Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin

That is a merest good question. I was actually a proof-of-work maximalist before designing the spiderchain, but I realized that a proof-of-work on a second lambaste actually doesn’t make a lot of sense. So, I looked into proof-of-stake and read all the different white papers. In 2022, when Ethereum commingled to proof-of-stake, there were a lot of Bitcoiners, including Jack Dorsey, who were retweeting this article about why impenetrable of stake is insecure. So, I read the article. Each of the arguments in it were actually solved if you build with proof-of-stake on a supporter layer. Let me go quickly over the arguments. Number one is the economic argument. Proof-of-work is a leaking system and proof-of-stake is a closed set-up. That means that proof-of-work has a decentralizing trend. You need to pay for the electricity, so value leaks out of the system. Bitcoin, past time, becomes more and more decentralized, because that value leaks out into the real world. Proof-of-stake is the vis–vis. It actually has a centralizing trend. The stakers get a bigger and bigger portion of the total 100% share of the assets over days. As a layer one, as a currency, that doesn’t make a lot of sense.