Taproot Wizards Raises $30 Million to Enhance Bitcoin Ecosystem
Taproot Wizards has successfully secured $30 million in funding, with ambitious plans to develop a comprehensive ecosystem of applications leveraging the OP_CAT Bitcoin improvement proposal (BIP). This proposal, initially included by Bitcoin’s enigmatic creator, Satoshi Nakamoto, in the original code, was later removed due to concerns over potential vulnerabilities, such as risks associated with denial-of-service (DoS) attacks.
Despite the apprehension surrounding its reintroduction, many developers are advocating for OP_CAT’s comeback. If successfully implemented, this feature could introduce Ethereum-like smart contract capabilities to Bitcoin by incorporating “covenants”—specific rules that dictate how transactions are executed.
Taproot Wizards, whose mission is to “make Bitcoin magical again,” previously launched a collection of 3,000 digital art pieces resembling non-fungible tokens (NFTs) called “Quantum Cats” to rally support for the OP_CAT initiative one year ago. In an effort to popularize OP_CAT, the Wizards have been actively attempting to “meme OP_CAT back into existence,” as highlighted in an announcement sent via email on Tuesday.
Co-founder Udi Werthimer emphasized the significance of OP_CAT, describing it as “the missing piece” essential for achieving “permissionless programmability for Bitcoin.” This advancement would enable functionalities such as lending, trading, and smart contracts while maintaining self-custody of assets, as stated in Tuesday’s announcement.
The funding round was predominantly led by Standard Crypto, marking a crucial step towards realizing their vision for a more dynamic Bitcoin ecosystem.
