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
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.
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.
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.
Get ready to experience the future of development on Bitcoin.