Spiderchain offers a two-way pegged sidechain for Bitcoin, helping to enable Ethereum-like functionalities on the Botanix EVM Layer 2.
Spiderchain, developed by Botanix Labs, offers a permissionless two-way pegged sidechain solution for Bitcoin, helping to enable Ethereum-like functionalities on the Botanix EVM Layer 2.
While the drivechain native, merge-mined sidechain mechanism for Bitcoin would require a contentious fork, Spiderchain could be implemented today without requiring any changes on the Bitcoin base layer, Lopp said in hisSidechains are secondary blockchains that run parallel to the main blockchain, allowing for the transfer of assets between the two chains. The challenge is doing this in a decentralized fashion.
The Ethereum Foundation's vision for scalability involves multiple layers of EVM-compatible chains, with the Ethereum base layer providing settlement. However, Lopp argues Ethereum still faces centralization concerns, with Botanix contending that Bitcoin provides a more suitable foundation to build these layers with its high level of immutability and proof of work security.Spiderchain operates using a series of multisig wallets managed by entities called Orchestrators, Lopp explained.
However, to avoid silent malicious majority attacks, Spiderchain plans to be bootstrapped over several phases, with the initial phase being composed of centralized Botanix-controlled Orchestrators, becoming more decentralized over time.After a decade of research into permissionless sidechain pegging, Lopp argues there are only two viable options: federated models or a pool of pegged bitcoin.
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