Bitcoin has been making headlines recently due to the growing momentum for the proposed upgrade known as OP_CAT or BIP-420. This upgrade was originally introduced by Bitcoin’s creator, Satoshi Nakamoto, in 2009, but was removed without explanation. However, proponents like Udi Wertheimer and Eric Wall believe that reintroducing OP_CAT could enable a wide range of new features and applications for Bitcoin, such as trustless BTC bridging and privacy solutions.
StarkWare, a company known for scaling Ethereum, is now focusing on scaling Bitcoin using STARK proofs. By advocating for the adoption of covenants via CAT, StarkWare believes that it can help Bitcoin achieve greater scalability while maintaining a self-custodial nature and resistance to censorship. The company is even offering $1 million to fund research towards this goal and publicly championing the CAT upgrade.
The process of passing a soft fork, such as the one needed to activate the CAT upgrade, is complex and involves input from various stakeholders in the Bitcoin community. Developers like Tyler Whittle are working to demystify this process and bring a more practical builder mentality to Bitcoin development. While some, like Alexei Zamyatin, are cautious about implementing CAT due to the scale and stakes involved, others like Jesse Eisenberg see the upgrade as a potential game-changer for Bitcoin, likening it to a Swiss-army knife for the cryptocurrency.
Overall, the growing support for the CAT upgrade reflects a shift towards practical innovation and collaboration within the Bitcoin community. With stakeholders from different sectors, such as miners, core developers, and Lightning Network supporters, all rallying behind the upgrade, it seems increasingly likely that CAT will be activated this year. As more developers experiment with CAT on testnet and showcase its functionality, the risks and benefits of the upgrade will become clearer, paving the way for a more scalable and versatile Bitcoin ecosystem.
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