Bitcoin Community Debates OP_CAT Proposal with Newly Assigned BIP Number 347

The Bitcoin community is abuzz with excitement as the proposal for OP_CAT, a long-debated software upgrade that aims to bring Ethereum-like smart contract functionality to the Bitcoin network, has finally been granted a BIP number: 347. This development marks the first step towards potentially launching the highly-anticipated upgrade.

Ethan Heilman, one of the co-authors of the proposal alongside Armin Sabouri, emphasized that the assignment of BIP 347 does not indicate consensus within the community, but rather serves as a means to facilitate discussions and software development around the proposal. The debate over OP_CAT, which has divided the community between those who advocate for expanding Bitcoin’s capabilities and those who prefer to keep the network focused on monetary transactions, can now begin in earnest.

OP_CAT has a storied history in Bitcoin circles, with its functionality initially included in the network’s op_codes by Satoshi Nakamoto before being removed in 2010 due to concerns about memory usage and security vulnerabilities. However, proponents of OP_CAT have resurfaced in recent years, viewing it as a potential avenue to enable more sophisticated applications and multi-signature setups on Bitcoin.

The proposal to reintroduce OP_CAT was first introduced in 2022 by Heilman and Sabouri, with plans to implement it through a backward-compatible soft fork. If successful, OP_CAT covenants could revolutionize the way transactions are conducted on the Bitcoin network by allowing users to set rules on how their bitcoins can be spent.

While OP_CAT has garnered support from notable figures in the Bitcoin community, including the co-founders of the Ordinals project Taproot Wizards, Eric Wall and Udi Wertheimer, it is not without its detractors. Some skeptics, such as Bitcoin Core developer Luke Dashjr, have expressed reservations about recent on-chain experimentation.

With the assignment of BIP 347 by a new BIP editor, the fate of OP_CAT now rests in the hands of the Bitcoin community. Heilman expressed his intention to step back from the debate and allow the community to determine the future of OP_CAT, emphasizing the importance of open dialogue and technical clarity in the decision-making process.

As the Bitcoin community embarks on this pivotal discussion, the potential implications of OP_CAT for the network’s future remain uncertain. Whether it will be embraced as a groundbreaking advancement or met with resistance as a controversial experiment, only time will tell.