also said that he is excited to follow Babylon's development and is looking forward to integrating it into the products built by Informal Systems.
Babylon is one of the projects supported by Binance Labs, the investment and incubation division of Binance, the world's largest crypto exchange. Binance Labs has invested $18 million in Babylon in December 2023, along with Polychain Capital, Hack VC, and other investors.
Babylon has also gained support from various other blockchain projects, such as Terra, Injective, Akash Network, Osmosis, MAP Protocol, Evmos, Sei, Juno, Stargaze, Secret Network, and Mars Protocol. All of these projects will be part of the Babylon ecosystem, which will allow Bitcoin holders to hide their coins on various PoS networks and earn rewards from various crypto assets.
Babylon is a protocol worth paying attention to by crypto enthusiasts, especially for those who own Bitcoin and want to earn passive income from their coins. By following the Babylon testnet, users can try this protocol for free and get a valuable NFT pass. In addition, users can also provide feedback and suggestions to improve this protocol before launching the mainnet.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application. Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the 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:
Babylon Protocol: Why is Bitcoin Important?
How to Stake Bitcoin with Babylon Protocol
Babylon Protocol Receives Funding from Binance Labs
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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