Benzinga - In a recent development, Spiderchain is working towards incorporating Ethereum (CRYPTO: ETH) functionalities into Bitcoin (CRYPTO: BTC). This innovative project seeks to unlock the programming potential of the Bitcoin network.
The project was introduced by Jameson Lopp, co-founder and CTO of mobile self-custody firm Casa, on Monday. Lopp presented Spiderchain as an alternative proposal for building 2-way pegged sidechains, according to Decrypt.
Sidechains are separate blockchains linked to the main Bitcoin network, leveraging its security guarantees and native currency, BTC. The challenge with sidechains is the creation of a 2-way peg allowing safe BTC transfer to the sidechain and back without a central intermediary.
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Spiderchain, developed by Botanix Labs, aims to overcome this challenge. It functions as a Proof of Stake Layer 2 on Bitcoin, allowing Bitcoin staking in decentralized multisigs. Willem Schroé, founder of Botanix Labs, stated, “You stake Bitcoin on Bitcoin in decentralized multisigs.”
The Spiderchain resembles Ethereum in several ways, including its compatibility with the Ethereum Virtual Machine (EVM), use of a proof of stake consensus mechanism, and 12-second block times. The EVM is fully equivalent, facilitating the easy transfer of existing Ethereum dapps onto the network.
Despite its similarities with Ethereum, Schroé emphasized that a malicious majority of orchestrators could not conspire to steal users’ BTC on Spiderchain. The design, he added, requires no soft fork or upgrade to the existing Bitcoin core.
The Spiderchain project distinguishes itself from Paul Sztorc's drivechain proposal, which necessitates changes to the Bitcoin code that users and miners are currently running. When asked about Spiderchains, Sztorc labeled them as “very complex” compared to his proposal.
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