Bitcoin Developers Tease Major Trigger for Next Bull Run: Programmability Upgrade

Bitcoin developers suggest enabling programmability on the blockchain could be the key trigger for the next bull run, following the SEC's approval of spot Bitcoin ETF trading and the BTC halving.

Developers Eye Programmability as Key Trigger for Bitcoin's Next Spike Post-ETF Approval and Halving

In a recent report by CoinGape, the SEC's approval of spot Bitcoin ETF trading and the conclusion of the BTC halving, many crypto fans are concerned about what may spark the next spike. In response, some developers suggested that enabling programmability on the Bitcoin blockchain could be the next critical trigger.

Unlike Ethereum (ETH), which can be used to transfer currencies and generate yield on its blockchain, the coin is viewed as digital gold, a token held primarily for appreciation. The Bitcoin network cannot support apps via the so-called innovative contract capabilities. Typically, this functionality enables features such as self-executing agreements maintained on the blockchain.

Developers have spent the last few years putting time and resources into fixing the Bitcoin design issue. To address the issue, Bitcoin Layer-2 networks were eventually introduced. One example is the Lightning Network, an L2 meant to scale Bitcoin for purposes such as payments.

Over time, a few of these proposed solutions still need to be revised to meet the need for smart contracts. Then there were Bitcoin Ordinals, which made a brief difference. Again, Domo, an anonymous developer, proposed the implementation of BRC-20, which uses the inscription method to create tokens on the Bitcoin Blockchain.

Despite the inventive efforts made thus far, including the Runes protocol, supporters believe more can be accomplished.

Engineers Explore Solutions Like OP_CAT to Overcome Security Flaws and Boost Bitcoin Programmability

Despite these changes, the broader crypto sector has seen so-called bridges, or software infrastructures designed to transmit tokens between networks, become vulnerable to attacks, contributing to user reluctance.

Finally, many investors simply "hodling" the coin, waiting for its market value to rise. Bitcoin's drop from above $73,750 in March is due to diminishing investor interest in the flagship cryptocurrency. These inadequacies forced engineers to investigate ways to improve the BTC network.

The community is contemplating proposals such as OP_CAT, a software upgrade for the Bitcoin network. Incorporating this method is thought to make programmability easier to adopt. Several protocols, including Layer 1 Foundation and Arch, are working on methods to make Bitcoin more programmable.

Meanwhile, Bitcoin is trading at $66,759.42, a 0.28% fall over the last 24 hours.

Photo: Microsoft Bing

TokenPost | [email protected]