Botanix Labs has officially launched the first-ever fully decentralized Ethereum Virtual Machine (EVM) equivalent Layer 2 on Bitcoin, according to a press release sent to Bitcoin Magazine. This represents over a year of dedicated research and development by the team, with a focus on enhancing user experience.
“We want to make it as easy as possible to start building on Bitcoin,” said Willem Schroe, the Founder and CEO of Botanix. The initiative stems from the team’s ambition to propel Bitcoin beyond its status as the pinnacle of digital currency and position it as the cornerstone of a novel decentralized financial ecosystem.
At the core of this initiative is Spiderchain, a decentralized network of multisigs empowering anyone to operate a full Botanix node and participate in the network. Introducing forward security, a concept derived from encryption systems, Spiderchain facilitates low-cost, swift transactions for Bitcoin deployments.
The innovative aspect of Botanix’s Spiderchain is its seamless compatibility with Ethereum’s EVM smart contracts. This compatibility enables developers to effortlessly replicate and deploy any EVM smart contract onto the Botanix testnet using Bitcoin.
Casa’s co-founder & CTO Jameson Lopp, in his analysis of the Spiderchain’s whitepaper, highlighted its implementation on Bitcoin without necessitating any protocol alterations at the base layer. “While there are a variety of proposals being discussed for enhancing Bitcoin’s Layer 2 capabilities…one distinction with spiderchains is that they can be implemented on Bitcoin today without any protocol changes to the base layer,” he said.
Botanix Labs is now forging ahead to incubate the first-ever Bitcoin-enabled DeFi and NFT ecosystem. The testnet encompasses a Signet Bitcoin faucet, a bridge, and AvocadoSwap, akin to PancakeSwap, facilitating token swaps.
Moreover, Botanix is launching the “Botanix Testnet Accelerator,” inviting 10 startups for enhanced BD support, co-marketing, and development resources ahead of the mainnet launch slated for early next year. Selection criteria encompass the product’s development, transaction activity, and business potential.
The Botanix testnet is available for trial, inviting feedback from users at here.
Disclaimer: UTXO Management is an investor in Botanix. UTXO’s parent company, BTC Inc., is also the parent company of Bitcoin Magazine.
Source: bitcoinmagazine.com