Babylon Network, an innovative protocol that empowers dApp developers to harness Bitcoin's security layer, has announced a significant testnet upgrade, v0.7.1. This upgrade brings the power of smart contracts to the platform, supercharging the Cosmos ecosystem's decentralized applications (dApps) with Bitcoin's solid security.
As outlined in Babylon's official announcement, the testnet upgrade v0.7.1 marks the successful initiation of CosmWasm smart contracts, a central technical pillar of the Cosmos ecosystem. This advancement allows developers to tap into Bitcoin's security, safeguarding their application designs in an unprecedented way.
Babylon Testnet v0.7.1 goes Live!🔥⚛️
— Babylon (@babylon_chain) June 19, 2023
featuring:
📜CosmWasm Smart Contract Support
⛓ IBC client bidirectional data sharing
🐛Various bug fixes based on your valuable feedbackhttps://t.co/HJ2Wkx7leh
This upgrade, eagerly awaited since Babylon's testnet launch, signifies a massive leap for the Babylon ecosystem. The platform recently added a series of Cosmos SDK chains, including Osmosis, Akash, Sei Network, Injective, Evmos, and Stride, bolstering the security of numerous Cosmos-based dApps.
David Tse, Babylon's co-founder, is thrilled by the impact of this release on the progress of the Babylon ecosystem and all apps leveraging its solution. In his words: "We're delighted to launch Babylon v0.7.1, introducing smart contract integration. This represents a key milestone for Babylon, transforming it into a potent platform for deploying various protocols, and thus promoting the development of dApps fortified by Bitcoin's robust network."
The protocol caters to all types of decentralized applications, including decentralized finance apps (DeFi), NFT marketplaces, exchanges, wallets, and beyond. Babylon's Bitcoin Staking Protocol, also recently activated, enables BTC staking to secure proof-of-stake (PoS) blockchains.
Babylon's innovative product ecosystem pairs this unique staking solution with the Bitcoin Timestamping Protocol and Bitcoin Data Availability Protocol. In their unique ways, Babylon's tools facilitate the use of BTC in the vast dApp ecosystem, typically offering limited exposure to the primary cryptocurrency's tools.
