Bitcoin’s software revamp debate

The Bitcoin blockchain’s reputation as a network that mainly supports digital gold may be changing as efforts gain traction to add new features via a software upgrade to its code.

The front-runner in the upgrade debate is a program called OP_CAT — a small software tweak that would add about 10 lines to the code that enables linking of two elements together, so-called concatenation.

If adopted it would open the door to a host of enhancements for Bitcoin users from better coin custody to decentralized-finance apps of the type that are already common on rival blockchains like Ethereum and Solana.

“You could actually do smart contracts very similar to what you’d see on other chains,” Udi Wertheimer, chief executive officer of OP_CAT supporter Taproot Wizards, said in an interview.

“Bitcoin could be a lot more than it is,” he adds.

“It’s time to talk about an actual technical upgrade.”

Implementing OP_CAT, however, means upgrading the Bitcoin network and that’s a big deal, requiring the community and core developers to sign on to the revamp.

While rivals like Ethereum complete dramatic upgrades at least once a year, the network for the world’s largest cryptocurrency hasn’t added new functionality since 2021.

In fact, it’s been left unchanged on purpose, as the fewer the changes, the more likely it is to remain stable and secure, the logic goes.

Some believe OP_CAT could be the first step toward challenging that notion, and heavyweights in the crypto space are starting to sign onto the idea.