Fun

Bitcoin Network's OP_CAT upgrade fuels developer innovation

News Feed - 2024-07-27 04:07:00

Derek Andersen4 hours agoBitcoin Network"s OP_CAT upgrade fuels developer innovationBioniq CEO Bob Bodily talks about Ordinals and the need for covenants on the Bitcoin network at Bitcoin 2024.1090 Total views11 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Bitcoin network"s OP_CAT upgrade has sparked new interest in building apps on Bitcoin, as it may reintroduce functionality that Satoshi Nakamoto removed in 2010. At the Bitcoin2024 event, Bioniq CEO Bob Bodily said hundreds of developers are “shouting from the rooftops” about the potential benefits.


Bioniq is a marketplace for Ordinals — Bitcoin non-fungible tokens (NFTs) — that do not incur gas fees. Bioniq began development in February 2023, a month after the introduction of Ordinals.Cointelegraph"s Sam Bourgi with Bob Bodily (right). Source: Cointelegraph/Sam BourgiOrdinals started a movement


“I"ve seen more interest in the last, I don"t know, 18-19 months on Bitcoin than the last five years before that,” Bodily told Cointelegraph. That uptick in attention corresponds to the introduction of Ordinals, a layer-2 application on the Bitcoin network.


“I don"t know what it was about Ordinals. Maybe it was that people could buy cat pictures on Bitcoin,” Bodily said. Now, however, “we"ve seen L-2s and other things try to inherit the security of Bitcoin while improving […] user experience challenges,” such as wallets, seed phrases and private keys, as well as unpredictable block times and network fees.The Bioniq homepage. Source: Bioniq


Related: Bitcoin mainnet receives first-ever verified ZK-proofBIP 420 will add to the momentum


Bodily is bullish on Bitcoin Improvement Proposal 420, which may restore Operation Concatenation (OP_CAT) to the network in 2025. OP_CAT would introduce smart contract functionality to the Bitcoin network. OP_CAT is currently available on the Bitcoin Signet testnet. Bodily is not alone in this enthusiasm for OP_CAT and Bitcoin layer 2:“I"ve seen lots of large venture capital firms put money into Bitcoin for people building meta protocols, for people building interesting new scaling solutions, for people building zkRollups. Even spider chains, state chains, state channel-based systems.”


OP_CAT would enable covenants, which would in turn enable technical advances like shared unspent transaction output (UTXO), which would enable greater scalability on the Lightning Network, for example.Source: Bioniq


While there is a conservative “ossifier camp” and concerns about unforeseen impacts such as new attack vectors, Bodily said the risks of leaving the Bitcoin network as it is are greater.


“We need covenants on Bitcoin,” he said. “We need to make Bitcoin a little bit more expressible and I think there"s a very, very low-risk attack vector, [and a] low profile way to do it. And I think it"s going to happen.”


Magazine: ‘Bitcoin layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Blockchain# Smart Contracts# UpgradeAdd reaction

News Feed

Mark Cuban’s Bitcoin Plan: Run for President if BTC Hits $1 Million, Free Satoshis for Every Citizen
Mark Cuban"s Bitcoin Plan: Run for President if BTC Hits $1 Million, Free Satoshis for Every Citizen Billionaire Shark Tank investor Mark Cuban has shared his id
5 New Crypto to Explode as Trump Starts New Crypto Venture with Charles Schwab
Este artículo también está disponible en español. Trump Media & Technology Group (TMTG) has announced a new crypto venture, Truth.Fi, in partnership with Charles Schw
HK bank supports nation's regulatory goals with reserve services
Amaka Nwaokocha57 minutes agoHK bank supports nation"s regulatory goals with reserve servicesThis development aligns with the city’s regulatory goals and represents a forward-thinking approach to integrating traditiona
NFT Market Sales Begin to Improve After Last Week’s Massive Market Slump
NFT Market Sales Begin to Improve After Last Week"s Massive Market Slump Seven days ago, non-fungible token (NFT) marketplaces saw sales nosedive after reaching all-time highs duri
Get Real, Lagarde — The Underlying Asset ‘Guaranteeing’ Your Euro Scam Coin Is a Gun
Get Real, Lagarde — The Underlying Asset ‘Guaranteeing’ Your Euro Scam Coin Is a Gun With the approaching tsunami of central bank digital currencies (CBDCs) looming ever clos
Crypto Analyst Predicts XRP Price Could Shoot To $12 Soon
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
South African Firms Ordered to Cease Crypto Debit Card Scheme in 2 US States
South African Firms Ordered to Cease Crypto Debit Card Scheme in 2 US StatesTwo U.S. states have issued emergency cease and desist orders to South African firms and a South African
Crypto Mixing Tools Tornado.cash and Cashfusion Obscure More Than $8 Billion in Transactions
Crypto Mixing Tools Tornado.cash and Cashfusion Obscure More Than $8 Billion in Transactions While blockchain monitoring has increased a great deal during the last few years, crypt
Hungarians Interested in Investment Potential of Cryptocurrencies, Poll Shows
Hungarians Interested in Investment Potential of Cryptocurrencies, Poll Shows A survey has indicated that Hungarians would like to learn more about the long-term investment opportu
Russian Official: Cryptocurrency Bill Completed — Effects on Payments, Exchanges, Miners
Russian Official: Cryptocurrency Bill Completed — Effects on Payments, Exchanges, Miners The chairman of the Russian State Duma Committee on Financial Markets has confirmed tha
Bitcoin miner Riot says chip shortage, climate-focused regs are risks to profit
Brayden Lindrea3 hours agoBitcoin miner Riot says chip shortage, climate-focused regs are risks to profitAs part of its annual report’s risk disclosures section, Riot Platforms said it expects to continue paying “hig
Tristan Greene3 hours agoScientists used AI to find and track 95K ‘cryptocurrency free giveaway’ scams on TwitterThe San Diego State University team uncovered nearly a million dollars were scammed from victims via th