Botanix Labs Spiderchain: Bringing Smart Contracts and Layer 2 Scaling to Bitcoin

Bitcoin, for over a decade has been the backbone of the centralized finance. Its secure censorship resistant nature has been widely celebrated in the world of crypto. Despite its excellence as a store of value, lack of smart contract functionality as well as scalibility are issues it as struggled with.

Ethereum on the other hand has been praised and has thrived as a platform for decentralized applications, because of its functional and reliable smart contract abilities. But this comes that a price- constant scalability as well as security changes. Botanix labs came up with an idea: combining the security of Bitcoin together with deflexibility of ethereum.

Spiderchain - What it is:

The spider chain happens to be the solution. It is a layer 2 solution that allows for Ethereum Virtual Machine (EVM) compatibility: allowing developers to deploy decentralized applications and smart contracts on Bitcoin. That will be an absolute game changer. Unlike other chains, the spider chain is designed to be entirely decentralized. It will be a bridge between Bitcoin and Ethereum, therefore allowing things like NFT marketplaces, dApps etc. All powered by BTC. Yes powered by BTC.

Spiderchain - How it Works:

1. Bitcoin deposit a secured by multi signature wallets.

2. Staking and validator selection: in participants in the chain stake Bitcoin therefore allowing them to become sinus in the multi signature setup we talked about earlier. These validators are occasionally rotated, so that a singlegroup does not have total control.

Spider chain majes Bitcoin a programmable platform which happens on the existing security and decentralization of Bitcoin.

A New Era for Bitcoin:

Despite being the gold standard of the centralization and security, its lack of programmability has set it back in the era of defy and smart contracts. Spiderchain's introduction of EVM compatibility changes that, by enabling the decentralized apps powered by Bitcoin.

Conclusion:
As adoption grows, we could see a future when bitcoin is a gold standard for the centralized financial ecosystem.