ah, also: note that in order to setup the covenant, you’re going to need to make a tx. you can’t just start sending hashes around without at least one party committing something to chain ⛓️
Discussion
It’s not a proposal but I have a tweet with an explanation of covenants and doesn’t go deep on how existing the covenants would looks like
Sorry when I said a hash, I meant a tx
how does this differ from ark? seems extremely similar
For Ark you need Ark Service Provider (ASP)
For ctv it looks like it’s diy tx’s
doesn’t ark use ctv?
Yes ark needs* ctv, but ctv doesn’t need asp’s
why isn’t ark using the diy design you outlined then? I don’t understand how an opcode gets you something that ark, built with that opcode, doesn’t?
#Ark goes up and away from the chain = layer 2
#Ctv goes deep into the chain = layer 1.0* 😭😭😭😭
Think of ark as being similar to #ecash , you get privacy but less chances of getting rug pulled
ctv is a primitive that lets you build protocols, like ark
saying ctv gets you “shared utxos” is meaningless without a protocol for *how* that sharing works. ark is one such protocol. you mentioned a diy one — what were you referring to?
Ctv is a script, you don’t need a protocol to pool your utxo’s.
DIY = you commit your utxo and then share the tx off chain