Babylon made it public today about its launch for the world’s first trustless Bitcoin staking testnet. This novelty allows the implementation of Bitcoin, the most decentralized crypto asset, into PoS systems, potentially increasing the security level where staking is currently applicable.
The testnet, on BTC Signet, provides a safe space for users to experience operational dynamics of staking without even risking holdings of actual Bitcoin. Visitors can use the Explorer and the web app, which provides a hands-on experience.
“We are proud to have reached this milestone in our mission to introduce Bitcoin as a trusted security backbone for PoS systems that can not only generate yields, but also foster integrated, secure, and decentralized economies of scale. “remarked David Tse, co-founder of Babylon.
This accomplishment is an outcome of the successful $18 million funding Babylon received from the Cosmos Hub and also the partnership between the two cosmos, that will enable the integration of Babylon’s protocol, and Bitcoin users on Cosmos Hub to stake their assets.
This move will have a far-reaching effect on Babylon’s mission of delivering a Bitcoin-centred decentralized world.
