Babylon and Ankr Launch First Bitcoin Minting Protocol

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Bittime – Babylon, a protocol developer for Bitcoin blockchain timestamps and bitcoin minting, recently announced a partnership with Ankr, a Web3 infrastructure provider, to improve security and liquidity on proof-of-stake (PoS) networks. The partnership offers a new solution for bitcoin holders who want to earn rewards from minting their crypto assets without sacrificing security or flexibility.

What is Babylon's Bitcoin Minting Protocol?

Babylon's bitcoin minting protocol allows the PoS system to use bitcoin as a minting asset and enjoy higher cryptoeconomic security than native tokens can provide. As a result, the PoS system will be able to leverage Babylon's trustworthy and scalable printing features to unlock the value of bitcoin's $1 trillion ecosystem.

Babylon's bitcoin minting protocol also allows BTC siegers to remint their tokens on a similar principle to EigenLayer, allowing them to earn multiple rewards while spreading the security of the cryptocurrency across various networks.

How Did Ankr Collaborate with Babylon?

Ankr, as a Web3 infrastructure provider, has an important role to play in this cooperation. Ankr will create liquid minting tokens (ESG) for bitcoins minted through Babylon. LST will then be issued on a PoS network secured by the BTC minting protocol. For the besiegers, this means their BTC will be locked in the bitcoin blockchain while new LST is produced on the PoS network they choose to provide security. In this way, both security and liquidity are provided for PoS networks.

The cooperation also involves Ankr's involvement in running validators on the Babylon testnet and building the necessary security infrastructure to support Babylon's nodes and finality providers. As one of the most experienced minting infrastructure providers in the industry, Ankr's validation and ESG will provide a solid foundation for bitcoin minting that can empower rewards for millions of BTC holders worldwide while securing various PoS ecosystems.

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What Did Their Founders Say About Bitcoin Minting?

"As the industry finds innovative new ways to secure blockchain networks while leveraging all available capital, Ankr is proud to play a role in the technical implementation of Babylon's bitcoin typing and reprinting. It will be a very powerful protocol for the bitcoin community to earn rewards while they hold BTC as well as the Web3 developer community to tap trillions of dollars' worth of capital to secure the next generation of applications and use cases," said Chandler Song, Founder and CEO of Ankr.

"We believe our cooperation with Ankr will spark a new era of decentralized economy secured by Bitcoin. By enabling PoS systems to use Bitcoin as a minting asset, we are pioneering a path for the trillion-dollar Bitcoin economy to contribute to the security of PoS systems," said Fisher Yu, Founder of Babylon.

Apa Dampaknya bagi Industri Kripto?

Kerja sama antara Babylon dan Ankr tidak hanya membawa manfaat bagi pengguna, tetapi juga menandai langkah penting dalam pengembangan infrastruktur PoS yang lebih aman dan likuid di dunia kripto. Diharapkan, langkah ini akan membuka pintu bagi inovasi lebih lanjut dalam industri dan memperkuat posisi kedua perusahaan di pasar kripto global.

Proof-of-stake (PoS) adalah mekanisme konsensus yang digunakan untuk memverifikasi transaksi dan menciptakan blok baru di blockchain. PoS mengharuskan validator untuk mencetak modal berupa token untuk mendapatkan kesempatan untuk mendapatkan imbalan dan biaya. PoS mengurangi jumlah pekerjaan komputasi yang diperlukan untuk memverifikasi blok dan transaksi, dan dianggap lebih ramah lingkungan, lebih aman, dan lebih dapat diskalakan daripada mekanisme proof-of-work (PoW) yang sebelumnya.

Kesimpulan

Babylon dan Ankr adalah dua perusahaan yang bergerak di bidang Web3, yaitu visi internet yang terdesentralisasi, terbuka, dan berorientasi pada pengguna. Web3 memanfaatkan teknologi blockchain, kripto, dan kontrak pintar untuk memberdayakan pengguna dan pengembang untuk berinteraksi secara langsung tanpa perantara. Babylon dan Ankr berusaha untuk membangun infrastruktur Web3 yang lebih baik dengan memanfaatkan potensi bitcoin sebagai aset pencetakan yang paling aman dan likuid.

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Cara Beli Crypto di 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

What is Liquid Staking?

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.