Botanix Labs has recently announced the official launch of the first-ever fully decentralized ethereum Virtual Machine (EVM) equivalent Layer 2 on bitcoin. This significant achievement is the result of over a year of dedicated research and development by the team, underscoring their commitment to enhancing the user experience on the bitcoin network.
Propelling bitcoin Beyond Digital Currency Status
Willem Schroe, the Founder and CEO of Botanix, expressed the team’s vision to make it as easy as possible to start building on bitcoin. This initiative is part of the team’s ambition to expand bitcoin‘s role beyond its status as the pinnacle of digital currency, positioning it as the cornerstone of a novel decentralized financial ecosystem.
The Core of the Initiative: Spiderchain
At the heart of this groundbreaking initiative is Spiderchain, a decentralized network of multisigs designed to empower anyone to operate a full Botanix node and participate in the network. Utilizing the concept of forward security derived from encryption systems, Spiderchain enables low-cost and swift transactions for bitcoin deployments.
Seamless Compatibility with ethereum‘s EVM Smart Contracts
One of the key innovative features of Botanix’s Spiderchain is its seamless compatibility with ethereum‘s EVM smart contracts. This compatibility allows developers to effortlessly replicate and deploy any EVM smart contract onto the Botanix testnet using bitcoin, opening up new possibilities for cross-network interactions.
Recognition from Industry Experts
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. This underscores the significance of Spiderchain’s potential impact on bitcoin‘s Layer 2 capabilities without requiring fundamental protocol changes.
Forging Ahead to Incubate the First-Ever bitcoin-Enabled DeFi and NFT Ecosystem
Botanix Labs is now pushing forward 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, heralding a new era of possibilities for tokenized assets.
Launching the “Botanix Testnet Accelerator” and Inviting Startups
Moreover, Botanix is launching the “Botanix Testnet Accelerator,” inviting 10 startups for enhanced business development support, co-marketing, and development resources ahead of the mainnet launch slated for early next year. Startups will be selected based on criteria including the product’s development, transaction activity, and business potential, offering an exciting opportunity for budding blockchain ventures.
Join the Trial and Share Your Feedback
The Botanix testnet is now available for trial, welcoming feedback from users on their experience with the platform. Visit here to participate and be part of shaping the future of decentralized finance and NFT ecosystems.
### News source: bitcoinmagazine.com