Author: Jorge Timón 2022-05-12 11:46:45
Published on: 2022-05-12T11:46:45+00:00
The discussion on the bitcoin-dev mailing list revolves around the feasibility of covenants and their potential use cases. The conversation starts with a mention of Visacoin, which is seen as a potentially scary concept due to censorship concerns and recent events in Canada. Billy Tetrud notes that recursive covenants are required for such projects, but it could still be done with multisig. However, non-recursive covenants are also discussed, and Keagan McClelland highlights that any well-implemented covenant contract will allow the receiver to specify spend conditions, meaning they can avoid receiving restricted coins. He argues that dynamic covenants are a good thing, as they enable more secure wallet vaults. Tetrud further explains that practical use cases of walled gardens require dynamic covenants rather than recursion. He notes that OP_CTV can provide non-recursive covenants and that no combination of future opcodes can enable either recursion or dynamicness to an OP_CTV call. ZmnSCPxj adds to the discussion by stating that at the time of posting about covenants, there was no distinction between recursive and non-recursive covenants. Today, however, we have opcode designs that provide non-recursive covenants, and it is now possible to distinguish between the two types of covenants. Overall, the conversation highlights the different possibilities and limitations of covenants in the Bitcoin ecosystem.
Updated on: 2023-06-15T20:37:39.792204+00:00