Botanix Labs, an innovative startup with roots in Harvard and operations in New York, has achieved a significant milestone by securing $11,5 million in funding, earmarked for the expansion of its ambitious Spiderchain project.s.
This project presents itself as the first native Bitcoin Layer2 that offers full equivalence with the Ethereum Virtual Machine (EVM), which represents a considerable advance in the construction of a global financial system based on Bitcoin.
The $11,5 million funding in a round led by prominent investors such as UTXO Management, Polychain Capital, Placeholder Capital, Valor Equity Partners, among others, is a reflection of the growing interest and confidence in Bitcoin’s ability to scale and serve a global user base, potentially unlocking trillions of dollars in hitherto untapped capital.
With the support With these renowned investors and the vision to lead the financial infrastructure of the future, Botanix Labs and its team, led by co-founder Willem Schroé, are positioned to significantly influence the evolution of the cryptocurrency-based financial ecosystem.
What is Spiderchains and how does it work?
Spiderchain is an innovation in the field of cryptocurrencies, specifically designed by Botanix Labs for Improve interoperability between Bitcoin and EthereumThis solution works as a sidechain, or lateral chain, that operates parallel to the main Bitcoin chain.
The distinctive feature of Spiderchain is its Full compatibility with the Ethereum Virtual Machine (EVM), which allows decentralized applications (dApps) and Ethereum tokens to run on the Bitcoin network. The solution uses the Proof of Stake (PoS) consensus algorithm and creates blocks every 12 seconds, with validators in charge of maintaining the network.
These validators are known as “orchestrators” in Spiderchain and deposit Bitcoin (BTC) instead of Ether (ETH) as collateral to participate in the validation process. The security and randomness in the selection of these validators is ensured by the Verifiable Random Function (VRF), using Bitcoin blockhashes.
The structure used by Spiderchain allows Bitcoin users to access a broader spectrum of financial applications and services that were traditionally only available on Ethereum, thus opening up new possibilities for the use and utility of Bitcoin in the world of decentralized finance (DeFi).
Spiderchains Badge
Spiderchain is distinguished from other Bitcoin sidechains by its full compatibility with the Ethereum Virtual Machine (EVM), allowing it to support decentralized applications and smart contracts directly on the Bitcoin network.
While other sidechains have focused on improving specific aspects, such as transaction privacy or token creation, Spiderchain seeks deeper integration with the Ethereum ecosystem, allowing for a Greater flexibility and expansion of decentralized financial services.
On the other hand, Spiderchain employs a Proof of Stake (PoS) consensus algorithm, which is less common among Bitcoin sidechains, and which, together with the ability to create blocks every 12 seconds, gives it a faster transaction speed compared to other sidechains. This combination of features makes Spiderchain a unique proposition in the Bitcoin sidechain landscape, with the potential to attract users and developers interested in interoperability between Bitcoin and Ethereum.
Scaling to Bitcoin via PoS
Another important point about Spiderchains is that thanks to the use of the Proof of Stake (PoS) consensus protocol, they can Overcoming the scalability and composability challenges presented by Bitcoin, while maintaining their renowned decentralization and security. Additionally, they do not require changes to the Bitcoin base chain protocol, making them an attractive proposition for expanding Bitcoin’s capabilities without compromising its existing structure.
In this way, Botanix Labs seeks solutions to the scalability and interoperability challenges faced by leading cryptocurrencies such as Bitcoin and Ethereum.
Through an innovative Layer2 sidechain design, Spiderchains were designed to facilitate a broader and more efficient ecosystem, allowing for greater integration between these two prominent networks.
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