Here you'll find answers to how Botanix works, the security features of the Spiderchain, its decentralization, and more.
1. How does Botanix work?
Botanix is a decentralized Turing-complete Layer 2 solution built on the native currency of synthetic bitcoin. It operates using two core components:
The Spiderchain: A dynamic and ever-evolving set of multisigs that secure all the actual bitcoin on Botanix. The Spiderchain consists of a distributed network of multisigs, safeguarded by a randomized subset of participants, making it a truly decentralized protection mechanism.
2. What is the Spiderchain?
The Spiderchain is a distributed network of multisigs that secure all the actual bitcoin on Botanix. In the future, it will be a permissionless network, allowing any participant to join.
The name "Spiderchain" stems from envisioning multisigs wallets where each 'leg' of the spider represents a different participant. Every Bitcoin block is associated with a new multisig created between a set of random participants from the Spiderchain.
3. Is the Spiderchain secure?
Yes, the Spiderchain is meticulously engineered with unparalleled security standards. Even in the unlikely event of an attacker obtaining a 2/3 majority, the Spiderchain's "forward security" design ensures that the underlying bitcoin remains securely locked within older, established multi-signature wallets. This makes it virtually impossible for any potential attacker to steal bitcoin secured by the Spiderchain.
4. Is Botanix decentralized?
Yes, Botanix is a fully decentralized protocol that stands apart from other Layer 2 solutions. The Spiderchain's introduction enables Botanix to be truly decentralized, with no central governing entity or sequencer. This aligns with Satoshi Nakamoto's vision for a decentralized blockchain network.
5. Does Botanix need a BIP?
No, Botanix leverages Bitcoin's taproot upgrade for its Layer 2 design and does not require any additional BIPs (Bitcoin Improvement Proposals). Taproot allows for bigger multisig sizes on the Bitcoin parent chain, making Botanix's innovative approach possible.
Here you'll find answers to how Botanix works, the security features of the Spiderchain, its decentralization, and more.
1. How does Botanix work?
Botanix is a decentralized Turing-complete Layer 2 solution built on the native currency of synthetic bitcoin. It operates using two core components:
The Spiderchain: A dynamic and ever-evolving set of multisigs that secure all the actual bitcoin on Botanix. The Spiderchain consists of a distributed network of multisigs, safeguarded by a randomized subset of participants, making it a truly decentralized protection mechanism.
2. What is the Spiderchain?
The Spiderchain is a distributed network of multisigs that secure all the actual bitcoin on Botanix. In the future, it will be a permissionless network, allowing any participant to join.
The name "Spiderchain" stems from envisioning multisigs wallets where each 'leg' of the spider represents a different participant. Every Bitcoin block is associated with a new multisig created between a set of random participants from the Spiderchain.
3. Is the Spiderchain secure?
Yes, the Spiderchain is meticulously engineered with unparalleled security standards. Even in the unlikely event of an attacker obtaining a 2/3 majority, the Spiderchain's "forward security" design ensures that the underlying bitcoin remains securely locked within older, established multi-signature wallets. This makes it virtually impossible for any potential attacker to steal bitcoin secured by the Spiderchain.
4. Is Botanix decentralized?
Yes, Botanix is a fully decentralized protocol that stands apart from other Layer 2 solutions. The Spiderchain's introduction enables Botanix to be truly decentralized, with no central governing entity or sequencer. This aligns with Satoshi Nakamoto's vision for a decentralized blockchain network.
5. Does Botanix need a BIP?
No, Botanix leverages Bitcoin's taproot upgrade for its Layer 2 design and does not require any additional BIPs (Bitcoin Improvement Proposals). Taproot allows for bigger multisig sizes on the Bitcoin parent chain, making Botanix's innovative approach possible.