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How does Botanix work?
Botanix is actually an intermediary that makes it possible for people to use decentralized applications on Bitcoin. That means that you will be able to use decentralized exchanges (DEX), lend and borrow money, trade non-fungible tokens (NFTs) and so on. Things like this have been possible on Ethereum but Botanix is unlocking the same world for Bitcoin. A whole new world of decentralized applications opens up!
You can use Botanix by bridging some of your bitcoin from the parent chain to Botanix. You might be wondering what happens to the bitcoin that you bridged to Botanix? We store it safely in a newly created multisig wallet that gets guarded by our vast network of Orchestrator nodes. They will hold onto your bitcoin until you want it back. In the meantime, you get bitcoin on Botanix that you can use with the applications that have been built on our platform. When you no longer want to use your bitcoin with the applications, you can simply bridge out of Botanix and receive the bitcoin back on the parent chain.
So why won't the Orchestrators that guard your bitcoin in the multisig wallet steal your bitcoin?
Since they have to put in a stake to become an Orchestrator! The moment that we notice that some shady stuff is going on or they're not behaving the way we want, we can take some of their stakes away. We have more security features that require some deeper understanding so if you're interested, have a look at the section with Advanced concepts where you'll find lots of topics on security.
- 1.Alice owns some BTC and would like to use a lending platform to lend her money to others to make a return on her capital.
- 2.Alice bridges some of her BTC to the Botanix platform and gets the same amount of bitcoin on Botanix.
- 3.Alice decides to lend her money on one of the dApps that are available on Botanix.
- 4.After a few weeks / months / years, Alice is happy with her profit and decides to take some money out of the Botanix platform back to the parent chain. She bridges out.
- 5.Alice is left with more BTC than she had in the beginning
- 6.Alice is happy!💃