Babylon, a blockchain developer, is set to launch its self-custodial Bitcoin staking mainnet in just two days as part of a phased rollout. This launch is designed to leverage Bitcoin’s economic properties to strengthen the security frameworks of proof-of-stake (PoS) blockchains. It offers a new level of security for decentralized systems.
The most fundamental aspect of this new system is that the user can stake his or her Bitcoin via a smart contract. This self-custodial model can ensure that the user has full control over his assets without having to deal with middlemen. The envisioned outcome is to transfer Bitcoin’s sound economic security model to bolster several decentralized systems such as sovereign PoS chains, Layer 2 solutions, data availability solutions, and oracles.
Babylon Secures $70M in Series A Funding for Blockchain Innovation
One of the major improvements offered by Babylon is the BTC timestamping protocol which will be disclosed in the following phases. This protocol will enable one to timestamp any data that is submitted on the platform through the use of Bitcoin’s blockchain. One of their use cases is to augment the security of PoS blockchains and protect networks against long-range attacks that are an issue in the blockchain landscape.
As mentioned in Babylon’s blog post published recently, the first phase will allow Bitcoin holders to start the staking process by using Bitcoin staking transactions to propagate directly to the Bitcoin network. This way not only takes advantage of the security provided by Bitcoin but also incorporates it with other blockchain systems for further security.
The project by Babylon has attracted a lot of attention, and the firm has been able to secure both funds and investors. In May, the company received $70 million in its Series A funding headed by venture capital firm Paradigm. This comes after the company completed its $18 million Series A financing in December 2023 with Polychain Capital and Hack VC. Such significant investments stand as evidence for the belief in Babylon as a unique solution for improving the security of blockchains.
The mainnet release of Babylon as a self-custody Bitcoin staking mainnet marks a significant advancement in the establishment of safe, decentralized financials. With the appropriate features for increased user control and security of their assets, Babylon is set to transform blockchain technology in the future.
