Fisher Yu
@baby_fisherman
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Co-founder of Babylon ()
Sydney, New South Wales
Joined July 2020
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Insightful, well written, and beautifully presented piece about
@babylon_chain
. No doubt that
@NikhilChatu
has carefully analyzed all our papers, docs, and presentations. Worth a read!
.
@babylon_chain
unlocks the economic security of Bitcoin to secure other blockchain networks and provide a staking yield to idle Bitcoin holders.
✍️ by
@NikhilChatu
🔗
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More nostaglia: An unassuming email titled "SPAR solved" I sent to
@sreeramkannan
& colleagues, turned out to contain the optimal construction of coded Merkle tree to solve DA. This is my 1st paper on/for blockchain. Viltalik's note encouraged me to further explore crypto.
Right after posting the paper, we were delighted to receive this note from
@VitalikButerin
and this was our first set of interactions with the highly thoughtful
@ethereum
research community.
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1/6 We've heard your concerns about "Babylon reduces stake unbonding time" and its potential impact on token price & IBC light clients. Let's clarify some misconceptions.
@sunnya97
@babylon_chain
IBC heartbeat/timeout for all connections must be less than the unbonding period. Zones should be able to maintain an IBC connection for days, even weeks, without a heartbeat packet, for cases of spam attack or congestion. The longer this period the better it is for zones, full
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Amazing! Can't wait to implement this button xD
🎆 We're one of the FIRST multi-chain wallets to integrate BTC Testnet!
✅ Easily create & manage BTC Testnet wallets
✅ Access API support for developers
💪 Join us as we continuously build the BTC ecosystem! Experience
#Bitcoin
on
#OKXWallet
👇
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7/7 Thus, the 21-day unbonding time may elapse much faster when it is needed the most. So, Babylon is NEEDED for this. Fancy a 21-day unbonding time? No problem! Every unstaker has to wait for 3K+ BTC blocks. Unlike Tendermint, there is no practical way to accelerate this.
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Gorgeous NFTs created by Babylon community members! Question: how should we mint a video?
🥁 Our 1st ever
#BabyNFT
challenge has come to an end, and the community has made their decision⚖️
🧵 A thread showcasing our champions!
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6/7 Tendermint uses the votes' timestamps to track time. When under market pressure, every validator wants to unbond. They can accelerate time elapse by inflating their vote timestamps & accepting others' inflated votes. This is not accountable, nor requires collusion.
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4/7 To avoid being slashed, malicious validators who want to fork the chain must do so after unbonding. Thanks to BTC timestamping, the forking will fail because no one will choose a fork with a later timestamp.
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2/7 Before diving deeper, I should clarify that Babylon is developing a suite of protocols that extract different facets of BTC security to benefit Cosmos zones in various ways. BTC timestamping is just the 1st protocol, and unbonding time reduction is just one of its use cases.
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3/7 OK, let’s get started. By timestamping blocks of a Cosmos zone onto BTC, Babylon enables:
✅ Security: a public and immutably ordered list of these blocks, even when under forking attacks
✅ Reliability: accurate timekeeping between blocks using BTC block intervals (10 mins)
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5/7 But why does timekeeping matter? Doesn't Tendermint already reliably track it? Well, not necessarily.
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5/6 However, with Babylon, BTC watches the associated Cosmos zone 24*7 for the IBC light client. Thus, the light client won't need a trusting period anymore. It can remain offline for however long it likes, and just follows the canonical headers observed by BTC when it comes back
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@kallewoof
Hi Kalle, Fisher here from the
@babylon_chain
project. Sorry to hear that your kid is feeling unwell. And sorry for the faucet troubles ... The faucets were down most likely due to our trustless Bitcoin staking testnet launched last Wednesday. I have DMed you. I am more than
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感谢Helen邀请！
如何解耦比特币的安全性，与POS链共享？
又如何让比特币的持有者安全获得质押利息？
@babylon_chain
@babylon_zh
对此有巧妙的设计，因此成为即将来临的BTC summer的一个重要的中间件，也开创了defi的新赛道。
#Babylon
技术全解析
首先要理解比特币的安全性：
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2/6 To be clear, Babylon does not impose stake unbonding time reduction. Rather, the Cosmos zone decides its desired unbonding time (long or short), and Babylon ensures its secure and reliable execution, which Tendermint cannot guarantee even when people are honest.
