Taproot Wizards has raised $30 million with which it plans to build an ecosystem of applications using the OP_CAT Bitcoin improvement proposal (BIP).
OP_CAT is a feature that Bitcoin’s pseudonymous founder Satoshi Nakamoto included in the software’s original code but which he/she/they removed out of concerns that it exposed it to risks such as denial-of-service (DoS) attack.
Many developers have expressed a concern in bringing it back.
The proposal could bring Ethereum-like smart contract functionality to Bitcoin through introducing „covenants,” or rules that determine how a specific transaction will function.
Taproot Wizards, whose vision is to „make Bitcoin magical again,” sold a collection of 3,000 non-fungible token (NFT)-like pieces of digital art called „Quantum Cats” to drum up support for OP_CAT one year ago.
The Wizards have been attempting to „meme OP_CAT back into existence,” according to an emailed announcement on Tuesday.
Co-founder Udi Werthimer describes OP_CAT as „the
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