StarkWare CEO Eli Ben Sasson announced at Devcon 2024 that OP_CAT, a significant upgrade for the Bitcoin network, may be implemented within the next 12 months. According to Cointelegraph, the upgrade will enable covenants and Layer 2 network functionalities.
What is OP_CAT?
OP_CAT, short for 'operation code concatenate', refers to a line of code initially included in Bitcoin by Satoshi Nakamoto. Due to security concerns, it was deactivated in 2010. In October 2023, cryptographer Ethan Heilman and engineer Armin Sabouri proposed its reactivation.
Significance for Bitcoin and Ethereum
The introduction of OP_CAT would enable Starknet to become the first Layer 2 network to settle on both Bitcoin and Ethereum. Ben Sasson mentioned that the aim of OP_CAT is to make Bitcoin more accessible as a payment network.
Experts' Opinions on Bitcoin's Future
Experts suggest that the introduction of OP_CAT could boost DeFi activity in the Bitcoin network, competing with Ethereum. Nonetheless, sidechains do not currently offer enough security or innovation to convince Bitcoin holders to utilize their assets there.
The plans for OP_CAT could significantly alter the cryptocurrency landscape by enhancing Bitcoin's competitiveness as a payment network. Timing and implementation remain crucial factors for success.
