Introducing Botanix Labs

9/7/2023

Willem Schroé

Willem Schroé

Introducing Botanix Labs, where the ease of Ethereum meets the security of Bitcoin.

The Botanix Protocol builds an Ethereum Virtual Machine (EVM) equivalent layer 2 on top of Bitcoin. We've literally forked Ethereum and put it on Bitcoin. Leveraging Bitcoin's Proof-of-Work (PoW) as a Layer 1, it offers developers Bitcoin's robust security and a decentralized network while benefiting from the vast capabilities and ease of development provided by Ethereum.

Botanix will use a Proof-of-Stake consensus model, where the stakes (represented by actual bitcoin) are securely stored on the Spiderchain, a distributed network of multisigs safeguarded by a randomized subset of participants. You will be able to stake your bitcoin on Bitcoin.

The Botanix Difference

  • Bitcoin, a widely accepted digital currency, boasts an unparalleled degree of decentralization and resistance to censorship. It forms the bedrock of the Botanix Protocol, providing a highly secure and decentralized network. However, due to its inherent design, Bitcoin's transaction processing tends to be slower compared to other blockchain platforms. Additionally, the limited software language of Bitcoin presents challenges for application development, often requiring significantly more time and effort in comparison to Ethereum.
  • On the other hand, Ethereum has emerged as a favored blockchain for creating decentralized applications (dApps). Its user-friendly development interface and advanced Ethereum Virtual Machine (EVM) enable developers to accelerate the launch of new products. Ethereum's extensive tooling and infrastructure, including wallets and resources, contribute to a thriving ecosystem. Nevertheless, Ethereum's Proof-of-Stake consensus mechanism on Layer one introduces security trade-offs and a potential trend towards centralization, impacting the censorship resistance of the currency.

In summary, bitcoin is digital gold but currently is limited in dApp development while Ethereum has a plethora of applications. Botanix brings the best of both worlds together.

The Technology

Unlike other Layer 2 solutions, Botanix also has a clear path to decentralization. Traditional Layer 2 designs face challenges in decentralizing the governing smart contract and the sequencer(s). However, Botanix addresses this by utilizing the Spiderchain to achieve full decentralization, placing the control of the protocol in the hands of no single entity. This unique characteristic sets Botanix apart from other Layer 2 solutions and aligns with the vision of Satoshi Nakamoto, the creator of Bitcoin.

The Spiderchain is designed to protect the BTC within Botanix with unparalleled security. Its architecture ensures that even in the unlikely event of an attacker obtaining a 2/3 majority, the bitcoin remains securely locked within older, established multisig wallets. This "backwards security" approach ensures that potential attackers cannot access or steal any bitcoin. The Spiderchain's state-of-the-art design establishes it as the most decentralized and secure protection mechanism for Botanix.

What’s Next

We are preparing to launch our testnet by end of summer, after months of dedicated work by some of the brightest minds in crypto. The testnet will serve as a playground for experimentation, allowing users to explore the full range of functionalities that our protocol has to offer.

To get updates on our progress, follow us on Twitter and join our Telegram community. You can interact directly with our team and be the first to know when we launch.

Get ready to experience the future of development on Bitcoin.