PANews December 4 news, according to The Block, Botanix Labs announced the launch of a new testnet for its Bitcoin Layer2 network 'Spiderchain'. The newly released testnet, named 'Aragog Testnet', replaces the company's previously unnamed test network and is launched alongside several 'pre-mainnet' applications, including the Bitcoin-backed stablecoin Palladium and an updated version of 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 a formal name, Aragog will introduce a series of technological innovations. This includes an early experiment using Schnorr threshold signatures, a cryptographic technique that 'joins' multiple key holders into a single multi-signature address, thereby saving bandwidth and reducing the probability of errors. Furthermore, while 'Testnet v0' was operated by Botanix Labs using a single node, Aragog will have nodes distributed globally.
