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Home ยป Babylon introduces Bitcoin staking protocol for Cosmos ecosystem.

Babylon introduces Bitcoin staking protocol for Cosmos ecosystem.

Stay updated on the latest blockchain tech upgrades, funding announcements, and deals from Oct. 2-8.

by V. Sinclair
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Babylon Unveils Bitcoin Staking Protocol for Cosmos Ecosystem

Babylon plans to unveil its “Bitcoin Staking Protocol MVP” at Cosmoverse, aiming to tap into the untapped potential of idle Bitcoins. The protocol aims to enhance the economic security of Proof of Stake (PoS) chains and decentralized applications (dApps) by connecting decentralized trust to earn yield. It has gained support from prominent Cosmos chains and addresses the limitations of PoS chains by enabling them to stake bitcoin (BTC) instead of native tokens. This integration enhances security and reduces inflation pressure, expanding Bitcoin’s utility by seamlessly integrating it with various PoS protocols. The MVP showcases the first implementation of this technology, with plans for adoption in ecosystems like Cosmos where the demand for Bitcoin staking is evident.

Certik Reports Surge in Web3 Exploits

Certik, a blockchain security firm, reveals that losses from Web3 exploits and other security incidents surged to nearly $700 million in the third quarter of 2023. This amount surpasses the combined losses from the first and second quarters, highlighting the increasing vulnerability of the Web3 ecosystem.

Vechain Organizes Hackathon at Harvard

Vechain, an enterprise-grade layer-1 public blockchain, announces its collaboration with Boston Consulting Group and EasyA, a Web3 educational mobile app, to host a hackathon at Harvard. Developers will compete for a portion of the $40,000 prize pool and the opportunity to access additional funding for their projects. The hackathon tracks will encourage the use of Vechain’s VORJ tool, simplifying smart contract deployment without coding knowledge or transaction fees.

Namada Plans Incentivized Testnet and Airdrop for ATOM Holders

Namada, a layer-1 protocol specializing in multi-chain privacy, plans to launch an incentivized testnet and airdrop NAM tokens to ATOM holders. Namada aims to fill the privacy gap across the Cosmos ecosystem, allowing for privacy between zones. The size of the airdrop remains undisclosed.

Chainlink Introduces Data Streams to Reduce Latency

Chainlink, a blockchain data oracle provider, introduces “Data Streams,” a product designed to reduce network latency. The offering enters early access on the Arbitrum layer 2 platform, enhancing data transmission efficiency.

Web3Auth Extends on Google’s Firebase

Web3Auth, a crypto wallet infrastructure provider, collaborates with Google Cloud to launch its Web3 extension on Firebase Extensions Hub. This extension enables existing app developers to generate a secure public-private key pair using Firebase authentication, allowing users to own a self-custodial Web3 wallet with familiar social logins.

Taurus Integrates Internet Computer Protocol on Custody Platform

Taurus, a digital asset management platform, collaborates with Dfinity Foundation to integrate Internet Computer Protocol (ICP) on its custody platform. Taurus clients can now have custody of ICP tokens and collect staking rewards using Taurus-PROTECT. Additionally, Taurus expands its blockchain connectivity infrastructure, Taurus-EXPLORER, to support the Internet Computer blockchain.

Space and Time Implements ‘Proof of SQL Verifier’ on Chainlink

Space and Time (SxT), a Web3 data warehouse, announces the integration of its “Proof of SQL” zk-proof for SQL queries on Chainlink nodes. This integration enables verifiable, zk-proven query results for smart contracts, AI models, and enterprises, enhancing trustlessness and decentralization within the Chainlink ecosystem.

New Bitcoin City Launches as a Social App

New Bitcoin City, touted as the first Bitcoin social app, opens up for sign-ups, aiming to provide a platform for Bitcoin enthusiasts to connect and engage with each other.

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