Mind Network Partners with Babylon

Published on: 22.05.2024
Mind Network Partners with Babylon

Mind Network has announced a strategic partnership with Babylon, an innovative trustless BTC staking protocol that extends bitcoin’s security to all participating Proof-of-Stake systems.

Mind Network will leverage Bitcoin LRTs (Liquid Restaking Tokens), issued to represent native bitcoins staked through Babylon, to secure Mind Network’s subnets via FHE validation.

Babylon introduces a novel concept that leverages the immense idle unencumbered Bitcoin capital, which is currently valued at approximately $1.2T. Their newly developed protocol allows Bitcoin holders to “stake” their idle assets to enhance the security of PoS chains while earning yields without the need to bridge these assets directly to the PoS chains. This is achieved through a mechanism that ensures full slashable security guarantees, thereby integrating the liquidity and immense value of Bitcoin with the flexibility and efficiency of PoS systems.

Partnership Highlights:

Mind Network’s integration with Babylon’s restaking solution enhances its establishment in Fully Homomorphic Encryption (FHE), crucial for ‘remote staking,’ enabling secure and transparent participation in PoS validation without compromising private keys.

FHE secures computational processes on encrypted data, maintaining trustlessness and decentralization in the staking process, in alignment with blockchain principles. It removes the limitation of decrypting before computing, heralding a new era in end-to-end cryptography.

This collaboration addresses validation challenges, preventing influence from other nodes and data leakage, particularly benefiting AI, DePin, and Web3 projects. Babylon’s fast stake unbonding and modular design maximize liquidity, scalability, and compatibility across PoS networks, revolutionizing blockchain security and interoperability.

 

About Mind Network

Mind Network is the first FHE Restaking Layer for PoS and AI Networks. Their framework operates as an FHE validation network, bringing secure computation and consensus to Decentralized AI, DePIN, EigenLayer AVS, Bittensor Subnet, and many critical PoS networks. Mind Network’s solution enables verifiable decentralized computation over encrypted data.

Website | Twitter

 

About Babylon

Babylon project designs security protocols that scale Bitcoin to secure the decentralized world. To this end, Babylon utilizes the three primary facets of Bitcoin: bitcoin the asset, Bitcoin the PoW-secured timestamping server, and Bitcoin the most censorship-resistant blockspace in the world. Through inventing pioneering protocols, Babylon envisions a more secure and Bitcoin-centric decentralized world.

Website Twitter

SOURCE: MIND NETWORK BLOG

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