Proposed by Jeremy Rubindeveloper of Bitcoin (BTC) and founder of Bitcoin research and development organization Judica, the update called BIP-119, also known as “CheckTemplateVerify (CTV)“, is a soft fork proposal – updating the code of the blockchain original -, which aims to enable new use cases for the Bitcoin network by adding a “covenant” type.
A “covenant” is similar to what is known as a smart contract on the blockchain. Ethereum (ETH).
Simply put, a “covenant” is a programmed code that would allow users to impose conditions on the way currencies BTC within a wallet can be transferred in the future.
The update was proposed in January 2020, but gained greater notoriety among the community as the project raised funds to be reviewed, and achieved greater visibility.
the so-called beepsor Proposal for improvement of Bitcoin in portuguese, they are updates on the Bitcoin (BTC) that can be proposed by anyone in the community, and, after passing a vote among miners, is implemented on the main blockchain.
Currently, the function of enforcing these “smart contracts” in the Bitcoin exists – and was deployed after the “taproot” update – but is limited to the basic level of transactions.
For example, using the “Bitcoin Script”, a programmer can restrict what can be done before a transaction is spent.
Likewise, using a timelock [marca de tempo no blockchain]you can set a specific amount of time before a transaction can be spent.
The Covenant proposed by the update seeks to bring more programmability to Bitcoin, allowing programmers to control how bitcoins can be spent in the future.
Using the agreement, it would be possible to whitelist or blacklist certain addresses, restricting where the BTC can be spent even for the person who has the key to these bitcoins. Not just the next transaction, but future transactions.
Reviews from Cryptoinfluencers
Andreas Antonopoulos, one of the greatest specialists in Bitcoin, spoke in a video posted on his YouTube channel about BIP-119. To the surprise of many, Antonopoulos highlighted that BIP-119 has consequences that could kill Bitcoin.
“A very simple example would be the concept of a vault where you say ‘if this output [o dinheiro que sair] is spent, the transaction that spends it can only send this money to a specific address’, such as a whitelist [lista de lançamentos exclusivos].”
For him, although it seems like a good idea, improving security issues, it can kill the Bitcoin.
“You can stipulate, for example, that once you place a covenant on a bitcoin, that bitcoin can only be sent to a list of certain addresses, or it cannot be sent to a certain blacklist. [lista negra]”.
As he said, it would be possible through BIP-119 to be able to create a situation where you can not only limit the next transaction, but also program in such a way that it limits the following transactions.
In short, according to the scholar, that BTC specific would no longer be fungible and would become distinct from other bitcoins that can be sent to everyone, essentially creating a new category of bitcoins.
Antonopoulos says that this attack on the fungibility of bitcoin is what can end up murdering the first cryptocurrency created.
After harsh criticism, Rubin, author of the update suggestion, called the expert to discuss the matter on his official twitter profile.
i hereby challenge @aantonop to a debate over BIP-119.
feel free to propose a moderator, otherwise I can suggest one.
— Captain #AuditTheFUD (@JeremyRubin) April 30, 2022
“I challenge @aantonopa to a debate on BIP – 119 . I propose that we use my speaking time at @MITBitcoinClub #MITBitcoinExpo 2:40 PM ET Saturday, May 7, 1 week from today. feel free to propose a moderator, otherwise I can suggest one,” he wrote.
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