Bitcoin needs this OP code more than OP_CAT

Bitcoin’s blockchain technology has long been hailed for its decentralized nature and robust security, making it a cornerstone in the digital asset space. While Bitcoin’s primary role as a cryptocurrency is well-established, its potential as a decentralized timestamping server and global event sequencer opens up new avenues for innovation.

As I often say when talking to developers, while I once ran a development house and can code in several languages myself, I still consider myself an enthusiastic amateur and know ‘enough to be dangerous.’ I welcome any constructive criticism of this op-ed, which is based on my recent essay, ‘How Bitcoin can save the world.‘

OP_ZKP vs OP_CAT

Before explaining why we should view Bitcoin as a global timestamping server and event sequencer, it’s crucial to consider the necessary advancements to enhance its functionality. To realize Bitcoin’s potential beyond “perfect money,” we either need to overhaul Bitcoin or allow it to interact better with other layers. I don’t believe the first option is prudent, but one small update could be all it needs.

At BTC Prague, Charles Guillemet introduced me to an idea I’d never considered: introducing new operation codes (OP_CODES) dedicated to enabling zero-knowledge proofs (ZKPs) on Bitcoin. Currently, there is much debate about bringing back the OP_CAT opcode, which facilitates data concatenation. After my chat with Charles, I believe this is less critical to Bitcoin’s future than an OP_CODE similar to the proposed OP_ZKP.

Bitcoin’s blockchain provides a trustless method for recording and verifying the sequence of events and the timestamps of digital assets. In traditional systems, establishing the existence and integrity of data at a specific point in time relies on centralized authorities, which can be manipulated or compromised. Bitcoin’s decentralized nature and cryptographic security offer a robust alternative, ensuring tamper-proof records of data existence. This capability has profound implications for intellectual property protection, contract execution, and supply chain transparency. The community needs to ensure these upgrades do not compromise Bitcoin’s fundamental principles.

The current limitations of Bitcoin’s scalability and data storage capacity can be mitigated through Layer 2 solutions like the Lightning Network, sidechains, or meta-layers, as well as interoperability projects such as ICP’s Bitcoin canisters. These solutions enhance…