With investment from Binance Labs, can Babylon lead on-chain financial innovation?

Recently, Binance Labs decided to invest in Babylon. Although the specific amount was not disclosed, the news is exciting enough. On February 28, Babylon launched a Pioneer Pass minting event to celebrate the successful launch of the project’s testnet.

In December last year, Babylon successfully completed $18 million in financing from industry heavyweight Polychain Capital and Hack VC led the round, followed by Framework Ventures, Polygon Ventures and OKX Ventures. Below, I will introduce to you the recently popular Babylon project.

What exactly is Babylon? What are the technical implementation paths? What are the core strengths?

Babylon, a blockchain innovation originated from Stanford, reshapes the economic security role of Bitcoin through remote staking and Ordinals technology. The chain built by Babylon using the Cosmos SDK not only provides the crucial Bitcoin timestamp service for the PoS chain, but also cleverly acts as a synchronization hub between the Bitcoin network and the PoS chain. Listed below are Babylon’s core technology solutions.

1. Remote pledge:

Remote Staking represents a core part of Babylon’s technology, which allows Bitcoin holders to stake without bridging their Bitcoin to a PoS chain. This approach leverages innovations in cryptography and consensus protocols, as well as the optimized use of Bitcoin scripting language, to achieve a decentralized staking process and completely eliminate the need for bridging, encapsulating, and hosting Bitcoin.

2. PoS pledge:

Babylon Through its revolutionary Staking mechanism, Bitcoin can be locked and pledged without being transferred to the PoS chain. This mechanism ensures that the verifier behaves honestly, because during the verification process on the PoS chain, Bitcoin is locked as collateral, and once the verifier violates the rules, the collateral will be reduced. This not only improves the security of the PoS chain, but also allows Bitcoin holders to earn profits while maintaining the security of their assets.

3. Higher technical security:

Babylon is not only a staking platform, but also a technical framework for safe sharing of Bitcoin. It mainly includes Bitcoin timestamp and Bitcoin staking protocols, aiming 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 the block header information of the PoS chain into the Bitcoin blockchain. Validators running Babylon are not only compensated by using the Babylon chain’s native tokens, but will further be rewarded with Babylon’s native tokens.

These technical practices and concepts of Babylon demonstrate its role in pushing the cryptocurrency world forward. Key role. Through its remote staking method and unique Staking mechanism, Babylon not only creates new possibilities for Bitcoin staking, but also provides a new perspective on the security and application of cryptocurrency.

Tutorial: How to obtain Babylon's commemorative NFT to fully seize the development opportunities of the project?

The "Pioneer Pass" introduced by the Babylon platform symbolizes a major breakthrough in the field of Bitcoin staking, providing participants with Opportunity to be an early explorer and a special place in the Babylon ecosystem. In order to participate and have a chance to receive this commemorative NFT, participants need to complete the following steps:

1. Install the necessary wallets: including Keplr wallet (used to connect to the Babylon chain to receive staking rewards) and OKX wallet (used to connect to Bitcoin’s Signet test network for staking operations).

2. Obtain testnet Bitcoins: Participants need to visit the official Bitcoin testnet faucet to obtain Signet testnet Bitcoins. Test coins are designed for staking activities and have no actual economic value, ensuring the security of the participation process.

3. Participate in staking activities: According to the specific staking guidelines released by Babylon on February 28, 2024, participants need to complete the staking in accordance with the guidelines operate. Participants who successfully complete the pledge will be eligible to mint Pioneer Passes.

4. Minting Pioneer Pass: As a commemorative NFT, the Pioneer Pass 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 February 28, 2024 to Ends March 5th. Due to limited availability of Pioneer Passes, participants need to act quickly to secure this unique souvenir.

By completing the above steps, participants can not only become part of the Bitcoin staking revolution, but also enjoy a special status in the Babylon ecosystem and rights, marking their pioneering status in promoting the exploration of future applications of Bitcoin.

Whether Babylon can lead financial innovation on the Bitcoin chain in the future is worth looking forward to, but the long-term trend of the project still needs to be vigilant

< p dir="ltr" style="text-align: left;">The story of Babylon Finance is a typical ups and downs narrative in the cryptocurrency field, from rapid growth to sudden setbacks, and finally finding a way to rebirth. In 2022, with the collapse of the BABL token price and its announcement to cease operations, Babylon seemed to have reached the end. Challenges faced by the project during this period included investment losses, a sharp decline in TVL and a loss of market confidence, casting a shadow over Babylon's future.

However, the recovery in 2023 has brought new life to Babylon. Through technological innovation and market strategy adjustments, Babylon successfully attracted new investment and went online on the testnet, demonstrating the potential and practicality of its technology. Although Babylon faced challenges in matching market demand and ecological construction during the recovery process, its efforts have attracted widespread attention in the cryptocurrency field.

Babylon’s journey reflects the difficulties crypto projects must overcome in a rapidly changing market environment. Even after experiencing decline, Babylon has proven its resilience and potential by focusing on technological innovation and ecosystem building. However, Babylon’s experience also reminds participants in the encryption field that they need to have a more in-depth and detailed understanding of the applications and market needs of emerging technologies.

Ultimately, Babylon’s story is not only about a journey of failure and recovery, but also about the importance of continued innovation and adaptation in the crypto space. . Its experience provides valuable lessons for other projects, especially how to remain resilient and seek innovation in the face of challenges. In the future, whether Babylon can continue to develop stably in the cryptocurrency field will depend on how it continues to adapt to market changes and meet user needs.