Vladislav Sopov
BitMEX Research is publishing a longread to cover what a “Covenant” Bitcoin (BTC) network could implement this summer
contents
- What is Bitcoin (BTC) OP_CTV soft fork?
- That’s why his prospects are controversial
BitMEX Research, the analytics and R&D arm of tier-1 crypto derivatives exchange BitMEX, published an overview of an upcoming OP_CTV Bitcoin (BTC) soft fork — and the “gimmicks” that started its implementation.
What is Bitcoin (BTC) OP_CTV soft fork?
As explained by BitMEX research experts, it is proposed to change the opcode (primitive code or instruction that allows programming Bitcoin operations), OP_NOP4, to allow Bitcoin (BTC) users to create specific addresses.
OP_CTV – Summer softfork shenanigans
We examine and explain a proposed soft fork upgrade to Bitcoin, OP_CTV (Check Template Verify). This feature would allow users to commit to issuing a Bitcoin issue only under certain restricted conditions.https://t.co/1y7ZC40j1A pic.twitter.com/26dHsNe9BS
— BitMEX Research (@BitMEXResearch) April 22, 2022
The new OP_CTV (Check Template Verify) proposal allows users to commit to issuing a bitcoin output (and thus sending BTC funds) only under certain restricted conditions.
The conditions required to issue bitcoins (BTC) from new types of addresses should already have been established by a particular hash; this mechanism is sometimes sometimes referred to as a “bund”.
To sue
Introducing this mod would be a soft fork upgrade of the Bitcoin (BTC) network. This upgrade was suggested by Jeremy Rubin, who has already announced its “upcoming” activation. If passed, OP_CTV hard fork will go live this summer. Bitcoin (BTC) nodes should start signaling support on May 5, 2022.
This update is largely initiated to prevent congestion on the Bitcoin (BTC) network and allow its users to launch vaults. Today, vaults can be created by pre-signing transactions and then destroying private keys — but it’s a difficult process.
That’s why his prospects are controversial
The implementation of this proposal is already being organized in a hurry, despite criticism from some Bitcoiners (BTC). Namely, the OP_CTV upgrade has a very limited number of use cases and is not urgent at all.
Some also think that a superior alternative Covenant solution could emerge. Bitcoin (BTC) developers will most likely oppose the implementation of this upgrade.
According to BitMEX Research experts, there will be no consensus for at least the next six months.
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