Original author: Shenchao TechFlow
As Bitcoin breaks through 5.6 W US dollars, the markets attention to Bitcoin and its ecology continues to increase.
Previous Merlin and other Bitcoin L2 staking activities have successfully attracted a large number of BTC assets to participate in staking, and competition has become increasingly fierce. For airdrop hunters, everyone is in urgent need of new goals to participate in.
The next opportunity that could potentially generate revenue is Babylon.
Discussions about Babylon have continued to increase on Twitter in recent days.
Babylon attempts to become the largest staking infrastructure for Bitcoin, opening up new areas of financial opportunities for the Bitcoin community, turning Bitcoin into a more widely used interest-bearing asset, and providing income for Bitcoin holders.
As early as December 7, 2023, Babylon completed an $18 million Series A financing, led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital and Symbolic Capital. .
Recently, Babylon also announced that its testnet platform will also be launched on the 28th. Players who participate in the testnet interaction early will also receive a Pioneer PASS NFT.
Considering the popularity of the Bitcoin ecosystem and its luxurious investment lineup, Blabylon may become a big deal that cannot be ignored this year.
This article will give a brief overview of Babylons business, and will introduce in detail the steps required to create a wallet, receive funds, and add network settings to participate in the testnet interaction.
Introduction
For readers who are not familiar with Babylon, it can be briefly understood as a project that allows “BTC to earn interest” through staking.
Bitcoin holders can earn income from their idle Bitcoin in a secure way: no third-party trust is required, and there is no need to bridge Bitcoin to any other chain. Bitcoin holders simply lock their Bitcoins in a self-custody manner and gain the right to validate the PoS chain and earn revenue in return.
Bitcoin stakers also enjoy maximum liquidity and yields, powered by the protocol’s fast unbonding and scalable re-staking capabilities.
From a technical perspective, Babylon is a set of Bitcoin secure sharing protocols. Currently, it includes two protocols:
Bitcoin timestamp:The protocol sends concise and verifiable timestamps of any data (e.g. PoS blockchain) to Bitcoin;
Bitcoin Staking:The protocol allows Bitcoin assets to provide economic security to any decentralized system through trustless (and self-custodial) staking.
In terms of implementation, Babylon works by acting as an intermediary between chains that require additional security and Bitcoin, obtaining Block headers from the chains that use its services, and writing these Block headers into the Bitcoin blockchain, thus Enable blockchains in the Cosmos ecosystem to use Bitcoin network security. Validators running Babylon are compensated by using the native token of the Babylon chain and will also be compensated in the native token of Babylon.
Testnet interaction preparatory work tutorial
The current project official announcement shows that the test network will be launched on February 28.
However, considering the interaction between the cosmos architecture and the BTC system, there is still some preparation work to be done before the testnet interaction.
1. Before starting the process, we need to prepare two wallets, one Keplr wallet (keplr.app/download) is connected to Babylon Chain, an OKX wallet (https://okx.com/cn/web3) connects to the Bitcoin Signet network.
2. Get BBN
After downloading Keplr and creating a wallet, go to the new network website (https://chains.keplr.app/), enter Babylon testnet in Search chain, and choose to add to Keplr.
After adding the network, open the Keplr plug-in, click Settings in the upper left corner, and select Manage Chain Visibility.
Enter Babylon, and remember to click Save below after checking;
Open the Keplr plug-in again, select Babylon Testnet in the copy address and copy the address;
EnterBabylon Official DiscordThe address comes to the water channel, enter ! faucet space Babylon Testnet address, complete the water claim, and you can receive it every six hours.
3. Get sBTC
Open the OKX Web3 wallet (both mobile and web), scroll to the bottom of the page, and find currency management;
Click Currency Management, enter sbtc in the search bar, and select Add(Note: If you cannot find sbtc in the wallet plug-in or cannot find the btc network, you must use the mnemonic phrase to import the wallet, and you cannot use the private key to import, so that you can search it);
After the addition is completed, return to the main wallet page, click sBTC, then enter the select network page in the upper right corner, and select Native SegWit as the default address;
After copying the address, enter the official Lingshui website Lingshui (beware of phishing websites). There are currently two websites where you can receive it:
If there are too many participants, you will need to try multiple times.
After completing the above steps, just wait for the test network interaction on the 28th.
Note that the above is just preparation work. Only after actual interaction can you get the Pioneer NFT Pass airdrop mentioned above.
At the same time, you can also cooperate to complete the projects released by the current project.GalxeAfter completing the task, you will also receive a community badge NFT.
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