Botanix Lab: Is launching the final testnet for Spiderchain, with the mainnet going live in Q1 next year

ChainCatcher news, according to The Block, Botanix Labs announced the launch of a new testnet for its Bitcoin Layer2 network "Spiderchain." The release, named "Aragog Testnet," replaces the company's previously unnamed test network and is accompanied by several "pre-mainnet" applications, including updates for the Bitcoin-backed stablecoin Palladium and the decentralized exchange Blitzy.

The team stated that Aragog will be the "final step" before the network launches its mainnet in the first quarter of 2025. In addition to receiving an official name, Aragog will introduce a series of technological innovations. This includes an early experiment using Schnorr threshold signatures, a cryptographic technique that "unites" multiple key holders into a single multi-signature address, thereby saving bandwidth and reducing the probability of errors. Furthermore, while "Testnet v0" was run by Botanix Labs using a single node, Aragog will have nodes distributed globally.