Originally published on: November 14, 2024
In a groundbreaking announcement, StarkWare CEO Eli Ben Sasson has revealed that the highly anticipated OP_CAT upgrade will be rolling out on the Bitcoin network within the next 12 months. This major update is set to revolutionize Bitcoin by introducing new functionalities like covenants, ZK-rollups, and layer-2 networks.
During an exclusive interview with Cointelegraph at Devcon 2024 in Thailand, Ben-Sasson shared his excitement about the possibilities that OP_CAT will bring to the Bitcoin ecosystem. Notably, Starknet will be paving the way as the first layer-2 network to settle natively on both Bitcoin and Ethereum, marking a significant milestone for the industry.
While OP_CAT may seem complex at first glance, Ben-Sasson emphasized that its core concept is actually quite simple. He likened it to adding a new button to a scientific calculator, enabling users to merge two strings of characters and unlock a whole new realm of possibilities on the Bitcoin network.
The origins of OP_CAT can be traced back to Satoshi Nakamoto, who initially introduced the concept but later removed it in 2010 due to security concerns. However, in a recent revival of interest led by cryptographer Ethan Heilman and Botanix Labs engineer Armin Sabouri, OP_CAT is now on track to make a comeback through a proposed soft fork.
Ben-Sasson expressed his vision for OP_CAT and StarkWare’s involvement in the Bitcoin L2 space, aiming to fulfill Bitcoin’s original mission as a fast and affordable payment network. He envisions a future where Bitcoin can be seamlessly used for everyday transactions, without the burden of exorbitant fees.
Industry experts believe that the introduction of OP_CAT could position Bitcoin to surpass Ethereum in terms of decentralized finance activity and volume. While there has been a surge in Bitcoin sidechains acting as L2 solutions, true layer-2 networks like Starknet offer a more secure and innovative approach to scaling Bitcoin.
As the countdown to the launch of OP_CAT begins, the Bitcoin community eagerly anticipates the transformative impact it will have on the network. Stay tuned for more updates on this game-changing development in the world of cryptocurrencies.
