Babylon Chain Project Overview

Today we will look at a project that has become very popular in narrow circles. This project is an innovative platform that helps solve complex problems in increasing the security of cryptocurrency transactions. Before us is the Babylon chain project, which became widely known in crypto circles in 2022.

What is Babylon?

Babylon is a new Cosmos project whose vision is to use bitcoin security to improve the security of Cosmos blockchain zones and other PoS chains.

Babylon uses Inter Blockchain Communication (IBC) technology to exchange data between different Cosmos zones. As part of the Babylon project, data can be transferred between the Babylon chain, other Cosmos zones, and the Bitcoin blockchain.

One of the key components of Babylon is the Babylon Chain, which is a Cosmos Zone. It is an intermediate layer between the other Cosmos Zones and the Bitcoin Blockchain. The Babylon chain receives information from other Cosmos zones about transactions that need to be protected and sends it to the Bitcoin blockchain to be stored as checkpoints. This protects transactions on other Cosmos Zones using the security of the Bitcoin blockchain.

Cryptographic methods compress information about the checkpoints before sending it to the Bitcoin blockchain. This allows bitcoin to be used as a timestamping service, even with bitcoin's limited capacity to carry arbitrary data.

Investors

At the moment we know about one round of investment, which managed to collect more than $6,000,000. A total of 5 private and institutional investors participated in the round, including Alumni Ventures and Continue Capital.

Team

The project team is primarily based in Asia, where the company is headquartered. The founders and other team members consist of consensus protocol researchers from Stanford and experienced Level 1 developers from around the world.

We found that the Stanford lab has scientific and practical work from some of its team members. This includes both basic research and collaborations with industry projects. For example, the most recent work is a collaboration with the Ethereum Foundation to improve the security of the Ethereum Proof-of-Stake beacon chain. The authors identified some critical attacks and developed optimal protocols to achieve Ethereum's PoS goals.

We can conclude that the team has a lot of experience with blockchains, security protocols and consensus in general.

Moreover, founder and CEO David Tse has more than one award and an advanced degree, as proven by numerous primary sources.

Perspectives

Babylon offers a new approach to increasing the security of existing blockchains by leveraging the security of the Bitcoin blockchain. This can be useful for protecting transactions on blockchains with low hash or token values.

Babilon also offers a solution to the slow undoing of stacking in Proof-of-Stake blockchains, which can affect user experience and blockchain liquidity. By leveraging the security of the Bitcoin blockchain, Babylon could provide a fast cancellation of stacking and thus improve the user experience.

Another possible use of the Babylon project is to protect important transactions. When users conduct transactions on the blockchain, they want to be assured of their security and integrity. However, blockchain is not 100% secure against possible attacks like any technology. There is a risk that an attacker could try to attack the blockchain and spoof the transaction.

This is where Babylon can come to the rescue, using Bitcoin as a source of trust and security. Important transactions can be secured with Bitcoin, while ordinary transactions receive quick finality on the blockchain. This allows users to be confident that their transactions are secure and cannot be altered by intruders.

Babylon community in social networks

At the moment, the project does not have a very large community:

✅ There are about 6,000 users on Twitter;
✅ There are only 15 readers on GitHub;
✅ On Discord, there are about 1,600 participants.

We rate such activity at 3 out of 5, considering the project is young and gaining strength.

Tokenomics

At the moment, the project is at the testnet stage and does not have tokens listed on crypto exchanges. There is also no data regarding the issuance and distribution of the future token. But it is known that it will have a ticker symbol $UBBN.

Conclusion

Overall, the Babylon project has great potential to improve blockchain security and empower users. Using Bitcoin as a source of trust and security could solve some of the limitations on PoS blockchains and expand their capabilities. Even though the project is still in development, its future looks promising, and we can expect more news and details as the project develops.

The project is currently in the testnet stage, which means you can install a node and participate in testing. There are no guaranteed rewards, but projects like this can unexpectedly reward node participants with large tokens.

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