Developers Foresee ‘Programmability’ as Catalyst for Bitcoin’s Next Rally

cryptonews.com:

A group of developers believes introducing programmability to the Bitcoin blockchain could drive the next rally for the largest cryptocurrency.

While Bitcoin is currently seen as digital gold, with its primary use being a store of value, developers argue that the addition of programmability would unlock a range of functionalities and applications.

Unlike its rival Ether, which allows for the creation of smart contracts and the development of decentralized applications on the Ethereum network, the Bitcoin blockchain lacks the ability to support such features.

Over the years, developers have attempted to address this limitation by creating “Layer 2” networks like Lightning, aimed at scaling Bitcoin for payment applications.

However, many of these solutions have proven unreliable, and the associated bridges, used to transfer tokens between networks, have been susceptible to hacks, leading to user apprehension.

Despite the lack of widespread adoption for payment purposes, developers have recently made progress in enhancing Bitcoin’s programmability.

Projects like Bitcoin Ordinals, which enable the creation of non-fungible tokens by embedding data onto satoshis (the smallest denomination of Bitcoin), have paved the way for further advancements.

The introduction of BRC-20 tokens, proposed by an anonymous developer named Domo, has sparked a search for ways to enhance Bitcoin’s programmability even more.

Proposals like OP_CAT, a potential software upgrade to the Bitcoin network, are being considered to facilitate easier implementation of programmability.

Startups like Arch, which recently raised $7 million in funding, and the Layer 1 Foundation are actively working on solutions to enable greater programmability in Bitcoin.

Arch aims to