Babylon Network Introduces Smart Contracts Functionality as v0.7.1 Goes Live

With the new functionality, the network is beginning to support smart contracts. As such, decentralized applications (dApps) in the Cosmos (ATOM) ecosystem will be supercharged with the security of the largest blockchain.

Babylon deploys v0.7.1 of its testnet, advances functionality and cross-chain integrations

According to the official announcement shared by the team of Babylon, a "security-sharing protocols" ecosystem, its testnet upgrade v0.7.1 was implemented successfully. The project now supports the activation of CosmWasm smart contracts, a core technical concept in the Cosmos (ATOM) ecosystem.

Babylon Testnet v0.7.1 goes Live!🔥⚛️

featuring:
📜CosmWasm Smart Contract Support
⛓ IBC client bidirectional data sharing
🐛Various bug fixes based on your valuable feedbackhttps://t.co/HJ2Wkx7leh

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— Babylon (@babylon_chain) June 19, 2023

Technically, this makes it possible for developers to "extract" security from Bitcoin (BTC) and protect the designs of their applications. This is the most anticipated upgrade for the Babylon ecosystem since the launch if its testnet.

In recent weeks, Babylon integrated a number of Cosmos SDK chains, including Osmosis, Akash, Sei Network, Injective, Evmos and Stride. Thanks to these integrations, it advanced the security of dozens Cosmos-based dApps.

David Tse, co-founder of Babylon, is excited by the role of this release for the progress of the Babylon ecosystem and all applications that use its solution:

We are thrilled to announce the launch of Babylon v0.7.1, introducing the integration of smart contracts. This marks a crucial milestone for Babylon, turning it into a powerful platform for deploying a wide range of protocols, thereby facilitating the development of decentralized applications secured by the strength of the  Bitcoin network.

The protocol caters to all types of decentralized applications, including decentralized finance apps (DeFi), NFT marketplaces, exchanges, wallets and so on.

Babylon's Bitcoin Staking Protocol welcomes BTC stakers

Also, recently, the project announced another amazing milestone. Babylon activated its Bitcoin Staking Protocol, designed to enable BTC to be staked and used to secure proof-of-stake (PoS) blockchains.

In Babylon's product ecosystem, this eccentric staking solution is accompanied by Bitcoin Timestamping Protocol and Bitcoin Data Availability Protocol.

In different ways, Babylon's instruments make BTC usage possible in the global ecosystem of decentralized applications, which typically has very limited exposure to the instruments of the first cryptocurrency.