How ‘Spiderchain’ Plans to Build Ethereum on Bitcoin - Decrypt
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.