News Report Technology
June 12, 2024

StarkWare Unveils Catnet, First Phase Of Its Bitcoin Scaling Plan, Allowing Users To Receive Test Bitcoins

In Brief

StarkWare’s custom Bitcoin signet, Catnet, enables users to create wallets, claim test Bitcoins, and develop Bitcoin scripts.

StarkWare Unveils Catnet, First Phase Of Its Bitcoin Scaling Plan, Allowing Users To Receive Test Bitcoins

Blockchain software company StarkWare, specializing in scalability solutions, announced the launch of Catnet, marking the initial phase of its Bitcoin scaling plan.

Catnet is a custom Bitcoin signet that has OP_CAT enabled, which is designed to test the implementation of StarkWare’s Bitcoin Circle STARK Verifier. Now operational, Catnet allows users to create wallets, claim test Bitcoins, and develop Bitcoin scripts.

In the post on social media platform X, StarkWare also outlined the next step, which includes the establishment of a $1 million OP_CAT security fund. The fund aims to accelerate research efforts for all Bitcoin researchers and developers, regardless of whether they support or oppose OP_CAT.

OP_CAT represents a Bitcoin feature that enhances the blockchain’s scripting capabilities. It performs a process known as concatenation, which combines data into a single output. This simplifies transactions and enables the creation of more complex smart contracts.

StarkWare Announces Bitcoin Scaling Plans, Addresses Community Concerns 

Last week, StarkWare unveiled its intention to support Bitcoin scaling. The company intends to become the initial network capable of simultaneously processing transactions for Bitcoin and Ethereum. This strategy is expected to significantly improve Bitcoin’s transaction processing capacity, in theory, achieving a speed of thousands of transactions per second. The plan is set to be implemented six months following the approval of the OP_CAT by the Bitcoin community.

However, the announcement raised significant concerns within the Starknet community. Members speculated that Starknet, an Ethereum Layer 2 scaling solution that utilizes zero-knowledge rollup technology based on StarkWare trustless STARK proof, might shift its focus away from Ethereum, fork Starknet to create a novel layer, or release a distinctive token for the Bitcoin ecosystem. 

In response, Starknet clarified its intention to function solely as a unifying layer between two blockchain ecosystems, serving as an execution layer that scales each of the networks at the same time.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Binance Launches Zero-Fee Campaign For Auto-Invest Plans
Markets News Report Technology
Binance Launches Zero-Fee Campaign For Auto-Invest Plans
July 16, 2024
Crypto Exchange HTX Launches Seventh ‘Trade To Earn’ Event, Offering $2.1M USDT In Rewards
Markets News Report Technology
Crypto Exchange HTX Launches Seventh ‘Trade To Earn’ Event, Offering $2.1M USDT In Rewards
July 16, 2024
Bitcoin May Have Bottomed Out At $50,000, While Ethereum Could Reach $3,600 Before ETF Launch, Notes Andrew Kang  
Markets News Report Technology
Bitcoin May Have Bottomed Out At $50,000, While Ethereum Could Reach $3,600 Before ETF Launch, Notes Andrew Kang  
July 16, 2024
Crypto Exchange Bitget Lists Pixelverse And Enables Users To Stake USDT For PIXFI Mining On PoolX
News Report Technology
Crypto Exchange Bitget Lists Pixelverse And Enables Users To Stake USDT For PIXFI Mining On PoolX
July 16, 2024