Have you already heard about SPIDERCHAINS?
This is how the spider networks of #Bitcoin will look like 🕷️🕸️ 🔻
I've already said that Bitcoin is and will be the protocol that governs them all, both in terms of market value and technology🔧🔐📈
At recognizing this, more initiatives will seek to build on Bitcoin because its capabilities are unparalleled. Bitcoin is unique.
Yesterday I came across a new proposal called "Spiderchain" or spider network, which, rather than a sidechain, is defined as a bridge between Bitcoin and any other network compatible with the Ethereum Virtual Machine (EVM) ⚙️💻
Spiderchain is being developed by @BotanixLabs, and although it is still a concept and a private testnet, it is said to have several advantages:
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It does not need to modify Bitcoin to function (soft fork).
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It does not require Ethereum DApps or other EVM-compatible networks to be modified to make them compatible with Bitcoin.
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It has a mechanism similar to Proof of Stake (PoS), so it does not require Bitcoin miners or use mechanisms like merged mining or others.
However, it does not function like traditional PoS. In addition to having to deposit a certain amount of BTC as collateral to ensure you won't attack the network as a staker, the staking funds are randomly distributed among participants through a multisig, avoiding the centralization of this federation and reducing the risks of attack, as I understand it.
It's a new technology, and I still find it very complex to fully understand, but the biggest lesson I take away is that, regardless of your opinion on this development, it's unavoidable. It's going to happen.
That being said, I applaud @BotanixLabs' approach in respecting the ethical and technical foundations of #Bitcoin to build their own vision of the potential this technology could achieve.
I quote this from Botanix's website:
"Bitcoin's fair distribution, decentralization, and unparalleled security meet Ethereum's diverse applications, igniting a new frontier"
It seems like a similar approach to the one of Rootstock, which has been tested for much longer and is also EVM-compatible.
But again, we cannot ignore Spacechains.
In the end, my personal prediction comes true: Bitcoin is not only and will be the best reserve asset from a monetary perspective, but also an interplanetary network of currencies that will coexist within it. 🌌🪐
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THANK YOU STACKERZ.