Babylon Kicks Off Phase-2 Testnet With These Staking Features

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Babylon has formally unveiled the start of its Phase-2 trial network, called bbn-test-5, which is scheduled to initiate block production on January 8, 2025, at 9 AM UTC. This phase showcases an enhanced staking application and primarily aims to test newly developed features within the Babylon Proof-of-Stake system. The trial network highlights the importance of compatibility and teamwork among crucial participants in the protocol.

Key Features of The Babylon Phase-2 Testnet

The upcoming phase of Babylon’s test network, known as Babylon Phase-2, will integrate a Proof-of-Stake blockchain that relies on both Bitcoin PoS (Proof-of-Stake) stakes and Signet Bitcoin stakes for security. This merging process will encompass both the current stakes from Phase-1, as well as newly generated ones. Beginning at 10 AM UTC on January 8, interested participants can register their Phase-1 stakes through an upgraded staking web application that is now available.

The new testing platform offers an opportunity for developers, stakers, and other users to experiment with registering Phase-1 Signet Bitcoin stakes for future operations. This testing environment promotes teamwork among stakeholders, wallets, and coders by enabling the use of permissionless smart contracts. However, it’s important to note that the tokens used in this test are not real and do not have any monetary worth.

Additionally, it’s worth mentioning that BOB has recently partnered with Babylon, taking advantage of Bitcoin’s finality for transaction security. This partnership employs Liquid Staking Tokens (LSTs) to boost Bitcoin’s liquidity within DeFi, all while preserving the strong security of the Bitcoin blockchain.

Faucets and Testnet Participation

As a crypto investor, I’ve found an exciting way to engage with the Bitcoin staking network: they’ve set up testnet faucets to help us acquire the required funds. After the testnet launch, these faucets will dispense Test Signet Bitcoin and tBABY tokens. The Discord and OKX faucets will provide me with Signet Bitcoin, which I can use for setting up new stakes. Additionally, the Discord faucet offers 0.3 tBABY tokens per address every week.

Furthermore, this staking application facilitates the transfer of Phase-1 stakes to the Phase-2 testing network. Users can also establish new stakes within this platform, and it offers quick unbonding periods, roughly lasting between 16 and 17 hours.

Staking and Validation in The Bitcoin PoS Testnet

In simpler terms, individuals participating in the Babylon Phase-2 testnet consist of stakeholders, finality verifiers, CometBFT validators, and digital wallets. Stakeholders can register their stakes using the staking app or command line tools, while finality verifiers strengthen network security by casting decisive votes. CometBFT validators take part in block creation, thereby aiding the proof-of-stake consensus mechanism of the Bitcoin-like chain.

Moreover, limits on stakes for Phase-2 have been set to control spam and regulate the movement of stakes. Each transaction must meet a minimum stake of 0.0005 Signet Bitcoins, with a maximum stake of 350 Signet Bitcoins per transaction. The number of active finality providers and CometBFT validators is limited to no more than 100 slots for each.

Importantly, joining the Phase-2 testnet has certain restrictions due to legal and geographical factors. People and organizations residing in countries subject to sanctions, such as U.S. citizens, are unable to participate.

Furthermore, it was recently announced that Binance is planning to introduce On-chain Yields, beginning with Babylon BTC Staking. With this new feature, users can deposit Bitcoin and receive rewards without leaving the platform directly.

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2025-01-07 04:28