Solana

Bitcoin

Quantum

Terra

Billion

Debates on Bitcoin network upgrade heats up among developers as they believe the blockchain requires further updates for new use cases. Among upgrades mostly under debate is OP_CAT to enable “concatenation” on the <a href="https://coingape.com/glossary/blockchain" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> introducing new features for the community.
<h2 id="bitcoin-network-upgrade">Bitcoin Network Upgrade</h2>
Bitcoin blockchain’s reputation as a network that mainly supports digital gold may be changing, reported <a rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2024-06-01/bitcoin-debate-heats-up-over-software-revamp-to-add-new-features" target="_blank">Bloomberg</a> on June 1. Developers debate on required upgrades to the blockchain to add new features amid push for mainstream adoption.
The most discussed upgrade is called OP_CAT. If approved, it will add additional codes to the Bitcoin core and enable linking of two elements together, so-called ‘concatenation’. This will introduce added improvements from better coin custody to <a href="https://coingape.com/glossary/defi-decentralized-finance/" target="_blank" rel="noopener noreferrer nofollow">decentralized finance</a> (DeFi) apps that are specifically available on blockchains like Ethereum and Solana.
“You could actually do smart contracts very similar to what you’d see on other chains,” Udi Wertheimer, chief executive officer of OP_CAT supporter Taproot Wizards, said in an interview. “Bitcoin could be a lot more than it is,” he adds. “It’s time to talk about an actual technical upgrade.”
The upgrade would require community and core developers’ approval as Bitcoin network update is a big development. Bitcoin network has not added new functionality since 2021.
Bitcoin developers believe the network should have fewer changes as it will be more likely to remain stable and secure then. Some believe OP_CAT challenges that notion, with developers and experts debating whether to start signing onto the idea.
OP_CAT was recently launched on Signet testnet in October by Ethan Heilman and Armin Sabouri. It is assigned a BIP-420 number, indicating that it’s under deep consideration for an upgrade. Crypto executives and experts including Solana Labs co-founder Anatoly Yakovenko have added “BIP-420” to their names on X.
Taproot Wizards in February launched Quantum Cats Ordinals collection, promoting OP_CAT. In April, it published a white paper, outlining a framework for building apps using OP_CAT.
Also Read: <a title="Breaking: Binance Burns 1.35 Billion Terra Luna Classic, Crypto Exchange’s Net Burn Hits 60 Bln" href="https://coingape.com/breaking-binance-burns-1-35-billion-terra-luna-classic-total-burn-hits-60-billion/" rel="noopener noreferrer nofollow">Binance Burns 1.35 Billion Terra Luna Classic, Crypto Exchange’s Net Burn Hits 60 Bln</a>
<h2 id="some-other-features-of-op_cat">Some Other Features of OP_CAT</h2>
Henry Elder, a principal at UTXO Management, claims the upgrade has the potential to add use cases of every chain to Bitcoin.
OP_CAT could enable non-equivocation contracts&nbsp;that penalize someone trying to spend the same coin twice. Also, the upgrade can provide a wallet owner with the advantage of reversing hacked transactions in a short period of time.
<a href="https://coingape.com/adam-back-calls-bitcoin-super-cheap-at-current-levels/" target="_blank" rel="noopener noreferrer nofollow">Adam Back</a>, chief executive officer of Blockstream, said the OP_CAT upgrade boosts Bitcoin custody benefits from some extra programmability. The additional programmability enables more Layer 2 capabilities such as better bridges for more easy and secure transactions.
OP_CAT upgrade could get consensus to proceed with Bitcoin network upgrade in four months or maybe years. The timeline for the upgrade remains unclear.
Also Read: <a href="https://coingape.com/president-biden-sec-face-backlash-from-coinbase-ripple-crypto-industry/" target="_blank" rel="noopener noreferrer nofollow">President Biden, SEC Face Backlash From Coinbase, Ripple, Crypto Industry</a>
The post <a href="https://coingape.com/bitcoin-news-developers-debate-major-btc-network-upgrade-for-new-use-cases/" rel="noopener noreferrer nofollow">Bitcoin News: Developers Debate Major BTC Network Upgrade For New Use Cases</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin News: Developers Debate Major BTC Network Upgrade For New Use Cases

Table of Contents

Coingape News Media

Other articles published on Jun 1, 2024

Blockchain Potential Immense in Underbanked Nations, Need Robust Infra : Say SecureDApp Founders

Ethereum (ETH) Confidence Soars Among Large Whales, Here's Big Bullish Driver

The Spotlight Is On Raboo As Solana And Arbitrum Price Trends Downward!

Will Cardano, XRP and Solana Price See 5x-10x Rally in the Next 12 Months Ahead of ETF Approval

Massive Crypto Whale Moves Billion From Bitcoin (BTC) Into These Ethereum Tokens

Matter Labs Faces Community Backlash for “ZK” Trademark Application

Join our free newsletter for daily crypto updates!