Layer-2 and scaling is starting to sound like it’s 2017 ICO season. It’s seems there is a push to take a lot of human activity and put it in the bitcoin blockchain. Covenants appear, to my lawyer brain, to be an attempt to inscribe CCRs (like from a land deed) into bitcoins. This will inevitably necessitate off chain oracles. Bitcoin is great, bitcoins are digital gold, and I think there is still a lot of legal-philosophical work to be done in defining how we are going to relate to such a novel piece of property.