Funding of $30 million announced for Bitcoin Ordinals Project Taproot's OP_CAT ecosystem
In the world of Bitcoin, the potential upgrade known as OP_CAT (OPcode Concatenate) is generating a lot of buzz. Originally disabled by Bitcoin's founder, Satoshi Nakamoto, in 2010, OP_CAT aims to re-enable and expand Bitcoin's scripting capabilities.
Recently, Taproot Wizards, a group dedicated to advancing Bitcoin protocol enhancements, announced a $30 million funding round. This funding, led by Standard Crypto, includes participation from StarkWare, Bitcoin Frontier Fund, Cyber Fund, Collider Ventures, Geometry, Masterkey VC, and Newman Capital.
The funds raised will be used for both in-house development and building the OP_CAT ecosystem outside of Taproot Wizards. Udi Wertheimer, a key figure in the OP_CAT movement, has stated that Taproot Wizards is focusing on OP_CAT as the future of Bitcoin.
OP_CAT is expected to enable more versatile and efficient Bitcoin smart contracts by allowing string concatenation needed for advanced scripting logic. This could lead to the creation of trustless vaults, native decentralized finance (DeFi) applications, and improved multisignature (multisig) wallets directly on Bitcoin.
The emergence of new protocols for OP_CAT is expected to be frequent, similar to the pace seen on Ethereum and Solana. This could result in a surge of new applications on the Bitcoin network, making it a more feature-rich platform while maintaining its decentralized and secure nature.
The funding round follows Taproot Wizards' $7.5 million seed round announced in November 2023, indicating a strong commitment to the OP_CAT project. The continued fundraising for Taproot Wizards' expansion of the OP_CAT ecosystem on Bitcoin underscores the growing interest and support for this potential upgrade.
In conclusion, OP_CAT is currently under active consideration and development with growing community backing. If implemented, OP_CAT could substantially enhance Bitcoin's scripting power and open new avenues for decentralized applications on the Bitcoin network.
Daily technology news highlights the growing interest in OP_CAT, a potential Bitcoin upgrade that aims to re-enable and expand Bitcoin's scripting capabilities. Udi Wertheimer, a key figure in the OP_CAT movement, mentioned that Taproot Wizards, a group dedicated to advancing Bitcoin protocol enhancements, plans to focus on OP_CAT as the future of Bitcoin. This anticipation of improved scripting capabilities could lead to the creation of new applications in the daily news, including trustless vaults, native decentralized finance applications, and improved multisignature wallets directly on Bitcoin, offering a surge in features while maintaining its decentralized and secure nature.
