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20 août 2024

Babylon: Imperator.co Joins as a Finality Provider

Babylon: Imperator.co Joins as a Finality Provider

Imperator is joining Babylon as a finality provider, creating, registering and helping Babylon with monitoring new blocks and submitting finality signatures.

Author

Imperator.co

Date

20 août 2024

Imperator is excited to announce its role as a finality provider for Babylon, a suite of Bitcoin security-sharing protocols that includes Bitcoin timestamping and Babylon staking.

This collaboration marks a major milestone for Imperator as we continue to focus on our commitment to securing and decentralizing cutting-edge blockchain solutions. Through Babylon staking, Imperator envisions offering our community an opportunity to become a part of a project that has raised $70 million in funding, led by Paradigm and Polychain Capital.

Overview of Babylon

Babylon is a Bitcoin-powered security protocol project created to offer decentralized access to information and services. The project focuses on designing security protocols that utilize Bitcoin to enhance security.

The project utilized three main features of Bitcoin, including the asset, the poW-secured timestamping server, and the censorship resistant blockspace. Babylon aims to create a more secure, Bitcoin-centric decentralized environment by developing a suite of Bitcoin security-sharing protocols.

Babylon currently has two key protocols: Bitcoin Timestamping and Bitcoin staking. The project is also working on the core components of the Bitcoin staking protocol, with the phase-1 Bitcoin staking mainnet launching soon.

After the launch, Bitcoin holders will have the opportunity to lock their BTC and start staking.

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Imperator's Role as a Finality Provider

As a finality provider, Imperator plays a major role in maintaining the network's safety, decentralization, and integrity. As a finality provider, Imperator will be responsible for monitoring new Babylon blocks, committing public randomness to the blocks, and finality signature submission.

Through this collaboration, Imperator will act as a finality provider that reinforces our dedication to providing support to innovative blockchain firms that give importance to security and transparency.

Finality providers earn rewards based on their stake in the network. The Imperator's involvement in Babylon strengthens the decentralized framework, ensuring it remains both resilient and scalable. To make the best choice when staking, consider exploring the best Babylon validators to maximize rewards and contribute effectively to the project’s success.

Imperator.co x Babylon : The Partnership

By staking on Babylon, participants help support the project's activities while earning passive income. The process requires locking up a specific amount of tokens to engage in the network's consensus mechanism, a role that validators like Imperator help facilitate.

Choosing to stake with Imperator on Babylon brings numerous benefits, such as strengthened security, consistent rewards, and the confidence that your stake is handled by a seasoned team with extensive blockchain expertise.

Imperator's staking solutions are crafted to optimize participant returns while bolstering Babylon's stability and security.

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FAQs about Babylon

What is Babylon and how does it differ from traditional Bitcoin staking?

Babylon is a decentralized protocol that enables native Bitcoin staking directly on the Bitcoin blockchain without wrapping, bridging, or third-party custody. Unlike traditional staking methods, Babylon allows BTC holders to stake their assets while maintaining full control through self-custodial vaults. The protocol leverages Bitcoin's Proof-of-Work security to enhance Proof-of-Stake networks, creating a trustless staking environment where your keys remain yours.

What are Finality Providers and why are they important?

Finality Providers are entities that help facilitate the staking process by validating transactions on PoS chains using delegated voting power from BTC stakers. Currently, over 250 Finality Providers operate globally, including notable names like Imperator, Allnodes, Figment, and Galaxy Digital2. They maintain network operations and approve on-chain transactions while stakers retain full ownership of their Bitcoin. This delegation system allows users to participate in PoS validation without technical complexity.

How does the slashing mechanism work to ensure network security?

Babylon implements a configurable slashing mechanism using Extractable One-Time Signatures (EOTS) to detect malicious behavior. If a validator commits safety violations or double-signs transactions, their private key becomes exposed, allowing anyone to send the staked Bitcoin to a burn address. Typically, one-third of the stake is slashed as punishment. This cryptographic deterrent ensures validators act honestly while providing robust security guarantees for participating PoS networks.

How does Babylon ensure Bitcoin remains secure during staking?

Babylon maintains Bitcoin security through self-custodial Taproot scripts that lock BTC without transferring private keys. The protocol eliminates custodial risks by ensuring staked Bitcoin never leaves the Bitcoin blockchain or requires third-party intermediaries. Users maintain full control through their private keys, and the system implements multiple security layers including thorough audits, bug bounty programs, and open-source development to ensure maximum protection2.

What funding and partnerships has Babylon secured?

Babylon raised $70 million in May 2024 led by Paradigm, following an $18 million round in December 2023. The project has announced test integrations and partnerships with various blockchain networks across the Cosmos ecosystem and beyond. With over 250 Finality Providers integrated globally and growing institutional support, Babylon is building a robust ecosystem to support Bitcoin staking infrastructure and multi-chain security services.

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