Author: Antoine Riard 2022-08-30 15:46:23
Published on: 2022-08-30T15:46:23+00:00
Antoine Riard and Billy Tetrud discussed the creation of a working group to investigate the problem and solution spaces of covenants. They talked about the possibility of having decentralized in-person meetings to minimize travel hurdles and foster communication that could then be summarized and brought online. The proposed process entails six phases, including identifying motivations and constraints, categorizing relevant constraints, identifying other criteria for evaluation, evaluating proposals based on the identified motivations, constraints, and criteria, producing a set of conclusions/opinions on which proposals are worth pursuing further, and revisiting previous phases as needed. Each phase would involve discussing individual nominated items sequentially and reaching a consensus at the end of each phase considered a group consensus. Results of each phase would be published more widely to get broader community feedback, including detailed evaluations of each proposal. The process is iterative, with consensus solidified more after each iteration. They believed that the covenant problem space might be solved in an evolutionary way, layer by layer akin to how LN moves forward. They also mentioned ongoing efforts to document primitives and make progress on the use-cases collection soon. Examples of capabilities in the Bitcoin context include payments into vaults, oracles whose validity can be verified on chain, and colored coins whose validity can also be verified on chain.
Updated on: 2023-06-15T23:07:00.094818+00:00