Bridging Bitcoin with Ethereum Critical for Mass Adoption, Says Web3 Executive
Summary:
Web3 executive and founder of Botanix Labs, Willem Schroé, suggests that Bitcoin needs to integrate with the Ethereum Virtual Machine (EVM) to achieve mass adoption. He believes merging Bitcoin and Ethereum could create new applications built on principles of decentralization and security. However, some in the crypto community, such as the CEO of Swan Bitcoin, caution that this could open the door for scammers.
The mass adoption of Bitcoin (BTC) is unlikely until it integrates with the Ethereum Virtual Machine (EVM), the first gateway for many physical assets transitioning into the blockchain, as suggested by a Web3 expert. In a conversation with Cointelegraph, Willem Schroé, founder of cross-chain framework company Botanix Labs, asserted that Bitcoin should begin interfacing with the EVM ecosystem to develop viable real-world applications, enhancing its usability and acceptance.
Schroé stated that Bitcoin is the most technologically resilient and completely decentralized network while the EVM has established itself as the application layer for the international financial system. Utilizing Ethereum as a second layer solution on the Botanix Protocol, Schroé has managed to merge Ethereum into Bitcoin Network's robust framework; thereby leveraging the security provided by its Proof-of-Work mechanism and the ease of Ethereum's development.
Schroé believed Bitcoin's underlying potential cannot be tapped unless it can interface with larger financial infrastructures, such as securities and commodity markets. Integrating Bitcoin with Ethereum-oriented tangible assets, stable coins, decentralized finance, and non-fungible tokens via the EVM could be a significant step in this pathway. His company, Botanix Labs, aims to bridge the Bitcoin and Ethereum ecosystems employing "Spiderchain"- a proof-of-stake layer 2 that incorporates EVM to EVM bridges allowing Bitcoin to interact with the EVM. However, multi-chain environments with cross-chain bridges present a fair share of challenges, including potential issues with security and centrality.
The assets staked are protected by a decentralized multisignature mechanism that doesn't necessitate a Bitcoin fork. Schroé also expressed concerns about the existing solutions involving 'wrapped' Bitcoin on Ethereum and other EVM-compatible chains, arguing they are vulnerable to regulation and censorship particularly since they are handled by BitGo, a centralized firm based in the US.
Parallel propositions aim to introduce Ethereum functionability to Bitcoin via "drivechains," otherwise known as Bitcoin Improvement Proposal-300, which is under discussion among Bitcoin developers once again. If approved, it will facilitate the formation of "sidechains" on the network. On the contrary, BIP-300 would require Bitcoin to soft fork and would be activated by miners.
Still, not everyone backs the extension of Bitcoin's ecosystem beyond its current implementation. Cory Klippsten, CEO of Bitcoin only exchange Swan Bitcoin, opines that drivechains and solutions importing other assets to Bitcoin could potentially attract scammers.
Nevertheless, Schroé believes that the amalgamation of Bitcoin and Ethereum could potentially spawn a novel array of applications underpinned by decentralization and security. He emphasized, "EVM is the winning virtual machine, and Bitcoin is the best money".
Published At
10/10/2023 11:13:00 PM
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