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Recently, Binance Labs decided to invest in Babylon. Although the specific amount was not disclosed, the news was also explosive.On February 28, Babylon launched the Pioneer Pass casting activity to celebrate the project’s test network successfully launched.
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In December last year, Babylon has successfully completed $ 18 million in financing, led by the industry’s heavyweight Polychain Capital and Hack VC. Framework Ventures, Polygon Ventures and Okx Ventures followed.I will introduce the Babylon project recently.
What is Babylon?What are the technical implementation paths?What is the core advantage?
BABYLON, from Stanford’s blockchain innovation, re -shaped Bitcoin’s economic security role through remote pledge and Ordinals technology.Babylon uses the chain created by the COSMOS SDK, which not only provides the POS chain with a crucial bitcoin timestamp service, but also cleverly acts as a synchronization hub between the Bitcoin network and the POS chain.Let’s list below, Babylon’s core technology solution.
1. Remote pledge:
Remote pledge represents part of the core of Babylon technology. It allows Bitcoin holders to pledge the Bitcoin Bridge to the POS chain.This method uses the innovation of cryptography and consensus agreements, and the optimization and use of Bitcoin script language to achieve decentralized pledge process, which completely eliminates the needs of bridges, packaging, and hosting Bitcoin.
2. POS pledge:
Babylon’s revolutionary Staking mechanism allows Bitcoin to be locked and pledged without transferring to the POS chain.This mechanism guarantees the honesty of the verification person, because during the POS chain verification process, Bitcoin is locked as a mortgage. Once the verification is illegal, the mortgage will be reduced.This not only improves the security of the POS chain, but also allows Bitcoin holders to obtain benefits while maintaining asset security.
3. higher technical security:
Babylon is not only a pledge platform, but also a technical framework for Bitcoin.It mainly includes the two major agreements of Bitcoin timestamp and Bitcoin pledge, which aims to provide economic security for decentralized systems.BABYLON uses the block header information of the POS chain to the Bitcoin blockchain, using the security of the Bitcoin network to provide additional protection as a chain in the COSMOS ecosystem.The verifications running Babylon will not only get paid by using the Babylon chain’s native currency, but also will further receive the Babylon native currency award.
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Babylon’s technical practice and concepts shows its key role in promoting the development of the cryptocurrency world.Through its remote pledge method and a unique Staking mechanism, Babylon not only created a new possibility for Bitcoin pledge, but also provided a new perspective for the security and application of cryptocurrencies.
Tutorial: How to get the commemorative NFT of Babylon to fully seize the development opportunities of the project?
The “Pioneer Pass” introduced by the Babylon platform symbolizes a major breakthrough in the Bitcoin pledge field, providing participants with the opportunity to become an early explorer and a special status in the Babylon ecosystem.In order to participate and have the opportunity to get this memorial NFT, the participants need to complete the following steps:
1. Install the necessary wallet: including the KEPLR wallet (used to connect to the Babylon chain to get pledge rewards) and OKX wallets (for the SIGNET test network connected to Bitcoin for pledge operations).
2. Get the test network Bitcoin: Participants need to access the official Bitcoin test network faucet to obtain the SIGNET test network Bitcoin. These test coins are specially designed for pledge activities, without actual economic value, ensuring the security of the participation process.
3. Participate in pledge activities: According to the specific pledge guide released on February 28, 2024, the participants need to complete the pledge operation according to the guidance.Participants who have successfully completed the pledge will be eligible to cast a pioneer pass.
4. Casting Pioneer Pass: As a memorial NFT, Pioneer Permit will be cast among participants who successfully complete the pledge activity.Each pass has the unique serial number, representing the unique contribution of participants in the Bitcoin pledge revolution.
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5. Calculating period: The period of claims is 7 days, starting from February 28, 2024, and ending on March 5.Due to the limited supply of Pioneer Pass, participants need to quickly act to ensure that they can obtain this unique souvenir.
By completing the above steps, participants can not only become part of the Bitcoin pledge revolution, but also enjoy special identities and rights in the Babylon ecosystem, marking their status of their pioneers in promoting the future application of Bitcoin.
Can BABYLON lead financial innovation on the Bitcoin chain in the market outlook? It is worth looking forward to, but the long -term trend of the project still needs to be vigilant
The story of Babylon Finance is a typical undulating narrative in the field of cryptocurrencies. It grows from high speed to sudden setbacks, and finally finds the road of rebirth.In 2022, with the plunge of BABL tokens and its announcement of stopping operations, Babylon seemed to come to an end.During this period, the challenges faced by the project include investment losses, the sharp decline in TVL, and the loss of market confidence, which has shadowed Babylon’s future.
However, the recovery in 2023 brought new vitality to Babylon.Through the adjustment of technological innovation and market strategies, Babylon successfully attracted new investment and testing the online online, showing the potential and practicality of its technical technology.Although in the process of recovery, BabyLon faces challenges of market demand matching and ecological construction, its efforts have attracted widespread attention in the field of cryptocurrencies.
Babylon’s journey reflects the difficulties that crypto projects must overcome in a rapidly changing market environment.Even after experiencing decline, Babylon proves its own recovery and potential through focus on technological innovation and ecosystem construction.However, Babylon’s experience also reminds participants in the encryption field to be deeper and meticulous to understand the application of emerging technologies and market demand.
In the end, Babylon’s story is not only about a journey of failure and recovery, but also the importance of continuous innovation and adaptation in the encryption field.Its experience provides valuable lessons for other projects, especially how to maintain toughness and seek innovation when facing challenges.In the future, whether Babylon can continue to develop steadily in the field of cryptocurrencies will depend on how it continues to adapt to market changes and meet user needs.
