Babylon Bitcoin Protocol
Introducing the Babylon Bitcoin staking protocol with three key security properties when used in conjunction with a standard consumer PoS chain:
Fully Slashable PoS Security: In the event of a safety breach, a guaranteed 1/3 of the Bitcoin stake is slashed. The PoS chain remains operational as long as an honest adherence to the PoS protocol is maintained by 2/3 of the Bitcoin stake. Staker Security: Each Bitcoin staker is assured the ability to withdraw their funds or unbond, contingent on following the PoS protocol honestly. Staker Liquidity: The unbonding process for staked bitcoins is ensured to be secure and swift, without relying on social consensus. Property 1 ensures that protocol violators face consequences, while Property 2 guarantees that only protocol violators lose their stakes. Together, these properties uphold the gold standard of PoS security, aligning with the principles advocated by Buterin and Griffith.
Property 2 in our protocol exceeds the strength found in standalone PoS protocols, allowing a staker to unbond even if all other stakers on the PoS chain are dishonest. Withdrawal censorship is eliminated, ensuring trustless staking.
Unlike standalone PoS chains with prolonged unbonding times, our Bitcoin staking protocol maintains stake distribution on the Bitcoin chain, immune to long-range attacks. Through careful staking protocol design, we demonstrate the achievability of Property.
No comments:
Post a Comment