now does on chain Bitcoin scale to the next billion users?
methinks it will be a covenant soft fork
Discussion
how** 😐
Im not technical enough to have a valid opinion but that’s not going to stop me from giving one. I am comfortable with federated ecash bank runs by institutions that require some level of trust. The tech is already there and doesn’t require changing the base layer. That said, Ive watched a few talks OP checktemplateverify breaks my brain but seems super interesting.
Most likely. Covenants give true Ark, better self custody, and further improved Lightning which especially in combination are ridiculously powerful
Biggest problem is i still don't hear a solution on what covenant proposal to use and how to signal activation
that's being worked on, iiuc. most proposals will have CTV + something else.
This is the problem tho, there's still not a coalescing around 1 proposal. As long as there are several competing ideas, we won't get 1 through.
agreed.
We are getting closer, but rough consensus is by nature rough and messy and slow by design. https://en.bitcoin.it/wiki/Covenants_support
That’s the trillion dollar question
Money scales in layers. This question is akin to: "how do make sure everyone has gold and can transact quickly with it at a pace they are used to?"
The answer is: you don't.
You create a bearer bond that has a claim to the gold that is able to reach transaction velocity.
With Bitcoin, you do the same bearer bond but it's digital so, you have a smart contract that is a claim to real bitcoin. This would be a robust second layer that has plenty of competition. Lightning is one such solution. E-cash/cashu is a more custodial version where you trust an organization to issue claims against bitcoin. There are other ways with OP_codes and HTLCs that allow different structures to build layer twos. The first layer two to construct multi-input/output HTLCs would probably deprecate lightning. Point being, that no Forks are necessary to scale. The coders just need to learn more about finance to have insight into the kinds of instruments that would suit scaling best.