- The penultimate phase before the mainnet debuts early next year is the launch of a new testnet named Aragog, according to a statement released by the team behind the “Spiderchain” scaling solution.
In a statement released on Wednesday, Botanix Labs announced the launch of a new testnet for their “Spiderchain” Bitcoin Layer 2.
A number of “pre-mainnet” applications, such as new versions of the decentralized exchange Blitzy and the bitcoin-backed stablecoin Palladium, are released alongside the launch of the so-called Aragog testnet, which replaces the company’s prior, unidentified testing network.
The crypto industry uses testnets, which give developers a place to test out new blockchains and dapps. Before launching a fully functional, production-ready system, they play a crucial role in assisting developers in identifying errors and other potential hazards. It can be difficult to update decentralized protocols, which frequently involve numerous stakeholders.
Specifically, Botanix is trying a new approach to get “bitcoin back onchain.” Spiderchain is named after the sequence of decentralized, randomized multi-sigs it employs to protect money from the Bitcoin base layer atop a scalable software layer that looks like a spider web.
The company contends that Spiderchain’s custom proof-of-stake method is entirely native to Bitcoin, in contrast to other Bitcoin Layer 2s that eventually depend on networks like Ethereum, Internet Computer, Cosmos, or Polygon.
In order for Bitcoin to reach its full potential and evolve from digital gold to a fully recognized global currency, all participants in the Bitcoin economy should endeavor to maintain the demand for onchain applications.
Spiderchain may be used to set up pre-existing Ethereum-based apps and smart contracts using Bitcoin “in minutes”.
According to reports, the previous testnet generated 20,000 token contracts, 400,000 unique addresses, and about two million transactions.
According to the developers, Aragog will be the “last step” before the network’s mainnet launches in Q1 2025.
Aragog will not only receive a formal name but also launch several technology advancements that the Botanix team has been preparing to implement. A form of encryption known as “state of the art… flexible round-optimized Schnorr threshold” signatures, which “federates” several key holders into a single multisig address to conserve bandwidth and lower the likelihood of errors, is one example of this.
Furthermore, Aragog will disperse nodes all over the world, whereas Botanix Labs operated “testnet v0” with a single node.
Spiderchain’s distinct decentralized multisig methodology provides a Layer 2 solution that is native to Bitcoin. Spiderchain provides the safe and independent smart contract framework necessary to enable our stablecoin and advance Bitcoin DeFi, in contrast to the majority of centralized Bitcoin L2s.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
