In nostr:npub1u8lnhlw5usp3t9vmpz60ejpyt649z33hu82wc2hpv6m5xdqmuxhs46turz's latest post called "Rethinking Lightning" he iterates how both lightning and bitcoin can scale self custody with covenants:
https://stacker.news/items/379225
Read why nostr:npub17u5dneh8qjp43ecfxr6u5e9sjamsmxyuekrg2nlxrrk6nj9rsyrqywt4tp thinks bitcoin needs covenants:
Got my signal added to https://utxos.org/signals
Let's activate CTV.
One day space in a bitcoin block will be one of the most precious commodities on earth. As such costs will have to dramatically increase from the present to be included in one of these blocks.
This tell us 2 things.
1. We need to continuously increase the tx density per block.
2. Inscriptions will die down significantly in the coming years as fees increase.
How often do you read optech newsletters, mailing lists and developer forums and how long have you been in bitcoin?
Understandably. However if bitcoin is to truly be a 1000 year technology then there are sacrifices that need to be made in these early days and you have to be able to see the forest through the trees. However since it is still such early days you will likely be rewarded if you hold.
Stop worrying about short term fee pressure and start worrying about long term centralization pressure.
The world decided it wants small blocks on bitcoin and that's fine.
It just means we have to continuously increase transaction density per block.
CTV is the next step in that never ending effort.
If you don't want the network to change that's fine, but then don't go around saying "bitcoin fixes this" or "bitcoin can save the world".
Unless we keep improving the protocol it WILL get captured by central parties and only be available to the wealthy.
And we'll be right back to where we started.
Unfortunately it's true, ossification and self custody don't mix. You want everyone to be able to self custody? We need more upgrades.
It's extremely early days still.
What should Jeremy Rubin do next? Vote Now!
Personally I voted for have him to create a CTV payment pool demo since this can really help people conceptualize how CTV can be used.
https://twitter.com/JeremyRubin/status/1742259372791611795?s=20
Also make sure to checkout these 2 twitter threads if you are truly interested in understanding the importance of OP_CTV:
https://twitter.com/dallasirushing/status/1740443095689318566
By Dallas Rushing
https://twitter.com/OwenKemeys/status/1741575353716326835
By Owen Kemeys
Completely agree on being conservative. This is why no one is rushing OP_CTV, it's been carefully reviewed over the last 4+ years.
It hasn't been on litecoin but it has been on something better which is bitcoin's signet (like bitcoin's testnet) for over 18+ months with a 5 BTC bounty for finding any bugs.
You can experiment right now, look up sapio and start creating some contracts.
Remember again we're just trying to reach consensus on when to upgrade since the technical discussion is mostly over. Currently 2-4 years from now is being thrown around.
Yes the shared utxo would have predefined conditions or a 'contract' that doesn't require hardly any updates, and is only executed on-chain when specific agreed-upcon conditions are met, like certain time lapses or actions.
It's been peer reviewed for over 4 years, it's been on signet for over 18 months, it has a 5 BTC bounty for anyone finding any bugs. It has buy in from individuals, businesses and developers which you can see more of at utxos.org/signals
The technical review is mostly over.
It's now just down to deciding how and when to activate it.
In OP_CTV's case shared UTXOs allow users to group their txs under predefined conditions.
It's like setting rules for a shared fund where participants agree on how funds are spent in future txs.
Also, it can boost LN by supporting channel factories allowing many users to share a single Lightning channel.
All of this can greatly increase efficiency.
Excuse the napkin math:
Assuming ~600K daily transactions happening on the network with each user placing 1 tx per month, the network could theoretically support ~18M active users monthly.
That's not enough 10 years from now.
Sharing UTXOs using OP_CTV would allow for several orders of magnitude more active users.
Remember every upgrade to bitcoin is designed to stack with future upgrades.
For example, OP_CTV complements SegWit by enhancing transaction flexibility and smart contract capabilities, building upon SegWit's already improved block space efficiency and transaction batching features.
OP_CTV will elevate bitcoin from just a value transfer network to a value transfer network + value coordination network.
I cannot overstate what an incredible achievement this would be for bitcoin.
Without OP_CTV bitcoin is destined to be coordinated by central parties (even if you can still verify a tx with your own node).