Bitcoin requires Ethereum’s virtual machine to achieve its maximum capabilities, according to a Web3 executive.

Widespread Bitcoin (BTC) adoption is unlikely to occur until it connects with the Ethereum Virtual Machine (EVM), which serves as the initial gateway for numerous real-world assets transitioning on-chain, according to a Web3 executive.

In an interview with Cointelegraph, Willem Schroé, the founder of cross-chain infrastructure company Botanix Labs, asserted that Bitcoin “must begin engaging with the EVM environment” to develop practical use cases that enhance its adoption and functionality.

“Bitcoin is the most technologically secure and genuinely decentralized protocol [and] the EVM has established itself as the application layer for the global financial system,” Schroé stated.

Our Botanix Protocol positions Ethereum as a Layer-2 solution on top of #Bitcoin.
We've integrated Ethereum onto the secure foundation of the Bitcoin Network to leverage the security of its Proof-of-Work mechanism.
Additionally, benefit from the developmental simplicity of Ethereum.

— Botanix Labs (@BotanixLabs) September 25, 2023

Although Bitcoin is primarily utilized as a peer-to-peer payment method or a store of value, Schroé indicated that its full potential will remain unrealized unless the cryptocurrency can link to the broader financial ecosystem, including security and commodity markets.

Linking Bitcoin to Ethereum-based real-world assets, stablecoins, decentralized finance, and non-fungible tokens through the EVM is the initial step toward that goal, Schroé contended.

“That’s a vast amount of value and development waiting to unfold.”

Schroé’s Botanix Labs aims to connect the Bitcoin and Ethereum ecosystems via its “Spiderchain”—a proof-of-stake layer 2 that implements EVM to EVM bridges, allowing Bitcoin to interact with the EVM.

Bitcoin and Ethereum may appear to be opposites, yet they can coexist and enhance one another.
However, this does pose certain challenges.
Multi-chain ecosystems with cross-chain bridges can encounter security and centralization risks, which may impede collaborative potential.

— Botanix Labs (@BotanixLabs) October 2, 2023

Staked assets are safeguarded by a decentralized multisignature mechanism, and its architecture does not necessitate forking Bitcoin.

Schroé believes that the existing solutions involving wrapped Bitcoin on Ethereum and other EVM-compatible chains are flawed and claims they are vulnerable to censorship and regulatory scrutiny, as they are managed by the centralized U.S.-based firm BitGo.

A comparable initiative to introduce Ethereum functionality to Bitcoin is also being discussed through “drivechains,” also referred to as Bitcoin Improvement Proposal-300, which Bitcoin developers are revisiting. If adopted, it would enable the creation of “sidechains” on the network.

On Oct. 9, Bitcoin developer Robin Linus published a white paper titled “BitVM: Compute Anything on Bitcoin,” which outlines how Ethereum-like optimistic rollup smart contracts could be implemented on the Bitcoin network.

Related: El Salvador’s Bitcoiners teach 12-year-olds how to send sats

In contrast to the Spiderchain, BIP-300 would necessitate a soft fork of Bitcoin and would be activated by miners—similar to the Taproot soft fork in November 2021 that facilitated the emergence of NFT-emulating Ordinals and BRC-20 tokens.

The creator of the BIP, Paul Sztorc, asserts that proponents of BIP-300 believe it will provide new privacy and scaling use cases for Bitcoin, among other advantages.

So far at @tabconf:
* Many pro Bip300 — popular use cases are Privacy, Scaling, and experimentation (get new OP codes now)
* A frequently asked question is: when is my debate with Peter Todd (Friday at 2 PM)
* Many expressed dissatisfaction with off-base Twitter dialogue and misleading propaganda
*…

— Paul Sztorc (@Truthcoin) September 7, 2023

Nonetheless, not everyone supports the notion of expanding Bitcoin’s ecosystem beyond its existing applications.

Cory Klippsten, the CEO of BTC-only exchange Swan Bitcoin, believes that drivechains and solutions that introduce other assets to Bitcoin will lead to an influx of scammers.

Saifedean Ammous, the author of The Bitcoin Standard, opposes the concept of issuing altcoins on Bitcoin, suggesting that “good money” is the only token required.

People only consider tokens a good idea because we live in a world of flawed money. A good money is the only token anyone ever needs. Bitcoin is going to detokenize the world. https://t.co/q8Nhc7XcOX

— Saifedean Ammous (@saifedean) August 28, 2023

However, Schroé expressed his belief that uniting Bitcoin and Ethereum could yield a new range of applications “with decentralization and security as foundational principles.”

“EVM is the superior virtual machine, and Bitcoin is the optimal currency,” he stated.

Magazine: Ethereum is eating the world — ‘You only need one internet’