PANews reported on August 20 that Bitcoin pledge protocol Babylon stated on the X platform: "In just two days, the world's first self-hosted Bitcoin pledge mainnet will be officially launched." According to its announcement, Babylon Bitcoin pledge will be launched in three phases, namely the Bitcoin locking phase (Bitcoin holders initiate the pledge process by submitting Bitcoin pledge transactions to the Bitcoin blockchain), the Bitcoin pledge activation phase (a Babylon PoS chain will be launched to receive the cryptoeconomic security provided by the Bitcoin locked in the first phase), and the Bitcoin multi-pledge activation phase (the Babylon Bitcoin pledge protocol will evolve into a shared security market, enabling any PoS system to take advantage of Bitcoin pledge security).
In Phase 1, each stake is set to a maximum stake time (i.e. a timelock in the Bitcoin stake script) of 64,000 Bitcoin blocks, which is approximately equivalent to 15 months. This means that each stake will automatically expire and be withdrawn after reaching this time limit. However, stakers can unbind their stake on demand at any time before it expires. After unbinding, there will be an on-chain unbinding period of 1008 Bitcoin blocks (approximately 7 days and defined in the unbinding Bitcoin script), after which the stake will expire and be withdrawn. All transactions in Phase 1 are Bitcoin transactions, stakers do not need to sign other transactions or messages, and there will be no penalties for Bitcoin stakes in Phase 1. For security reasons, an initial total stake cap of 1,000 Bitcoin will be set. This cap will be gradually relaxed as Phase 1 progresses. In addition to the initial 1,000 Bitcoin total stake cap, each stake transaction also has a limit, minimum stake: 0.005 BTC, minimum stake: 0.005 BTC. In the first phase, since there is no active PoS chain, no direct staking rewards will be given. Instead, a points system will be used to measure the activity of each staker, which is tracked through the staker's public key.
