Botanix Lab: a place where Ethereum’s simplicity merges with Bitcoin’s security features
Botanix Labs combines the advantages of Bitcoin and Ethereum through the Botanix Protocol, creating a secure infrastructure that utilizes Bitcoin's security and Ethereum's development capabilities.
In their system, Botanix plans to employ a proof-of-stake consensus model where stakes (in the form of actual bitcoin) are securely held within the Spiderchain. The Spiderchain is a network of decentralized multisignatures protected by a random selection of participants. Essentially, this enables individuals to stake their bitcoin on the Bitcoin network while benefiting from the security measures put in place by Botanix’s approach.
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👉Currently, Bitcoin is revered as digital gold, yet its capacity for dApp development remains restricted, unlike Ethereum, which offers a multitude of applications. Botanix merges the strengths of both platforms to create a comprehensive solution.
👉Bitcoin holds a reputation for unparalleled decentralization and resistance to censorship, forming the foundation of the Botanix Protocol and ensuring a highly secure and decentralized network. However, due to its design, Bitcoin’s transaction processing tends to be slower compared to other blockchain platforms.
👉Moreover, Bitcoin’s limited software language poses challenges for application development, often demanding considerably more time and effort compared to Ethereum.
How does Botanix operate?
Botanix operates as a decentralized Layer 2 EVM, harnessing the primary bitcoin currency. It operates through two core components:The Ethereum Virtual Machine is empowered by a Proof of Stake (PoS) consensus model while utilizing Bitcoin’s Proof of Work (PoW) for heightened security. Real bitcoin investments are securely held in multi-signature wallets on the Bitcoin network.
The Spiderchain is an evolving decentralized assembly of multisignatures responsible for safeguarding all real bitcoins within Botanix. This pioneering Spiderchain introduces decentralized multisignatures, establishing a distributed multisignature network protected by a randomly selected participant subset, ensuring genuine decentralization and security.
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