Spiderchain

EVM PoS Bitcoin sidechain

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

Admin Keys

• From Decrypt (19-9-2023):

"Schroé also admitted that in the network’s early stages, Spiderchain will be centralized until more users can come in to stake their BTC. “We need to start off centralized in the sense that initially we will have to make the staking permissioned,” he said."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Consensus mechanism:
• Algorithm:
• Virtual Machine: EVM
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From Decrypt (19-9-2023):

"The Spiderchain works as a Proof of Stake Layer 2 on Bitcoin. You stake Bitcoin on Bitcoin in decentralized multisigs. Entities that manage decentralized multisigs are called “orchestrators,” who run both a Bitcoin node and a Spiderchain node. With every request to move BTC to the Spiderchain, a new multisig is created that’s controlled by a random subset of 100 participants within the staker set.

In many ways, the Spiderchain operates much like Ethereum: it is Ethereum Virtual Machine-compatible, has 12-second block times, and uses a proof of stake consensus mechanism to secure the network, whereby orchestrator nodes must stake BTC to participate. The design is possible on the current Bitcoin core, so no soft fork or upgrade is needed."

Roadmap

• Can be found [Insert link here].

Pros and Cons

Cons

• Will start out permissioned (19-9-2023).
• Critic Jameson Lopp cited (9-2023) the nearly decade-old Rootstock proposal, and pointed out some technical vulnerabilities with Spiderchain. Among them is the risk that its BTC peg is “broken” if the main Bitcoin blockchain experiences a reorg of longer than five blocks, due to the system by which Spiderchain orchestrators are determined. “It would be unlikely to be catastrophic due to how the funds are dispersed across many multi-sig wallets,” he noted.

Team, Funding and Partners

Team

• Full team can be found [here].
• Developed by Botanix Labs
• Willem Schroé; founder of Botanix

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