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 a lot of attention surrounding other layer solutions like BitVM and rollups, the Botanix team has been laying the groundwork for a distributed network capable of supporting 10,000 nodes, leveraging a unique combination of multi-signature and proof-of-stake (PoS). . mechanisms.
Design Overview
Schroé describes Spiderchains as a decentralized multi-sig 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 frozen 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 an execution environment and protects it through a novel PoS mechanism, improving the security and decentralization of the network. The design aims to address issues commonly associated with other Layer 2 solutions, particularly those on ethereum, which often suffer from centralization and security vulnerabilities. Spiderchain's architecture prioritizes decentralization and security through its unique integration of multi-sig and PoS mechanisms.
Combining proof of stake and proof of work
Creating a PoS consensus layer on top of bitcoin's proof-of-work (PoW) system solves many problems inherent to pure PoS systems. Willem, once a “proof-of-work maximalist,” explained the benefits of this hybrid approach. The combination of PoS and PoW also solves security issues related to randomization and finality. This integration allows Spiderchain to inherit the purpose of bitcoin, further strengthening its security model.
By using the bitcoin block hash for randomization, Spiderchain ensures a secure and reliable method of selecting validators, thereby improving the overall stability and security of the network. Schroé noted that this unique approach solves many of the centralization and security issues that typically plague pure PoS systems.
Security and advanced security
One of the most notable features of Spiderchain is its advanced security, a concept borrowed from encryption. Forward security means that even if a key is compromised, it cannot be used to decrypt previous transactions, improving 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 frequently 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 the roadmaps of different rollups, at some point for upgradeability, you're going to 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, an attacker still knows exactly that he will be able to steal the funds. With advanced security, that is a big unknown.”
This approach not only protects past transactions but also reinforces confidence in the network's resilience against potential attacks.
Capital cutting and efficiency
Spiderchain also implements reduction rules to penalize malicious bettors, further securing the network. This robust mechanism ensures that any malicious actions are addressed quickly and effectively. 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 distributes risk across multiple multi-signatures. “We no longer have that honeypot, suddenly we have decentralized ownership. There is no party that can own all this,” Schroé emphasized. This design also allows for greater participation and security, making it a significant improvement over existing models.
Progress and Vision
Willem acknowledged the complexity of building on bitcoin, even with recent advances. 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. It's not easy to really build to get from that white paper to a working product. And that's why we've been head down, we've been building,” he explained.
Looking ahead, Willem shared the exciting news that Spiderchain's federated sidechain is expected to go live soon. “We've deployed larger Frost Multisigs, we've built the initial federation. We'll start with a federated sidechain and basically build from there.” he announced he.
Botanix's Spiderchain has been active on the testnet since November and has already processed over a million transactions.
