Originally published on: November 14, 2024
Eli Ben Sasson, the CEO of StarkWare, predicts that the implementation of OP_CAT, a significant upgrade to the Bitcoin network, will be completed within the next 12 months. Revealing this information at Devcon 2024 in Thailand, Ben-Sasson highlighted the revolutionary impact of OP_CAT, ranging from enabling covenants to supporting ZK-rollups and layer-2 networks on Bitcoin.
The introduction of OP_CAT will mark an important milestone for Starknet, as it becomes the pioneer layer-2 network capable of settling natively on both Bitcoin and Ethereum. Despite the complexity of OP_CAT, Ben-Sasson emphasized that the underlying concept is straightforward. He described OP_CAT as a button on a scientific calculator that can merge two strings of characters, allowing users to engage in various operations on the Bitcoin network efficiently.
Originally integrated into the Bitcoin network by Satoshi Nakamoto, OP_CAT was removed in 2010 due to security concerns. However, a recent proposal by cryptographer Ethan Heilman and Botanix Labs lead engineer Armin Sabouri aims to revive OP_CAT through a soft fork. This initiative aligns with StarkWare’s mission to support Bitcoin’s original purpose as a cost-effective payment network, ensuring that users can conduct transactions without incurring high fees.
By expanding into the Bitcoin layer-2 space, StarkWare seeks to pave the way for Bitcoin to reclaim its position as a leading payment network. The integration of OP_CAT could potentially propel Bitcoin ahead of Ethereum in terms of decentralized finance activities and transaction volume. While Bitcoin sidechains have emerged as a popular choice for L2 solutions, experts note that true layer-2 networks settle directly on the Bitcoin network, offering enhanced security and innovation opportunities.
According to Lachlan Feeney, the founder of Web3 development firm Labrys, sidechains may not appeal to traditional Bitcoin investors due to security concerns. As OP_CAT inches closer to activation, the future of Bitcoin as a scalable and efficient payment network is poised to undergo a transformation. Subscribe to our newsletter for more insights into the evolving landscape of decentralized finance and emerging financial opportunities.
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