New Era

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Satoshi Nakamoto

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<p>At the heart of discussions on Bitcoin covenants, OP_CAT offers its solution via BIP-420, generating excitement among supporters. According to Udi Wertheimer, co-founder of Taproot Wizards, this proposal promises significant advancements, including smart contracts and secure trades. However, BIP-420 is still a project and not yet an official Bitcoin Improvement Proposal (BIP).</p>
<h2 id="h-heated-debate-over-bip-420-towards-an-evolution-of-bitcoin">Heated Debate Over BIP-420: Towards an Evolution of Bitcoin?</h2>
<p>At the core of debates on Bitcoin covenants, OP_CAT presents <a href="https://www.theblock.co/post/290429/bip-420-op-cat-covenants-bitcoin" target="_blank" rel="noopener noreferrer nofollow">its proposition with BIP-420</a>, sparking enthusiasm among advocates. According to Udi Wertheimer, an ardent defender of OP_CAT and co-founder of Taproot Wizards, BIP-420 could lead to major breakthroughs such as smart contracts, secure exchanges, and zero-knowledge proof verification.</p>
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     <p lang="en" dir="ltr">“BIP-420” has formally introduced the OP_CAT proposal for covenants on Bitcoin. OP_CAT would enable the development of features such as smart contracts, secure bridges and on-chain trading. The proposal is currently only at the draft stage. TheBlock <a href="https://t.co/KS6YIQUE2Q" rel="noopener noreferrer nofollow">https://t.co/KS6YIQUE2Q</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1782795900374700294?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 23, 2024</a>
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<p>However, it is essential to clarify that BIP-420 is still a draft and does not constitute an official Bitcoin Improvement Proposal. It rather represents a sketch of what OP_CAT could offer.</p>
<p>Bitcoin covenants, in general, pave the way for advanced scripting functionalities, allowing specific conditions to be set for future transactions. They open the door to a myriad of use cases, including securing transactions, automated recurring payments, and even the creation of complex financial instruments like escrow deposits and bonds.</p> 
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<h2 id="h-the-reintroduction-of-op-cat-a-new-era-for-bitcoin">The Reintroduction of OP_CAT: A New Era for Bitcoin?</h2>
<p>In the Bitcoin backstage, a bold proposal looms: the reintroduction of OP_CAT, an opcode once deactivated by the enigmatic Satoshi Nakamoto in 2010. This time, it’s Ethan Heilman and Armin Sabouri who are spearheading this initiative.</p>
<p>But what exactly is an opcode? It’s a fundamental command used in Bitcoin’s scripting language, essential for performing various operations within the protocol.</p>
<p>Their proposal, a backward-compatible soft fork, aims to breathe new life into OP_CAT by reusing the same original opcode value, OP_SUCCESS126. This decision seeks to avoid any confusion while reintroducing this powerful feature into the protocol.</p>
<p>According to the authors, OP_CAT could revolutionize Bitcoin by making decentralized protocols more convenient and by supporting advanced multi-signature configurations. In other words, it could pave the way for more sophisticated applications to be directly integrated into the Bitcoin blockchain.</p>
<p>However, the road to an OP_CAT soft fork is fraught with obstacles, including technical considerations, security concerns, and community consensus. Without a strong consensus and a convincing demonstration of its utility, the implementation of OP_CAT remains uncertain.</p>

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