That’s who I am~
Post
Greta-777
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Mm-mm, it’s been such a long time since I had Alpha; it’s been a long time since I’ve gotten a new coin. I don’t know how today’s Base-chain QUID launch is doing? 😀 It’s 21:00 (UTC+8). Points: 243. Amount: 550 coins. You can try to grab it—babies, remember to set an alarm! 😄
Given the current situation with Alpha, I wonder what everyone’s mindset is like? 🤪
Hehe, I’m back. This time I’m going to explain what cryptographic verification is all about. 🤔 If I had to explain it in one sentence: Babylon uses cryptographic proofs to let other systems believe the facts on Bitcoin, so native BTC can participate in the security and DeFi of the PoS chain.
So in Babylon Staking, what exactly gets proven? ✨ First: the BTC lock proof—this is very important, it’s the first key step for BTC staking. The cryptographic proof is something both the user and Babylon know, and then it’s shared so that a third party also knows it. The user sends BTC to the Babylon Staking Script address. Bitcoin confirms that: this UTXO exists. Then there’s a Merkle Proof proving that the transaction is indeed included in a Bitcoin block. Babylon can verify: this BTC Staking transaction really exists. ✨ Second: validator identity binding—this validator is there to help BTC stakers with bookkeeping. The user’s private key signs to confirm the binding to validator A, meaning they participate in security. The cryptographic proof is that the user signed the authorization. ✨ Third: EOTS (one-time signatures). Sign once for security; sign twice and the private key information can be derived. If a validator signs twice, they’ll trigger punishment automatically, preventing fraud.
Similarly, in TBV, what gets proven? Mainly: a proof that the Valut exists, a state proof (locked / already spent), and an ownership proof. The Valut existence can be recognized by other smart contracts; the state proof can identify the amount and authenticity; and the ownership proof naturally shows who has the entitlement—who signed the lending, and so on.
Mm-mm, in the end, what it comes down to is: I am who I am, and everything I said is the truth. 🙄
@BabylonLabs_io #baby $BABY
Given the current situation with Alpha, I wonder what everyone’s mindset is like? 🤪
Hehe, I’m back. This time I’m going to explain what cryptographic verification is all about. 🤔 If I had to explain it in one sentence: Babylon uses cryptographic proofs to let other systems believe the facts on Bitcoin, so native BTC can participate in the security and DeFi of the PoS chain.
So in Babylon Staking, what exactly gets proven? ✨ First: the BTC lock proof—this is very important, it’s the first key step for BTC staking. The cryptographic proof is something both the user and Babylon know, and then it’s shared so that a third party also knows it. The user sends BTC to the Babylon Staking Script address. Bitcoin confirms that: this UTXO exists. Then there’s a Merkle Proof proving that the transaction is indeed included in a Bitcoin block. Babylon can verify: this BTC Staking transaction really exists. ✨ Second: validator identity binding—this validator is there to help BTC stakers with bookkeeping. The user’s private key signs to confirm the binding to validator A, meaning they participate in security. The cryptographic proof is that the user signed the authorization. ✨ Third: EOTS (one-time signatures). Sign once for security; sign twice and the private key information can be derived. If a validator signs twice, they’ll trigger punishment automatically, preventing fraud.
Similarly, in TBV, what gets proven? Mainly: a proof that the Valut exists, a state proof (locked / already spent), and an ownership proof. The Valut existence can be recognized by other smart contracts; the state proof can identify the amount and authenticity; and the ownership proof naturally shows who has the entitlement—who signed the lending, and so on.
Mm-mm, in the end, what it comes down to is: I am who I am, and everything I said is the truth. 🙄
@BabylonLabs_io #baby $BABY
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