OmniFlix transactions now have added protection of Bitcoin timestamps through its integration with Babylon
The explosion of the creator economy has led artists to web3 where they can have control and ownership over their work. Babylon is thrilled to announce its testnet integration with OmniFlix, a protocol in the Cosmos ecosystem designed for creators, studios, enterprises and communities to mint, manage and monetize NFTs and social tokens.
Babylon provides additional protection to the management, distribution and monetization of assets that take place on OmniFlix through a simple IBC connection so that OmniFlix users can benefit from Bitcoin security.
Securing Multi-chain Distribution
Babylon’s integration secures the OmniFlix network and its asset marketplace with Bitcoin security, so that communities and creators have full confidence to mint, manage and distribute NFTs and tokens, among other web3 media assets, across multiple chains like Cosmos and Ethereum.
Babylon leverages Bitcoin’s security and adds verifiable BTC timestamps to OmniFlix headers, thereby securing on-chain activities. A block header is a small section of the block that contains the block’s metadata and its hash. Block headers are hashed to create a proof of work for mining rewards, which in turn validates the block and secures the blockchain. Babylon allows for a BTC timestamp to be added to a OmniFlix block header, applying proof of work security to proof of stake transactions in an efficient manner instead of hashing the entirety of the block, which is much larger in size because it contains all the raw transaction data.
Cementing Creative Rights and Ownership
For creators, studios, communities on the OmniFlix Network, it’s not just their financial assets that are at stake and need to be secured on chain. Besides NFT revenue and royalties, Babylon paves the way to provide an additional layer protection for OmniFlix users’ IP ownership and on-chain rights management that enable them to distribute and license web3 media assets, in turn ensuring proportionate revenue attribution.
Ownership is becoming the crux of the creator economy, and IP and rights ownership in web3 must be accompanied by high-level on-chain security to ensure creators’ trust and interaction with networks and marketplaces. Babylon’s integration adds Bitcoin timestamps to transactions on OmniFlix’ PoS chain, supporting the network’s interoperability and open-source nature while making the ecosystem a highly secure environment for creators.
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