StarkWare Proposes Controversial Bitcoin Scaling Solution Using OP_CAT

Daily Top Performer — Nervos Network (CKB)

The SPX index was up by 0.15% as the market reacted to a drop in JOLTS job openings that suggest a cooling labor market. Investors are now anticipating ADP employment data and service sector activity, along with upcoming earnings from Dollar Tree and Lululemon. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 1.93% and 0.95%, respectively in the past 24 hours.

Today’s outperformer is CKB, which jumped 20.2% after unveiling of .bit's new d.id website

Nervos Network (CKB), launched on November 2019, is a blockchain network featuring the Common Knowledge Base (CKB) for Layer 1 security and flexibility, utilizing Proof-of-Work consensus. It supports interoperability with various blockchain layers and allows developers to build decentralized applications with account abstraction at the protocol level. .bit, supported by Nervos Network, recently launched the new d.id website, a decentralized identity platform that emphasizes individual uniqueness and humanity. The platform provides a globally accessible decentralized identifier (DID) and is in the process of developing protocols to verify humanity and achievements. It will also introduce community tags and a system through Padge.com for creating and storing achievements linked to DIDs. This initiative is designed to help individuals showcase their unique value in the digital landscape.

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Talk of the Town:

StarkWare, renowned for its contributions to Ethereum's scalability, has introduced an ambitious strategy to enhance Bitcoin's transaction capacity using a contentious opcode known as OP_CAT, originally devised by Satoshi Nakamoto but removed in 2011 due to potential security risks. With a commitment of $1 million for research, StarkWare aims to apply zero-knowledge rollups—techniques proven effective on Ethereum—to improve Bitcoin's processing efficiency without altering its fundamental attributes. This proposal has generated mixed feedback from the Bitcoin community, with some recognizing its innovative potential and others cautioning against possible security vulnerabilities and significant changes to Bitcoin's core characteristics. As discussions unfold, OP_CAT is currently being tested on Bitcoin’s testnet.

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Spot Bitcoin ETF Flows:

U.S. spot Bitcoin ETFs recorded their second-highest inflow day, totaling $887 million. Fidelity's fund led with $378.7 million, followed by BlackRock and ARK 21Shares. This surge in investments contrasts with predictions of waning interest in Bitcoin ETFs. Meanwhile, other ETFs like Invesco Galaxy and Franklin Templeton saw no new inflows.

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Airdrop to Watch:

Catizen, a Telegram-based gaming bot on The Open Network (TON), utilizes a play-to-airdrop model to foster mass adoption of Web3 by onboarding users from Web2. The platform, which boasts 11 million players globally, offers mini-games and practical mobile payments to engage users. Players can earn and spend FishCoins, upgrading their digital cats and participating in the game's Launchpool for returns. Catizen's effective integration into Telegram helps bridge the gap between traditional and decentralized web users, aiming to expand the Web3 ecosystem effectively. The project plans to launch its own token and expand with more mini-games and features, positioning itself as a major gateway to Web3 activities through gaming.

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