You need to know this latest twist to Bitcoin and staking. FTX hacker's moves are being watched, Vitalik has doubts about DAOs and we are excited about Brazil's Blockchain ID! Read more in this issue.
BIG NEWS! Bitcoinnow has a native way to earn passiveincome, and FTX hacker is making some moves we need to have an eye on! Also, let’s jump into why Vitalik is raising eyebrows at DAOs and explore products like Holder and SEC, see you! (yes, that’s the name!) along with new opportunities to learn, earn and move up in web3! 🚀
If you like reading TWIW3, consider sharing it with your friends and help them climb up the web3 ladder! No Gatekeeping! 😋
Bitcoin now has a native way to earn passive income! 💰
Do you have some sweet Bitcoin just chilling in your wallet, doing nada? Looks like the folks at Babylon don’t like it sitting idle, and they've come up with a solution for that!
The MVP! 🪄
At the recent Cosmoverse 2023, Babylon dropped the news of its Bitcoin Staking Protocol MVP. 🚀 The big idea? Let Bitcoin be staked on PoS chains!
This will not only boost security for these networks but will also mean passive income for Bitcoin HODLers.💰
💡 Proof of stake is a consensus protocol in blockchains where validators are chosen on the basis of how much cryptocurrency they hold and are willing to "stake" as collateral. This system incentivizes users to hold more cryptocurrency, as they have a greater chance of being selected to create new blocks and earn rewards. It's an energy-efficient alternative to Proof-of-Work.
How Does It Work? 👀
Babylon has devised a clever cryptographic technique called extract one-time signature (EOTS).
If you're malicious with your staked Bitcoin, it enables the slashing of stakedBitcoin.
With Bitcoin's native time-lockfeature, staking is safe and sound, and you can freely participate in the security of any integrated PoS chain.
PLUS, there is nothirdparty involved! The BTC remains secure as long as the staker is nice and clean!
The cherry on top? Babylon uses a top-tier BTCtimestampingprotocol for quick unlocking of staked Bitcoin.
The Bigger Picture 🖼️
With Babylon's protocol, PoS chains can now stand tall on the shoulders of Bitcoin, the world's most secure blockchain. No more fighting over limited staking capital!
And the best news here is that Bitcoin now has a native way to earn passive income! ✨
David Tse, the co-founder of Babylon, spilled the tea on how Bitcoin staking can be integrated into almost any PoS chain. So, BTC HODLers, get ready for your rewards from multiple networks! 🎁
First Stop: Babylon Chain 🛤️
Before going big, Babylon's testing waters with its own chain.
This will be the guiding star for other PoS chains eager to jump on the Bitcoin staking bandwagon. And guess what? The Cosmos community is already buzzing with excitement, especially with Babylon slashing down the 21-day unbinding time for staked Cosmos assets.
What's Next? 🚀
After a successful seed funding round, Babylon is on the hunt for more investments to push the Bitcoin staking dream further.
Babylon's bringing a fresh twist to staking, bridging the gap between BitcoinandPoSchains. Will this be the game-changer we've been waiting for?
Got thoughts on Babylon's big move? 🎤 Drop your opinions below!
Weekly Product Spotlight ⚡️
Got a product you want to get on our 34K+ readers’ radar? Reach out to us at gm@spacekayak.xyz & spill the beans! Let's get your product the hype it deserves ✨
Holder Forms is a form builder designed for web3brands and creators. It enables the collection of form submissions via wallet addresses and offers features like wallet subscriptions, event registrations, and the integration of on-chain and off-chain data. Ideal for creating allowlists and more.
This catalogue offers a comprehensive overviewofDeFiplatforms that enable permissionless trading. It provides a high-level understanding of the DeFi landscape and comes with a convenient tagging and filteringsystem for easy navigation. Ideal for both beginners and experts.
Web3 playbooks are still being made, whether it’s BD, products or regulations. The Ramp Show Season 2 takes you to the BTS of web3 to talk to the people who build, grow and move Web3.
From PareenLathia, AyushRanjan, ArjunKalsy, DV and more of your favourite web3 folks, check out the playlist here 👇
If you liked this episode or found it useful, Support us in making Web3 accessible for all 👇
The FTXhacker's wallet, known as 0x3e957, is showing some moves! On-chain data shows it's now holding a cool $16.75 million in Ether. The hacker has moved2,500 ETH twice, hinting at potential sales, and this is all happening right as Ethereum-based ETFs are gearing up for their US debut. This movement could potentially impact the price of ETH and smaller investors.
Vitalik is raising eyebrows over DAOs potentially monopolizing node operator selections in staking pools. He's sounding the alarm that if one staking token takes the lead, it could make a huge chunk of Ethereum validators vulnerable to attacks. While he gave the nod to Lido for their safeguards, he's hinting that one line of defence might not cut it. His solution? Diversify by using multipleliquidstakingproviders. But he's also warning against relying too much on "moralistic pressure" to fix issues.
Over 214 million Brazilians will soon have digital IDs powered by blockchain. RiodeJaneiro, Goiás, and Paraná are hopping on the train early. Thanks to Serpro, Brazil’s national data processing service, the entire country is set to issue these blockchain-backed IDs by Nov. 6. This move is just the tip of the iceberg. Brazil's also got its eyes on a centralbankdigitalcurrency named Drex.
Work in Web3 👩💻
Put your learning to work, upskill and join discussions that will help you level up!
Let’s get into Posty’s fresh pecks from the world of web3!
A joint investigation by the Ahmedabad Cyber Crime and Customs Department has led to the busting of a drug ring linked to crypto payments. The operation aims to identify individuals involved in the drug trade through the dark web, social media, and cryptocurrency payments.
Coinbase has secured a Major Payment Institution (MPI)license in Singapore a year after receiving initial in-principle approval. The license allows Coinbase to expand its digital payment token services in the country.
Circle has stepped in to defend the regulatory status of stablecoins in the SEC's case against Binance, which is centred on the claim that Binance's stablecoin, BUSD, was sold as an investment contract. Circle argues that stablecoins should not be classified as securities.
September's been rough for the crypto world, with $329.8 million swiped in exploits. The biggets hit is The Mixin Network attack, losing a cool $200 million. This year'stotalcryptolosses due to exploits $925.4 million.
Like the newsletter? You'd love the writers behind it. Follow the editorial team at Spacekayak and get the creative team you need for Web3 founders.
