Botanix Labs Launches First EVM-Equivalent Layer 2 Testnet on Bitcoin
According to a press release sent to Bitcoin Magazine, Botanix Labs has officially launched the Layer 2 equivalent of Bitcoin’s first fully decentralized Ethereum Virtual Machine (EVM). This represents over a year of dedicated research and development by a team focused on improving the user experience.
“We want to make it as easy as possible to get started building on Bitcoin,” said Willem Schroe, founder and CEO of Botanix. This plan stems from the team’s ambition to position Bitcoin beyond the pinnacle of digital currency and into the cornerstone of a new decentralized finance ecosystem.
At the core of this initiative is Spiderchain, a decentralized multisig network that allows anyone to run a full Botanix node and participate in the network. Introducing forward secrecy, a concept derived from cryptosystems, Spiderchain facilitates low-cost, rapid transactions for Bitcoin distribution.
An innovative aspect of Botanix Spiderchain is its seamless compatibility with Ethereum’s EVM smart contracts. This compatibility allows developers to easily clone and deploy any EVM smart contract to the Botanix testnet using Bitcoin.
Jameson Lopp, co-founder and CTO of Casa, analyzed Spiderchain’s whitepaper, highlighting its implementation on Bitcoin without the need for protocol changes at the base layer. “A variety of proposals are being discussed to improve Bitcoin’s layer 2 functionality, but one difference with SpiderChain is that it can be implemented in Bitcoin today without any protocol changes to the base layer,” he said.
Botanix Labs is now moving forward to foster the first Bitcoin-backed DeFi and NFT ecosystem. The testnet includes the Signet Bitcoin faucet, bridge, and PancakeSwap-like AvocadoSwap to facilitate token exchanges.
In addition, Botanix is launching the ‘Botanix Testnet Accelerator’, inviting 10 startups for enhanced BD support, joint marketing, and development resources ahead of the mainnet launch scheduled for early next year. Selection criteria include product development, trading activity and business potential.
The Botanix testnet is available as a pre-release and is available for user feedback.
Disclaimer: UTXO Management is an investor in Botanix. BTC Inc., the parent company of UTXO, is also the parent company of Bitcoin Magazine.
