How ‘Spiderchain’ Plans to Build Ethereum on Bitcoin - Decrypt
Decrypt
18 Sep 2023 10:47 PM
Existing Ethereum dapps can be transferred to the network by developers, but a malicious majority of orchestrators can't steal your Bitcoin....
- Jameson Lopp, co-founder and CTO of Casa, wrote a blog post about "Spiderchain," a proposal for building 2-way pegged sidechains on the Bitcoin network.
- Spiderchain, developed by Botanix Labs, is a Proof of Stake Layer 2 on Bitcoin that allows BTC to be safely transferred to a sidechain and back without requiring a centralized middleman.
- Orchestrators, entities that manage decentralized multisigs, run both a Bitcoin node and a Spiderchain node to facilitate the movement of BTC.
- Spiderchain operates similarly to Ethereum, with Ethereum Virtual Machine compatibility, 12-second block times, and a proof of stake consensus mechanism.
- Unlike other proposals like Paul Sztorc's drivechain, Spiderchain does not require changes to the Bitcoin code currently in use.
- Technical vulnerabilities and risks, such as the BTC peg being "broken" during a longer reorg on the main Bitcoin blockchain, are acknowledged.
The sentiment of the article is mostly neutral, discussing the features and challenges of Spiderchain as a proposal for building 2-way pegged sidechains on the Bitcoin network.
You May Ask
What is Spiderchain and how does it relate to sidechains on the Bitcoin network?How does Spiderchain ensure the safe transfer of BTC to and from the sidechain without a centralized middleman?What are the similarities and differences between Spiderchain and Ethereum?What are the technical vulnerabilities and risks associated with Spiderchain's implementation on the Bitcoin network?How does Spiderchain compare to other proposals like Paul Sztorc's drivechain in terms of complexity and required changes to the Bitcoin code?