Risk warning
Risk Warning
Even though the end-goal of Botanix Labs is to create and implement a fully decentralized Spiderchain, we need some in-between steps to get there. (see our Roadmap or the whitepaper) At this stage of development, we launch a federated sidechain, meaning that the blocks are being produced by 15 trusted, permissioned federation members. These federation members also secure the multisig where your funds are locked in. The chosen federation members have gone through a detailed security analysis and are geographically distributed.
This setup entails that the user is sending its bitcoin to a centralized semi-custodial setup. There are a few risks that the user should be aware of:
Users trust the Federation with custody of their BTC. BTC withdrawals are currently permissioned by the Spiderchain federation. Users must trust that when they deposit BTC into the Spiderchain, the signers will not collude and steal their BTC. The BTC is held in a 11-15 multi-sig wallet where 11 (⅔ + 1) of the signers would need to be compromised in order to steal the BTC.
Orchestrators propose blocks. Spiderchain blocks are proposed and finalized by the Spiderchain federation. The role of block production is permissioned, meaning that it is not possible for anyone with sufficient resources to join the network as a block producer. Users trust that the federation will not censor them and include their transactions in Spiderchain blocks.
Other warnings
All users and developers can participate in the current test environment and subsequent stages of Botanix for free, and there is no charging scenario.
All users must distinguish the test environment from the Mainnet. The assets generated in the test environment have no value. Be aware of counterfeit currency fraud. Do not connect your wallet to anything else than the official bridge, featured faucets or official partners.
Botanix announces authorization, promotion and other collaborations only through the official social media platforms. Developers and users should check carefully to avoid losses.
Do not misread the official website (https://botanixlabs.xyz/en/home), and be cautious with private key phishing.
All claims, content, designs, algorithms, estimates, roadmaps, specifications, and performance measurements described in this project are done with the author's best effort. It is up to the reader to check and validate their accuracy and truthfulness. Furthermore, nothing in this project constitutes a solicitation for investment.
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