Bitcoin's Potential Requires Integration with Ethereum Virtual Machine (EVM)
According to Willem Schroé, the founder of cross-chain infrastructure firm Botanix Labs, Bitcoin needs to bridge to the Ethereum Virtual Machine (EVM) in order to achieve mainstream adoption. The EVM serves as the application layer for the global financial system and connecting Bitcoin to it would allow for real-world use cases and increased utility. Schroé believes that Bitcoin is the most technologically secure and decentralized protocol, but it needs to connect with the broader financial system, including security and commodity markets.
Connecting Bitcoin and Ethereum through the EVM
Schroé's Botanix Labs aims to connect the Bitcoin and Ethereum ecosystems through its "Spiderchain." This proof-of-stake layer 2 implements EVM to EVM bridges, enabling Bitcoin to interact with the EVM. The design of Spiderchain does not require Bitcoin to be forked and ensures the security of staked assets through a decentralized multisignature mechanism. Schroé argues that current solutions involving wrapped Bitcoin on Ethereum and other EVM-compatible chains are problematic and vulnerable to censorship and regulatory scrutiny.
Alternative Proposal: Drivechains
Another proposal to bring Ethereum functionality to Bitcoin is being discussed by Bitcoin developers. Known as "drivechains" or Bitcoin Improvement Proposal-300 (BIP-300), this solution would allow for the building of "sidechains" on the Bitcoin network. Unlike Spiderchain, BIP-300 would require a soft fork of Bitcoin and would be activated by miners. Supporters of BIP-300 believe it would offer new privacy and scaling use cases to Bitcoin.
Debate Over Expanding Bitcoin's Ecosystem
However, not everyone is in favor of expanding Bitcoin's ecosystem beyond its current use cases. Some, like Cory Klippsten, CEO of BTC-only exchange Swan Bitcoin, argue that introducing other assets to Bitcoin could attract scammers. Saifedean Ammous, author of The Bitcoin Standard, opposes the idea of issuing altcoins on Bitcoin, stating that "good money" is the only token needed. Despite this, Schroé believes that integrating Bitcoin and Ethereum could lead to a new generation of decentralized and secure applications.
"EVM is the winning virtual machine, and Bitcoin is the best money," Schroé concluded.
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