By Michael Scott
Bitcoin could leverage the long-dormant code within the initial stack to usher in new functionality. The code introduction could drive the Bitcoin network to higher heights that rival Ethereum in decentralized finance (DeFi) activity. The upgrade is identified as ‘OP_CAT’ an acronym of operation code that concatenates the reference to a few simple code lines originally generated by Satoshi Nakamoto.
The OP_CAT code constitutes the initial scripting system of Bitcoin that effectively scaled the transaction utility. Additionally, it optimized the operations users capable of performing with Bitcoin.
Nonetheless, Nakamoto expressed concerns that the OP_CAT left the Bitcoin network vulnerable to security risks. Notably, it would aid the denial-of-service (DoS) attacks. Also, Nakamoto considered the OP_CAT could necessitate exponential memory requirements capable of overwhelming the network.
Nakamato would in 2010 scrap off the OP_CAT to eliminate it from the active opcodes. Doing so was necessary to simplify Bitcoin and make it more robust.
Botanix Labs chief engineer Armin Sabouri teamed with cryptographer Ethan Heilman in October last year to reintroduce the OP_CAT idea. The proposal reintroduces the opcode as a soft fork to the network.
The approval will usher a string of upgrades to the Bitcoin network making it possible for rollups. Also, the upgrade could enable scaling Tapscprict and the smart contract-like functionalities.
Since October last year, OP-CAT traction has been evident among the Bitcoin circles and broader development community. Notably, the OP_CAT secured the Bitcoin Improvement Proposal no 327 on April 25. The greenlight constitutes the initial real step towards the introduction and acceptance of the software upgrade.
The OP_CAT upgrade is attracting support from key industry heavyweights. In particular, Taproot Wizard co-founders Eric Wall and Udi Wertheimer welcome the OP_CAT upgrade. Also, StarkWare chief Eli Ben-Sasson is among Ethereum-leaning parties pushing for the OP_CAT introduction.
OP_CAT Addition to Trigger Huge Upside
Ben-Sasson affirmed his objective in aiding Bitcoin network scaling to levels handling thousands of transactions executed per second. As such, he eyes Starknet becoming the initial network settling simultaneously on the Bitcoin and Ethereum networks.
Ben-Sasson believes the OP_CAT approval will facilitate rollups, fraud proofs, covenants, and STARK scaling. The executive considers it critical for the Bitcoin network to attain genuine scalability.
Ben-Sasson adds that the OP_CAT addition will ease the inclusion of Ekubo. The Uniswap v4 version on Startknet will resolve the inability to implement actual smart contracts on Bitcoin. The layer-2 network makes it capable of technically accommodating DeFi, gaming, and DePIN.
pSTAKE chief strategy executive Bart Voort downplays the necessity of OP_CAT. Instead, he considers the Bitcoin network to have sufficient sidechains in the current structure. Additionally, he considers OP_CAT posing unnecessary risk given that other sidechains are yet to succeed in scaling Bitcoin.
Ben-Sasson acknowledges the risks attributed to OP_CAT and unveils the $1M research grant fund targeting developers to assess the upgrade’s benefits and detriments. Doing so will ensure a safe and secure implementation.
OP_CAT Upgrade a Liferaft
Labrys executive Lachland Feeney considers that sidechains alone offer inadequate innovation and security to scale Bitcoin DeFi activity. He rules out the existence of real layer-2s running on Bitcoin beyond the Lightning Network.
Feeney indicates a substantial contingent of the Bitcoin crowd will profile the protocols as scams. They are likely to disassociate particularly when the sidechains settle to other networks. Nonetheless, the Labrys founder considers OP_CAT to address the challenge of offering real utility and guaranteeing security on the Bitcoin network at the base.
Feeney considers the OP_CAT to be a liferaft capable of delivering DeFi to Bitcoin. He adds that the OP_CAT is a crucial ingredient to guarantee the network’s survival.
Feeney recounts that critics and advocates of the network agree that it is incapable of sustaining itself under the prevailing economic model entirely reliant on miner revenue and fees. Except for price doubling every four years, block rewards are unable to sustain and incentivize securing the Bitcoin network in the long run.
Feeney demonstrates Bitcoin’s survival in the long term is reliant on the L2 ecosystem. He considers that block rewards will dry up, thus the need for transaction fees rising substantially.