What is Babylon? Babylon is a Blockchain platform built and developed based on the security and decentralization of the Bitcoin network. Upon its launch, Babylon received a lot of attention from the community and large venture capital funds such as Polychain Capital, OKX Ventures, Polygon Studio,…
So what is so interesting and attractive about Babylon? Let’s find out together in the article below.
Overview of Babylon
What is Babylon?
Babylon was built with the goal of solving the expansion problem for the Bitcoin network. Babylon can also be considered a Layer 2 platform on Bitcoin. To solve the problem of expanding the Bitcoin network while still ensuring security and decentralization, Baylon uses two solutions including:
- Bitcoin Timestamping: Timestamping roughly translates as timestamp. The Bitcoin Timestamping protocol will regularly submit Babylon network timestamps to Bitcoin for verification.
- Bitcoin Staking: The platform allows users to stake BTC into the Babylon network.
Mechanism of action
First we will come to Bitcoin Staking, Bitcoin Staking will operate in some basic steps as follows:
- Staking BTC: Users initiate participation in Babylon by sending a staking transaction on the Bitcoin network and locking their Bitcoin in a Self-custodian Vault.
- Deploy Validator on Babylon: When the staking transaction is confirmed on the Bitcoin network, the participant officially becomes a Node Operator on Babylon and participates in the transaction confirmation process by signing Blocks with his Validator Key.
- Unlocking BTC: Bitcoin can only be unlocked with the Node Operator’s Validator Key in two ways. The first is the Validator Key that sends a transaction about the need to unlock Bitcoin on the network or sends a slashing transaction on the Bitcoin network. This transfers the BTC to an address to be burned.
In the second step, if Node Operators commit fraud on the Babylon network, their Validator Key will be opened publicly and then anyone can impersonate the Node Operator to continue their wrongdoing and their Bitcoins. will be burned.
It can be seen that one of the most important components in Bitcoin Staking is the Staking Contract on the Bitcoin network. Because the Bitcoin network does not support Smart contracts, Babylon’s team took advantage of Bitcoin Scripting Language to build Staking Contracts. Staking Contract will include 4 main transactions: Staking Transaction, Unbonding Transaction, Slashing Transaction and Unstaking Transaction.
Next we come to the Bitcoin Timestamping protocol, roughly translated as timestamp. Bitcoin Timestamping was born to solve attacks by malicious Node Operators who mistakenly fork the network. With this protocol, Babylon’s Blocks will be time-stamped on the Bitcoin network and thereby effective. through the switch selects the branch with the earlier timestamp.
This produces:
- The branch attempted to be created by the malicious Node Operator will have a later timestamp on the Bitcoin network than the original branch and is not chosen by anyone. Because if Node Operators also try to attack, they will be fined based on the amount of BTC Staking.
- To be selected, the malicious Node Operator must create a branch that is long and has an earlier timestamp. Theoretically it is very difficult to do.
Development Roadmap
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Core Team
Mingchao Yu: Co Founder & CTO
- Mingchao earned a Bachelor’s degree in Telecommunications Engineering from Northwestern Polytechnic University, followed by a Master’s degree and PhD in Telecommunications from the Australian National University. After graduating, Mingchao stayed as a Lecturer for nearly 2 years at Australian National University.
- Mingchao spends most of his time working as an Engineer at InterfereX, Dolby – a music and film production platform,…
- Along with running Babylon, Mingchao is also working as CEO at Hash Laboratories – a security consulting company for Blockchain.
David Tse: Co Founder
- David received his PhD in Electrical, Electronics and Communications Engineering from MIT.
- David works as a Professor at the University of California and Stanford for nearly 30 years before building Babylon Chain in January 2022.
Investor
- December 7, 2023: Babylon successfully raised $18M led by Hack VC and Polychain Capital, with participation from Framework, OKX Ventures, Castle Island Ventures, Chainfund Capital,…
Tokenomics
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Exchanges
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Project Information Channel
Summary
Babylon is the next notable project in the Bitcoin ecosystem besides Bitcoin Ordinal, Stack,… Hopefully through this article, people will understand more about what Babylon is?
