In the rapidly evolving landscape of blockchain technology, trust and security remain paramount. Today, we are excited to share news that promises to set new standards in these very aspects. We’re thrilled to announce the integration of our blockchain testnet with Side protocol, a modular exchange layer refining asset exchange for the omnichain future, while nurturing the evolution of mesh liquidity.
With this partnership, Side Protocol will be embracing the unmatched protection layers of Bitcoin's security. The implications of this are profound, not only cementing Side Protocol's commitment to user trust and transaction safety but arguably positioning SIDE as one of the world's most secure PoS blockchains.
Bitcoin's Security Architecture: A Game Changer for SIDE
Central to this integration is the Bitcoin timestamping technique. A key aspect of Babylon is its ability to leverage Bitcoin Timestamping Protocol and timestamp events of other blockchains onto Bitcoin. It timestamps events of other blockchains onto Bitcoin, so that these events can enjoy Bitcoin timestamps in the same way as Bitcoin transactions. This effectively borrows Bitcoin’s security as a timestamping server. Such intricate documentation ensures two vital outcomes:
Synchronization with Bitcoin: The SIDE PoS chain remains constantly aligned with the Bitcoin network, ensuring up-to-date and consistent transaction tracking.
Rapid Unbonding: Users benefit from faster unbonding processes, thanks to the integrated timestamping system.
The Babylon chain, a Cosmos-SDK based chain used as a control plane to offer efficient timestamp aggregation for numerous Cosmos SDK chains, including SIDE.
Lower Stake Unbonding Time
A prominent advantage ushered in by this testnet integration is the acceleration in stake unbonding times. Traditional PoS chains, especially within the Cosmos ecosystem, would have stakers waiting for 2-3 weeks. This duration, often viewed as a trust period, allowed users to rejoin the chain with the confidence that any attacks during their absence would have been slashed.
However, with SIDE’s integration with Babylon, the unbonding request's Bitcoin timestamp only needs confirmation on the Bitcoin network, lowering the wait time from weeks to approximately one day. This is pivotal for users to swiftly differentiate between the normal chain and potential attack chains, which will have a later Bitcoin timestamp.
Enhancing the Liquidity Layer and Amplifying Security
Beyond the obvious improvements in stake unbonding, Babylon's integration promises enhanced security for high-value asset transfers across bridges between PoS chains. This added layer of security paves the way for a resilient defense against double-spend attacks and other potential threats. It's a move that bolsters trust and confidence for both developers and users on SIDE.
Merging the salient features of Proof of Stake with Bitcoin’s tried and tested Proof of Work mechanism, SIDE is gearing up to be the most trusted liquidity layer, marked by reduced risks and increased operational flexibility.
About Side Protocol
Side Protocol represents the exchange layer for the Web3 era, offering modular infrastructure that refines asset exchange for the omnichain future, all while nurturing the evolution of mesh liquidity. At the core of the Side Protocol lies the SIDE, a layer-1 blockchain that houses the flagship implementation of Side Protocol.
Babylon Overview
Babylon is a project that designs security protocols for the decentralized world. Babylon’s origins come from a research paper about Bitcoin security co-authored by co-founder of Babylon David Tse, a professor at Stanford and Ethereum 2.0 researcher, and the founder of EigenLayer Sreeram Kannan, and their colleagues. The project is led by a team of consensus protocol researchers from Stanford and experienced layer 1 engineers from around the world.
Babylon's mission is to scale Bitcoin to secure the decentralized world through three innovative security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Through these pioneering protocols, Babylon envisions a more secure and decentralized future.
