Babylon’s self-custodial Bitcoin staking mainnet launches in two days, enhancing PoS blockchain security through Bitcoin staking.
Babylon, a blockchain developer, has announced that its self-custodial bitcoin staking mainnet will be operational in two days as part of its phased release.
The security frameworks of proof-of-stake blockchains will be improved by leveraging the economic properties of bitcoin in this launch. A designated smart contract will enable users to wager their bitcoin.
This mechanism is designed to reinforce a variety of decentralised systems by leveraging the economic security of bitcoin in a self-custodian model.
This model allows users to retain control over their assets without the involvement of intermediaries. This encompasses systems such as sovereign PoS chains, Layer 2s, data availability solutions, and oracles.
Subsequently, Babylon’s BTC timestamping protocol will facilitate the timestamping of all data transmitted to the platform via Bitcoin’s blockchain.
One of the primary applications of this protocol, as indicated in its documentation, is to timestamp PoS blockchains, thereby improving their security by defending against long-range assaults.
Bitcoin proprietors will commence the staking process by submitting Bitcoin staking transactions to the Bitcoin blockchain during the initial phase, as Babylon noted in a blog post.
Babylon raised $70 million in a new funding round in May, which was led by the venture firm Paradigm. In December 2023, Polychain Capital and Hack VC jointly led a $18 million Series A funding round.
