Comment on page
Botanix introduces the Spiderchain, a new primitive for second-layer blockchains. The Spiderchain is a series of successive multisigs between Botanix Orchestrators. The security is achieved through the decentralization of these multisig wallets. This series of successive multisigs effectively creates a network that safeguards the Bitcoin of the Botanix chain. This moving chain of multisigs can be seen as a form of collateral that is stuck in this decentralized multisig network; hence, the name Spiderchain.
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.
The Spiderchain effectively separates bitcoin ”the asset” and Bitcoin ”the blockchain”. By securing the bitcoin present on Botanix in a decentralized chain of multisigs, it separates Bitcoin from the EVM. This allows for a transition from Bitcoin’s UTXO model to an account model used in the EVM.
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.
In the future, it will be a permissionless network, allowing any participant to join.