©Reuters. How Bitcoin can help secure proof-of-stake blockchain protocols
Thanks to the efforts of a Stanford University professor, the network’s proof-of-work consensus mechanism could become a useful means of securing a number of proof-of-stake (PoS) blockchain protocols.David Tse and his team research are promoting the use of the most important cryptocurrency to provide more security for PoS networks. Babylon blockchain, which Tse co-founded, intends to use Bitcoin (BTC) to strengthen network security and incentivize BTC holders to participate in what is ostensibly a new approach that allows you to stake Bitcoin on proof-of-stake chain.During an interview with Cointelegraph, Tse explained how Babylon uses the Bitcoin scripting language to connect a PoS-based slashing mechanism to the Bitcoin network. This allows for the creation of smart contracts capable of establishing specific spending conditions:
“Although the Bitcoin scripting language is limited in its ability to express complex spend conditions, we used advanced cryptography to translate the slashed conditions of a PoS chain into an expendable transaction on the Bitcoin blockchain.”
Tse said Babylon’s BTC staking protocol enables Bitcoin secure PoS chains without altering or forking the Bitcoin blockchain. This also allows BTC holders to get rewards for contributing to the security of PoS networks by staking your BTC.
“Our method essentially transforms the slashed condition of a proof-of-stake chain into an expendable Bitcoin transaction. This way, the staked BTC doesn’t need to be connected to the PoS chain.”
The Stanford professor added that the simplicity of the approach also maximizes the security of blockchains, avoiding the potential vulnerabilities associated with cross-chain bridges. As Cointelegraph widely reported, cross-chain hacks and exploits have not been lacking and have resulted in the theft of more than $2 billion in cryptocurrencies in the last year. Bitcoin remains the largest cryptocurrency by market capitalization and continues to trade second the original specifications set forth by its pseudonymous creator Satoshi Nakamoto. However, the ecosystem has seen renewed interest and growth with the emergence of Bitcoin Ordinals, which allow users to enroll non-fungible tokens on individual satoshis, the smallest denomination of a ‘unit of BTC.Similarly, Tse believes that protocols like Babylon expand Bitcoin’s utility beyond being a mere store of value or medium of exchangesharing the robust security of Bitcoin with other chains and applications:
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