For those holding the BNB coin, Binance has announced another giveaway. This time it is the Airdrop of the BABY token from the blockchain project Babylon.
What is Babylon?
Babylon is an innovative blockchain project whose goal is to allow Bitcoin holders to use their coins to provide security for other blockchains, especially those operating on Proof-of-Stake. If Bitcoin is stored in a wallet, it can be used as collateral to generate profit, i.e., Staking, while simultaneously helping decentralized networks operate more securely.
What role does the token BABY play?
BABY is the native token of the network and performs the following main functions:
- Payment of fees in the Babylon network
- Network governance (voting and development decisions)
- A tool for staking and rewards (to maintain network activity)
The total number of coins is 10 billion BABY, of which 600 million, or 6 percent, is the Airdrop.
What problem does it solve?
- BTC holders can earn in a secure way
- Proof of Stake blockchains gain a higher level of security from BTC
- Babylon acts as an intermediary, providing smart contracts that control these interactions.
In my opinion, this is an interesting project that needs to be explored in more detail; I will hold the tokens received from the Airdrop, as this coin may show its value in the future.
