Tuesday, June 18, 2024
HomeFinanceProof-Of-Stake On Bitcoin? Discussing Botanix’s Spiderchains

Proof-Of-Stake On Bitcoin? Discussing Botanix’s Spiderchains

In a recent interview with Bitcoin Magazine, Shinobi sat down with Willem Schroé of Botanix Labs to discuss the progress and vision behind Spiderchains, an innovative scaling solution that will soon be released to the public. Despite the wave of interest surrounding other layered solutions like BitVM and blockchains, the Botanix team has been laying the groundwork for a distributed network capable of supporting 10,000 nodes, leveraging a unique combination of multi-sig and proof-of-stake (PoS). ). mechanisms.

Design Overview

Shroy describes Spiderchains as a decentralized multi-signature network, similar in concept to the Lightning Network but using a different architecture. “If you start with this multisignature idea, but then think bigger… you will generate a multisignature, a larger multisignature, and then a multisignature of 100 random members.”

This decentralized network of multisigs forms the backbone of Spiderchain, guaranteeing the security of assets deposited on the platform. Spiderchain uses the Ethereum Virtual Machine (EVM) as its execution environment and secures it with a new PoS mechanism, improving network security and decentralization. The design aims to address issues typically associated with other Layer 2 solutions, especially those related to Ethereum, which often suffer from centralization and security vulnerabilities. The Spiderchain architecture prioritizes decentralization and security through its unique integration of multi-signature and PoS mechanisms.

Combining proof of stake and proof of work

Creating a Proof-of-Stake (PoS) consensus layer on top of Bitcoin’s Proof-of-Work (PoW) system solves many of the problems inherent to pure Proof-of-Stake (PoS) systems. Once a “maximum action test,” Willem explained the benefits of this hybrid approach. The combination of Proof of Stake (PoS) and Proof of Work (PoW) also solves security issues related to randomness and finality. This integration allows Spiderchain to eventually inherit Bitcoin, strengthening its security model.

By using Bitcoin block hashes for random distribution, Spiderchain ensures a safe and reliable way to elect validators, thereby improving the overall stability and security of the network. Shroy noted that this unique approach solves many of the centralization and security issues that typically plague pure proof-of-stake (PoS) systems.

Safety and security forward

A notable feature of Spiderchain is direct security, a concept borrowed from cryptography. Forward security means that even if the key is compromised, it cannot be used to decrypt previous transactions, strengthening the overall security framework of the network. This feature ensures that historical transaction data remains secure even if future keys are exposed. The protocol achieves this by repeatedly rotating keys and using unique keys for each transaction, preventing any single point of failure from compromising the security of the entire chain.

“When you think about roadmaps for different groups, at some point, in order to update, you will have to introduce a delay. But even with a time delay, let’s say you have a two-week delay or a 30-day delay, after those 30 days, no. The attacker still knows very well that he will be able to steal money. With advanced security, this is a big unknown.

This approach not only protects past transactions, but also improves confidence in the network’s resilience against potential attacks.

Parts and capital efficiency

Spiderchain also implements strict rules to punish malicious participants, further securing the network. This powerful mechanism ensures that any malicious actions are resolved quickly and efficiently. Additionally, the design provides capital efficiency and decentralized ownership. Unlike other layer 2 solutions that rely on a single smart contract with a large amount of funds, Spiderchain spreads risk across many multi-signatures. “You no longer have this pull trap and suddenly you have the desire for decentralized ownership,” Shroy emphasized. “There is no single party that can take ownership of this whole issue.” This design also allows for greater sharing and security, making it a significant improvement over current models.

Progress and vision

Willem acknowledged how complex it is to build on Bitcoin, even with recent events. He highlighted Botanix Labs’ dedication to the project and its focus on moving from technical concepts to a fully functional product. “There’s a lot to build,” he explained. “It’s not easy to really build to go from that technical document to a functional product. So we were down, building.”

Looking ahead, Willem shared the exciting news that the unified Spiderchain sidenet is expected to launch soon. “We have implemented larger Frost Multisigs and created the initial federation. We’ll start with a federated sidechain and build from there.” Announce.

Botanix’s Spiderchain has been deployed on the testnet since November and has already processed over 1 million transactions.

The post Proof of Stake in Bitcoin? The discussion on Botanix Spiderchains first appeared on Investorempires.com.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments