Bitcoin
OP_CAT Proposal to Bring Smart Contracts to Bitcoin Finally Gets a ‘BIP Number’
A serious attempt to bring Ethereum-like smart contract functionality to Bitcoin called OP_CAT has finally received a “BIP number:” 347. This is the first step towards actually releasing the long-proposed software update.
“Getting a BIP number doesn’t signal any kind of consensus on the part of the community,” said Ethan Heilman, one of the proposal’s co-authors alongside Armin Sabouri, in an interview. the proposal easier because the proposal now has a unique numeric identifier that everyone agrees on.”
In other words, getting BIP 347 assigned means that discussion on the controversial proposal can finally begin in earnest.
On one side are those who want to reserve the Bitcoin network simply for monetary transactions; on the other are those who want to build new things on the chain, of which OP_CAT proponents are just a slice.
OP_CAT has a long history in Bitcoin circles. Initially included as one of the first op_codes (essentially programming shortcuts built into Bitcoin), Satoshi Nakamoto himself removed the functionality in 2010 after concerns were raised about excessive memory usage and the possibility of introducing vulnerabilities.
But in recent years, especially after the launch of the Ordinals protocol, which reinvigorated developers’ desire to build on-chain, proponents have returned to OP_CAT as a possible way to increase the amount of things that can be built using Bitcoin. Other proposals include things like CTV from Bitcoin developer Jeremy Rubin and feature-rich scaling solutions like Stacks and Ark.
Heilman and Sabouri began studying the reintroduction of OP_CAT in 2022 and proposed releasing it a year later on the Bitcoin mailing list via a backwards-compatible soft fork. The idea would be to redefine and expand an existing code called “OP_SUCCESS126,” without having to fork the chain.
If the proposal is approved, OP_CAT agreements could allow the creation of more sophisticated applications and multi-signature configurations on Bitcoin. It works by introducing “covenants,” or rules that can be established to determine how a specific transaction will work, to Bitcoin.
“Bitcoin allows users to set rules about who and how their bitcoins can be spent. All CAT does is join two values together. So if you have ‘abc’ and ‘def,’ CAT will join those two values together to form ‘abcdef,’” Heilman said, adding that such a basic maneuver is not possible today. “CAT is just an abbreviation for conCATenate.”
“Once the community is confident that the software works as designed, we will mount a PR on Bitcoin Core. This is where the real fun begins, because the question changes from ‘is the software correct?’ to ‘does the Bitcoin community want OP_CAT?’” Heilman said. “This can be a quick process or it can take years.”
Among the biggest proponents of OP_CAT are the co-founders of the popular Ordinals project Taproot Wizards, Eric Wall and Udi Wertheimer, who created the Quantum Cats subscription project as a kind of Marketing campaign by the proposal of Heilman and Sabouri.
Although Quantum Cats is one of the most popular subscription projects to date, OP_CAT itself is far from universally accepted. There is some speculation, for example, that although Heilman and Sabouri submitted their BIP proposal several months ago, it was being blocked from approval by BIP’s sole editor and Bitcoin Core developer, Luke Dashjr, who is not alone. in their skepticism towards recent chain experimentation.
On Monday, the Bitcoin community named five additional BIP editors. According to GitHub, OP_CAT’s BIP number was assigned by a publisher known as “Roasbeef”.
Heilman said now that OP_CAT has a BIP number, it’s up to the community to determine whether to move forward.
“Speaking only for myself, at this point I intend to remove myself from the process and let the community debate whether OP_CAT is something they want or not,” he said. “I do not intend to enter into this debate unless necessary. clarify technical issues.”
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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