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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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OP_NET and Arch: A Comparison of Two New Solutions for Bitcoin Mainnet Smart Contracts
New Bitcoin Smart Contracts Solution: Similarities and Differences between OP_NET and Arch
Recently, the two solutions OP_NET and Arch, which implement smart contracts on the Bitcoin mainnet, have sparked widespread discussion. Although the name OP_NET is similar to OP_CAT, they are actually completely different concepts.
OP_CAT is a Bitcoin opcode that was removed by Satoshi Nakamoto in 2010. It allows for string concatenation operations and is currently under discussion for revival. Reviving OP_CAT requires the approval of BIP-347, which could be the first step in unlocking the potential of Bitcoin smart contracts.
In contrast, OP_NET belongs to the "protocol" category similar to runes, BRC-20, and ARC-20. Its technical framework includes the Bitcoin mainnet as the "action initiation layer" and "final confirmation layer", as well as the "execution layer" composed of OP_VM and OP_NET nodes.
The workflow of OP_NET is as follows: Users initiate transactions from the Bitcoin mainnet, and the execution layer detects specific strings to perform corresponding actions, finally submitting the results back to the Bitcoin mainnet. OP_NET employs a "burn Bitcoin" mechanism, where transaction fees include network fees and OP_NET transaction fees.
Arch is positioned as "Bitcoin Layer 1.5", aiming to build a smart contract layer based on the Bitcoin mainnet. It has secured $7 million in seed funding and will issue its own token for Gas fees and validator staking.
The workflow of Arch is similar: users initiate transactions from the Bitcoin mainnet, Arch nodes process and verify the transactions, and leader nodes are responsible for creating Arch network blocks and submitting confirmation results back to the Bitcoin mainnet. Arch uses the "FROST + ROAST" signing scheme to ensure network stability.
Although both have similarities in technical implementation, their positioning is completely different. OP_NET is more like a new protocol, while Arch is a complete smart contracts layer. Both solutions face the challenge of long confirmation times on the Bitcoin mainnet, which may limit the efficiency of dApps.
For investors and developers, the Arch project plans to conduct a Token Generation Event (TGE) in the first quarter of next year, possibly launching related testing activities and Arch-based dApps. However, OP_NET currently does not have clear participation opportunities, and its development may depend on the overall ecosystem's heat.
These explorations reflect the ongoing innovation within the Bitcoin ecosystem, opening up new possibilities for future development. With advancements in technology, we look forward to seeing more smart contracts applications based on Bitcoin emerge.