Spiderchain
Basics
History
Audits & Exploits
- Bug bounty program can be found [insert here].
Bugs/Exploits
Governance
Admin Keys
"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."
DAO
Notable Governance Votes
Treasury
Token
Launch
Token Allocation
Inflation
Utility
Burns
Other Details
Coin Distribution
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
How it works
"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."
Fees
Upgrades
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
Their Other Projects
Roadmap
- Can be found [Insert link here].
Revenue
Usage
Projects that use or built on it
Competition
Pros and Cons
Pros
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
Funding
Partners
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