1 year ago
Fisher Yu, the co-founder and main exertion serviceman (CTO) astatine the bitcoin staking protocol Babylon Chain, has argued that erstwhile staking bitcoin, stakers “do not request to spot oregon springiness their bitcoins to immoderate 3rd parties.” According to Yu, specified an property helps to “eliminate the request for bridges and lenders” erstwhile staking bitcoins.
Bitcoin Network’s Inherent Properties and the Security of PoS Chains
The CTO told Bitcoin.com News that proof-of-stake (PoS) blockchains and app chains tin besides perchance payment from the robust bitcoin-grade information that a bitcoin staking protocol brings. As explained successful Babylon Chain’s whitepaper, bitcoin staking means holders of the apical crypto plus tin “trustlessly involvement their bitcoins without bridging them to the PoS concatenation but yet provides the concatenation with afloat slashable information guarantees.”
Concerning the alleged blockchain trilemma (a network’s inability to simultaneously excel successful security, scalability, and decentralization), Yu insisted that this tin beryllium flooded by “allowing bitcoin holders to involvement their idle bitcoins,” which successful crook helps to “enhance the wide economical information of PoS chains.” Yu, successful the meantime, revealed however the Bitcoin network’s timestamping work “enables choky synchronization betwixt the Bitcoin web and the PoS chains.” According to the CTO, it is this synchronization which enables “bitcoin stakers to person accelerated unstaking without affecting the PoS chains’ security.”
In the remainder of his written answers sent to Bitcoin.com News via Telegram, Yu besides explained however Babylon’s bitcoin staking protocol strikes a equilibrium betwixt information and PoS chains’ request for autonomy. Below are Yu’s answers.
Bitcoin.com News (BCN): In presumption of security, the Bitcoin web has proved its resilience implicit the past 14 years. The web has ne'er unopen down and it is said that nary bitcoin has been stolen from the chain. What is it astir Bitcoin that makes it specified a almighty instauration for security?
Fisher Yu (FY): Bitcoin’s robustness is founded connected its decentralized quality and proof-of-work (PoW) statement mechanism. As a decentralized web with nary azygous constituent of failure, it is little susceptible to attacks. The tremendous computational powerfulness required to manipulate the Bitcoin web makes it economically infeasible for attackers, and Babylon leverages these inherent properties, and the plus it protects, i.e., the bitcoins, to heighten the information of PoS chains.
BCN: Your crypto task has introduced a bitcoin staking protocol that reportedly promises to bring Bitcoin information to PoS chains, applications and app chains portion incentivizing the BTC holders. Bitcoin is said to deficiency autochthonal astute declaration enactment and lone offers constricted scripting capabilities. So, however does Babylon marque bitcoin staking a world without relying connected bridges oregon centralized lenders?
FY: The halfway of PoS information is slashable staking: If a validator of the PoS concatenation attacks it, its staked assets volition beryllium slashed. Thus, immoderate slashable plus is simply a imaginable staking plus for a PoS chain.
Babylon’s Bitcoin Staking protocol turns bitcoin into a first-class staking plus for PoS chains: A bitcoin staker simply locks its desired magnitude of bitcoins connected the Bitcoin web utilizing a peculiar signature algorithm already supported by the existent Bitcoin network. The concealed cardinal to this fastener volition beryllium leaked if and (very importantly) lone if the Bitcoin staker attacks the PoS chain. Once leaked, it tin beryllium utilized to nonstop the locked bitcoins (either wholly oregon partially) to a pain code utilizing a covenant emulation method supported by the existing Bitcoin scripting language. This way, the locked bitcoins are efficaciously a first-class staking asset: honorable Bitcoin stakers’ bitcoins are perfectly secure, and they tin gain yields, but malicious Bitcoin stakers volition person their bitcoins slashed to unafraid the PoS chains.
Since each techniques successful Babylon’s Bitcoin Staking protocol are already supported by the existing Bitcoin network, the protocol does not request immoderate astute contract. Also, since the bitcoin locking is self-custodial connected the Bitcoin network, the bitcoin stakers bash not request to spot oregon springiness their bitcoins to immoderate 3rd parties, which eliminates the request for bridges and lenders.
BCN: The blockchain trilemma — a network’s inability to simultaneously excel successful security, scalability, and decentralization — remains an unsolved issue. Some PoS chains person done reasonably good successful presumption of scalability and decentralization. Do you deliberation the further Bitcoin information provided by your protocol could assistance the PoS ecosystem lick the trilemma?
FY: Absolutely. Babylon’s Bitcoin Staking protocol addresses some the information and decentralization aspects of the Blockchain Trilemma for PoS chains. By allowing bitcoin holders to involvement their idle bitcoins, we heighten the wide economical information of PoS chains. In addition, the Bitcoin web is the astir decentralized web successful the world, making Babylon’s Bitcoin Staking protocol the astir decentralized staking mechanism. These, successful turn, empower PoS chains to absorption much connected scalability without compromising information oregon decentralization.
From different perspective, Babylon’s Bitcoin Staking protocol besides helps the Bitcoin web to lick its trilemma. Being the astir unafraid and decentralised network, Bitcoin has precise small scalability. Babylon’s Bitcoin Staking protocol integrates the Bitcoin web with the immense PoS world, which efficaciously scales it.
BCN: The Bitcoin web has constricted capabilities and dilatory transaction speeds. Would signaling the PoS chains’ wide transactions connected the Bitcoin web deteriorate its transaction speed?
FY: Babylon’s Bitcoin Staking protocol provides economical information to PoS chains done staking. It does not necessitate PoS concatenation transactions to beryllium posted to the Bitcoin web astatine all. Having this said, the protocol does utilize precocious signature aggregation techniques that let Babylon to get Bitcoin timestamps for immoderate PoS chains. The footage is lone 150 bytes per timestamp connected the Bitcoin web nary substance however galore PoS chains are aggregated and timestamped. With this timestamping service, the protocol enables choky synchronization betwixt the Bitcoin web and the PoS chains, which allows bitcoin stakers to person accelerated unstaking without affecting the PoS chains’ security.
BCN: When looked astatine from a PoS concatenation oregon app chain’s perspective, would relying connected the Bitcoin Staking protocol for information compromise their autonomy?
FY: Babylon’s Bitcoin Staking protocol is simply a modular plan that does not impact the autonomy of the PoS chains. From a statement perspective, it adds other artifact finality to PoS blocks without interfering with the basal statement protocol of the PoS chain. From a governance perspective, bitcoin stakers bash not enactment successful the on-chain governance voting if determination is any. From an economical perspective, the PoS concatenation has the afloat powerfulness to determine however overmuch Bitcoin involvement to instrumentality and however overmuch rewards to give.
BCN: The information needs of blockchains and app chains are perpetually evolving successful the multi-chain satellite with galore sovereign and interconnected app chains. How does the Bitcoin staking protocol assistance unafraid cross-chain transactions, if astatine all?
FY: Babylon’s Bitcoin staking protocol greatly enhances the information of some the 2 counterparty chains, which means the existent transactions nether the hood of the cross-chain trading go much secure. In addition, the protocol itself acts arsenic a power level for each the PoS chains and, thus, tin besides beryllium utilized to settee cross-chain transactions. Moreover, erstwhile 2 chains usage a decentralized span to facilitate their trading, Babylon’s Bitcoin staking protocol tin beryllium utilized to unafraid the decentralized span itself, which is different usually the weakest spot of the trading.
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