The Spiderchain
Last updated
Last updated
Botanix introduces the Spiderchain, a new primitive for second-layer blockchains. The Spiderchain is a series of successive multisigs between Botanix . 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 the Botanix EVM in a decentralized chain of multisigs, it separates Bitcoin from the EVM. This allows for a transition from Bitcoin’s 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 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.