The security improvement is the reason I consider it critical. If we don’t get enough people to self custody bitcoin fails. Covenants are one of a few different technologies that allows us to make bitcoin much much easier to secure for the common man. I think the current era of hardware wallets and metal seed plates will be seen as the dark ages when we look back.
Discussion
How does CTV improve security and do away with the need for hardware wallets and seed plates?
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There are many ways, facilitating coinpools allows people to make small tradeoffs wrt custody (though essentially maintaining self custody just with more hoops if something goes wrong) but not have to deal with L1 issues.
If you don't go down the covenants pathway then reality kicks in and either people are paying a fortune for onchain TXs or just using third party custodians for everything.
What’s wrong with federated side chains like liquid? At this point the federation is more decentralized than the bitcoin hash rate (somewhat joking obviously).
I have almost conceded that “the masses” will not embrace bitcoin. Just like most people, literally 99% of the world, could care less how the fiat system works.
We need the optimistic builders and visionaries to embrace bitcoin. The mainchain will still have a much greater wealth distribution than the current global fiat systems. This applies even to nation states.
The UTXO set size is currently 123 million.