Bitcoin's security & decentralization are unmatched, but it lacked a vibrant app scene. Now, Bitcoin meta protocols are showing HUGE demand for native apps on Bitcoin. 

The challenge? Bitcoin wasn't built for complex apps.  Slow transactions & high fees could choke the network.

只要你不停下来，走得多慢并不重要

Here are the topics covered : 
1⃣ The lore of Bitcoin ecosystem 
2⃣ Challenges faced by Bitcoin as a network for dapps
3⃣ My thoughts on what it all means 
4⃣ Vision of Botanix labs 
5⃣ Trust system of Spiderchain 
6⃣ How does Spider chain works 
7⃣ Gas fees explained

1⃣The lore : 

- Bitcoin has been limited in functionality compared to other blockchains , Taproot Upgrade in 2021 improved efficiency and transaction speed for Bitcoin.

- Taproot Upgrade also enabled inscriptions, leading to the rise of Bitcoin metaprotocols which allow for more functionality on the Btc blockchain

This is what made Ordinals possible : 

- Ordinals were pioneers in using inscriptions to create functionalities similar to popular Ethereum token standards.

- Ordinals gained fame in early 2023 with Bitcoin NFTs ( The fooking puppets wink wink ) , even using a significant portion of Bitcoin blockspace.

2⃣WHAT ARE THE CHALLENGES ? 

Bitcoin wasn't built for complex apps.  Slow transactions & high fees could choke the network
This is where Botanix comes in.  It's a revolutionary Layer 2 solution for Bitcoin that's EVM-equivalent.

3⃣WHAT DOES THAT MEAN ? 

- Devs familiar with Ethereum's Solidity can easily build dApps for Bitcoin with minimal fuss. Users get a familiar EVM experience too, accessing dApps on Bitcoin with wallets like Metamask.

4⃣Okay Okay we get it , but WHAT IS THE VISION ? 

Imagine using Bitcoin for activities that were previously exclusive to Ethereum, like trading on decentralized exchanges (DEXs), borrowing and lending, or even buying NFTs , allowing you to leverage these exciting applications directly on the Bitcoin network.

5⃣But what about trust? 

Orchestrators are incentivized to behave honestly by putting up a stake of their own Bitcoin.  Any malicious activity results in a penalty, with a portion of their stake being slashed.

Lets take a brief Easy to digest look into how Spiderchain works and tech behind it

6⃣How it works:  
Bitcoin is secured in a decentralized network of multisig wallets, where each leg of the "spider" represents a participant.  New multisigs are created with random participants for every Bitcoin block.

Security: 
Even if an attacker gains control of some multisigs, the "forward security" design ensures Bitcoin remains safe in older wallets.

Benefits:
- Separates Bitcoin ("the asset") from Bitcoin ("the blockchain").
- Allows for a switch from Bitcoin's UTXO model to the account model used by the EVM.

This is where BotanixLabs comes in. It's a revolutionary Layer 2 solution for Bitcoin that's EVM-equivalent that is coming later this year and here is what you need to know !!