China News Today TheBitTimes.com

The world’s largest crypto exchange platform by trading volume is adding support for a new Bitcoin (BTC) staking protocol. In a new announcement, Binance says it will be adding the BTC staking project Babylon (BABY) to its massive suite of digital asset products. Babylon, which launched Babylon Genesis today, rose in value after gaining support from Binance. BABY went from a daily low of $0.084 to a peak of $0.099 just a few hours later. It has since retraced and is trading for $0.087 at time of writing, a 4.6% gain during the last 24 hours. According to the project’s official litepaper, the protocol is designed to fix latency, security and programmability issues associated with BTC, something layer-2 projects have struggled with in the past. “Bitcoin is the first and still the top blockchain in terms of market capitalization. However, beyond a store of value, its utility has been limited by its small blockspace, high latency, and limited progr...

Proof of Stake related models uses significantly less Energy when compared to their Proof of Work counterparts. Proponents batting for sustainability have time and again debated about why protocols need to shift to the former. The Merge upgrade marked the onset of Ethereum’s PoS consensus mechanism era. Ethereum’s Energy consumption has drastically dropped after the PoS shift. The University of Cambridge’s Centre for Alternative Finance [CCAF] uniquely contextualized the same. According to the study, if Bitcoin’s Energy use is assumed to be Kuala Lumpur’s Merdeka building, the second-highest in the world [679 meters], then Ethereum’s PoW consensus system would stand around the height of the London Eye [135 meters]. However now, with the shift to the PoS model, Ethereum has reportedly “shrunk to the size of a raspberry.” Also Read: Bitcoin: WEF Video Showcases Mining, But Omits ‘B Word’ Bitcoin: WEF Video Showcases Mining, But Omits ‘B Word’ Pre-Merge, Ethereum Consu...