A naukri.com initiative
Bitcoinmagazine
4d
4
Image Credit: Bitcoinmagazine
Bitcoin Covenants: CHECKTEMPLATEVERIFY (BIP 119)
- Bitcoin Magazine article deep dives into CHECKTEMPLATEVERIFY (CTV) proposed by Jeremy Rubin with BIP 119, a robust and mature covenant proposal.
- CTV is designed to address concerns around flexible covenants and prevent detrimental consequences for Bitcoin.
- Understanding CTV involves comprehending the structure of Bitcoin transactions, including inputs, outputs, version numbers, markers, flags, input count, outputs, and more.
- CTV functions as an opcode for basic introspection and data carrying, ensuring specific fields in a transaction match a predefined hash to validate transactions.
- CTV enables the restriction of outputs to be spent only by a pre-defined transaction, removing the need for trust and enhancing security through consensus enforcement.
- CTV simplifies coordination processes, improves efficiency, scalability, and security guarantees, and enhances existing protocols using pre-signed transactions.
- CTV has been explored through various projects like payment pools, vault implementations, proof-of-concept ports, the Sapio Language, Timeout Trees, DLCs, Lightning channels, and more.
- CTV is a highly mature proposal with significant value-add, no risk of compromising security, and should have been activated earlier per the article's perspective.
Read Full Article
Like
For uninterrupted reading, download the app