6 months ago
Taproot Wizards, a postulation of 2,108 JPEGs inscribed connected Bitcoin utilizing the Ordinals protocol, headed into 2024 connected the heels of <a href="https://www.coindesk.com/tech/2024/01/12/taproot-wizards-bitcoin-ordinals-project-that-raised-75m-to-sell-quantum-cats-collection" target="_blank">a $7.5 cardinal effect backing round</a>, which was promptly exceeded by the merchantability of <a href="https://magiceden.io/ordinals/marketplace/quantum_cats" target="_blank">Quantum Cats</a>, a integer creation postulation of brightly-colored felines. The merchantability of 3,000 NFT-like collectibles netted 300 BTC, worthy astir $13 cardinal astatine the clip and present worthy much than treble that.
Founded by Eric Wall, Udi Wertheimer and Francisco Alarcon, Taproot Wizards says its ngo is to "make bitcoin magical again," harking backmost to a 2013 meme describing BTC arsenic "magic net money." The task is present turning its absorption to upgrading Bitcoin itself utilizing the projected <a href="https://www.coindesk.com/tech/2024/02/14/satoshi-era-bitcoin-function-op-cat-dusted-off-as-development-fervor-grows" target="_blank">OP_CAT protocol</a>, a programme that was initially built into Bitcoin by Satoshi Nakamoto, but removed aft concerns were raised astir excessive representation usage and imaginable vulnerabilities.
There is present an inaugural to upgrade the web by including OP_CAT, which could alteration much blase applications connected Bitcoin. It works by introducing “covenants,” oregon rules that tin find however a circumstantial transaction volition function. The Taproot Wizards founders are among the biggest proponents of OP_CAT, and created the Quantum Cats postulation arsenic a selling run for the proposal.
"CAT-based covenants would let Bitcoin users to commercialized betwixt BTC and stablecoins on-chain, get with BTC arsenic collateral, span their bitcoin to different chains and usage caller types of furniture 2," says Wertheimer.
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