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6/6 In conclusion, Babylon provides secure & reliable execution of stake unbondings for Cosmos zones. It does not inherently reduce unbonding times nor causing adverse impacts on token prices or IBC light clients.
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3/6 High market volatility. The argument: validators can unbond quicker & dump tokens. But with long unbonding times, validators can still quickly borrow & dump tokens, then repay later. Unbonding time isn't definitive in price volatility; free-range tokens in the market are.
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@sandeepnailwal
Thank you so much for your support
@sandeepnailwal
Really look forward to a more connected cryto world!
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4/6 Affecting IBC light clients. The argument: an IBC light client is removed if it is inactive for a period longer than its "trusting period", which is shorter than the unbonding time for security. Thus, a shorter unbonding time will cause more IBC light client removals.
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@jaekwon
@sunnya97
@babylon_chain
Re node accessibility. BTC has the most nodes and peers in the world, and offers the best accessibility and censorship resistance. It is debatable which network model provides better node accessibility.
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@seb3point0
Thanks
@seb3point0
. You are an awesome interviewer. Totally enjoyed the conversation.
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@0xlayer4
@babylon_chain
@Coredao_Org
Just to confirm, the staking system you talked about has been online for 3 weeks+?
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@jayendra_jog
haha, it's so funny that we even chop Luffy in the same way. I have updated mine with another shot I love. One piece FTW!
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@ghazni1010
@kallewoof
@babylon_chain
Thanks! As Kalle mentioned, you can easily run one by yourself. But not for the current Babylon testnet, though, if that is what you asked about. Testnet will need to restart and wallet will need rework. Also, we prefer to use the default public Signet as it is the most reputable
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@ThisIsNuse
@babylon_chain
@seb3point0
@notsofast
Completely different solutions. Babylon is PoS and our solution has strict security proofs. What about Veriblock?
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This is the first time Babylon meets the Chinese Cosmos/IBC community. Amazing community full of visionary and technical savvy people! App Chain FTW!
🎉Our co-founder,
@fisheryu_bbn
, will be joining the 2023 IBCL Cosmos cross-chain summit to discuss the future of cross-chain interoperability with the Chinese
#Cosmos
community 🇨🇳 👥
#CrossChain
#IBC
#DigitalChina
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@jaekwon
@sunnya97
@babylon_chain
I don't get your comment on roll-up and reduced slashable stake. Could you elaborate on it, please?
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@Bedrock_DeFi
@rockx_official
@BSquaredNetwork
@P2Pvalidator
@InfStones
@SpiderPool_com
This is a great move! Decentralization is critical!
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@larry0x
@babylon_chain
Great idea
@larry0x
. We will design a cool public demo for the community. Meanwhile, check out our oracle service:
Cosmos zone blocks with deep BTC timestamps cannot be reverted without forking BTC!
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@kallewoof
I felt very upset and frustrated by such scams, and I condemn them. But people are greedy & speculative. We just do our best to educate them. BTW, I have just ended our project’s launch campaign. It seems no one is selling signet coins anymore in our community, which is good. I
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@kapursanat
@colemansmaher
@0x_Osprey
@babylon_chain
@AlpenLabs
Nope, Babylon node does not hold the secret key and publish it when it see fit. Only the staker knows the secret key. If staker tries to fork the PoS, it will need to double vote. These two votes will allow anyone to cryptographically extract the secret key.
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@babylon_chain
@nic__carter
@CastleIslandVC
Thank you so much
@nic__carter
. It is great to have you support our Bitcoin-native and Bitcoin-centric vision!
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