BABYLON go online BTCFI track again

Author: REVC, Bitchain Vision

The Babylon platform announced that its Bitcoin pledge main network has officially launched.In the first stage, the platform set up the pledge limit of 1,000 bitcoin, and the current limit has been reached.According to platform data, more than 127,000 users have participated in the pledge, and the total pledge value exceeds 1,000 bitcoins.

BabylonWhat is

BabylonIt is a designed to use the security of Bitcoin as othersPOSThe chain provides a security agreement.BABYLON can provide safe, cross -chain, and pipe -free native pledge solutions for POS chains such as BTC Layer2, and promote cross -chain interoperability.Eigenlayer is usually analogy.

BabylonCore principle of work

Remote pledge: Using Bitcoin’s UTXO model and script system to achieve pledge, penalties and rewards for Bitcoin.
Time stamp server: By recording the POS chain on the Bitcoin blockchain, it provides these incidents that provide non -tampering timestamps.
Three -layer architecture: Bitcoin is used as the bottom, Babylon is the middle layer, and the POS chain is the upper layer.BABYLON is responsible for recording the POS chain checkpoint on the Bitcoin.

BabylonAdvantage

Enhance POS chain security: Utilize the security of Bitcoin to improve the anti -attack ability of the POS chain.
Short the pledge cycle: Through the timestamp mechanism of Bitcoin, shorten the pledge cycle of the POS chain.
Promote cross -chain interoperability: realize seamless communication and data sharing between different blockchain.
Bring new vitality to the Bitcoin ecosystem: activating the dormant Bitcoin and bringing new application scenarios to the Bitcoin ecosystem.

BTCFIEcological overview

At present, the Bitcoin ecosystem has entered the stage of large infrastructure, and all parties are rushing into the BTCFI track. After all, the track has nearly $ 1.5 trillion assets to be activated.The following is the inventory of the head BTCFI project:

Bounterbit

BoundceBit integrates CEFI and Defi to provide a more flexible way to Bitcoin.Through liquidity hosting and pledge, users can get benefits on multiple chains.

Core function:

CEFI+DEFI combination: Save Bitcoin into the CEFI platform, and at the same time participate in the DEFI protocol to obtain dual benefits.
Liquidity hosting: Provide mobile hosting services so that users can redeem assets at any time.
Re -pledge: Allows users to pledge the pledged Bitcoin into other agreements to obtain more benefits.
Technical design: BounceBit By verifiable consensus, Mainnet Digital’s hosting service, and MirrorX technology of CEFFU’s MirrorX technology, it ensures the security of cross -chain assets and reduces the risk of hacking.

Solv protocol

Solv Protocol creates a full -chain of Bitcoin asset Solvbtc to introduce the liquidity of Bitcoin into various DEFI protocols.

Core function:

SOLVBTC: A derivative asset that represents Bitcoin pledged Bitcoin can be used on multiple chains.
Decentralized asset management: ensure asset safety through smart contracts and multiple signatures.
Cross -chain interoperability: Support the use of SolVBTC on multiple blockchain.
Technical design: Focus on various liquidity resources and investment opportunities to a platform. Users can achieve automated investment by setting a transaction strategy Vault.

Yala

YalaIt aims to create a multi -chain stable currency ecosystem and use the liquidity of Bitcoin.

Core function:

Multi -chain stablecoin: Provides stablecoin based on Bitcoin, which can be used on multiple chains.
DEFI Ecology: Provide DEFI services such as lending and pledge.
Modular architecture: flexible scalability, support custom modules.

At present, in terms of security schemes, all parties have more centralized methods, that is, CEFI and multiple signing, trying to maximize activation of the value flow on the Bitcoin chain, because the verification methods on the UTXO and other chains, although the decentralization guarantee is guaranteed by decentralization,Safe, but due to the lack of complete smart contract systems on Bitcoin, it is difficult to stimulate value flow, and the verification on the chain is mostly used for re -pledges.

