Author: Keagan McClelland 2022-05-09 15:23:39
Published on: 2022-05-09T15:23:39+00:00
The discussion revolves around the use of covenants in Bitcoin and the potential risks associated with them. The concept of recursive and dynamic covenants is discussed, with the latter being deemed more practical for implementing walled-gardens. The defense mechanism against receiving "tainted" coins is explained, which involves generating a script compliant with the covenant provisions to which the sender is bound. Governments using Bitcoin to create a visa-coin or other forms of walled gardens are not seen as a real concern, given that they can already do so through multisig wallets. The distinction between recursive and non-recursive covenants is emphasized, with OP_CTV being identified as an opcode design that provides non-recursive covenants. In conclusion, the risks associated with covenants in Bitcoin are largely dependent on their implementation and the trustworthiness of the parties involved.
Updated on: 2023-06-15T20:37:24.055353+00:00