Thinking of Bitcoin Re -pledged Circuit

Back to Babylon’s re -pledged track itself, first of all, the blockchain mainly shares the security consensus through modularity. The modular blockchain passes the safety and decentralization of high -quality public chains such as Bitcoin and Ethereum through the “rent”.Features and value consensus provide infrastructure for other blockchain, thereby improving the performance and efficiency of the blockchain.It is currently divided into three types of schemes:

A plan based on Taigo:

Advantages: high safety and strong legitimacy, can directly use Ethereum ecological resources.
Disadvantages: throughput and cost may be low, which is not suitable for all types of application chains.

The new DA layer scheme (such as Celestia):

Advantages: good performance and low cost, aiming to provide equivalent security and decentralized characteristics as Ethereum.
Disadvantages: Safety and decentralization characteristics still take time verification, lack of legitimacy, and may be rejected by the Ethereum community.

Certificate of Equity (POS) Sharing Security Scheme (such as BABYLON, EIGENLAYER):

Advantages: Inherited the legality and security of Bitcoin or Ethereum, providing more practical value for its assets and high flexibility.
Disadvantages: relatively new, long -term performance still needs to be observed.

BabylonProof of equity adopted (POS) Core concept, use the asset value of Bitcoin or Ethereum to create shared security services.The advantage is that while inheriting the legality and security, it also provides more practical value for the main chain assets, and provides higher flexibility.But it also triggered a series of thinking:

In the Ethereum network, the safety responsibility of general pledges is greater than the infertility. Because ETH in the pledge participates in consensus maintenance, the ETH in circulation is actually the beneficiary of network security, and they also pay the opportunity cost of pledge.Therefore, from the perspective of sharing security, the sharing scheme of equity proof is currently lower than the basic plan of Ethereum. Unless the asset of the equity certificate is STETH and other assets, because STETH corresponds to ETH in the Ethereum network, the rough understanding of ETH and rough understandingFor Ethereum network security, other POS networks pledged by STETH are also secure.

And Babylon’s POW+POS solution, security sharing logic is not perfect. First of all, the main staff of the security maintenance system of the Bitcoin network is miners. Although the miners are also driven by the interests of the BTC token value itself, the Bit pledged in the Babylon protocol in the Babylon protocolCoin holders did not directly actively maintain Bitcoin network security, and they did not directly transmit the security of the Bitcoin network to the POS network of Unicom Babylon network.Here we can think about whether the secure beneficiary can also pass the security guarantee to others.In other wordsPOSThe security of the network is related to the low Bitcoin network and strongly related to Bitcoin pledges.So we need to think about whether sharing security is sharing at the asset level (more like a guarantee) or a network -level sharing.

BTC pledges or holders have not actively maintained Bitcoin and POS network security. From the design of Babylon’s first stage of design, the Bitcoin network is more like passively receiving data from the POS network. In fact, the overall security is more.The POS network itself depends on the babylon.

In terms of quantity, the first stage of 1,000 Bitcoin accounts for a very small share of Bitcoin’s current circulation. Economically, the POS chain currently does not share the security of the Bitcoin network, and the security and shared assets of the shared assets areThe security of shared assets is the two concepts, which is worth a deeper discussion.

In addition, how technically, how POS’s timestamp is associated with the timestamp of the Bitcoin network block. The Bitcoin network out of time is a minute -level.The final nature is second -level, and then a block collaboration between POS and POW is generated.

summary

The Bitcoin network is the most valuable decentralized network, including many BTCFI track projects including BABYLON. It has the potential to make the Bitcoin network the foundation of the cornerstone of the entire encryption industry and bring new possibilities to the Bitcoin ecosystem.

In the process of development, in addition to focusing on the inheritance of decentralized attributes, because the BTCFI project involves huge funds, it also needs to attach great importance to the security of agreements and smart contracts.