CTV + CSFS: a letter

The discourse centers around the challenges and divisions within the Bitcoin community regarding the implementation of CheckTemplateVerify (CTV) and Cross-Input Signature Aggregation (CSFS), highlighting the contrasting positions of small Bitcoin-focused teams and large-scale custodians. Small teams, often operating with limited resources, view the adoption of covenants through CTV as a significant opportunity to innovate. However, the prolonged discussions over six years without clear progress have led to a cautious approach among these teams. They seek more tangible assurances before committing further resources, fearing the potential for wasted effort with no substantial outcome. This sentiment is encapsulated by Tiero from ArkLabs, who expresses concern over the possibility that their organization might not survive until the implementation of a soft fork.

Conversely, large custodial services, despite having ample resources, are deterred by the uncertainty surrounding the activation of these changes. Instead of investing in engineering solutions like CTV, they prefer establishing Trust companies. This route offers legal safeguards, such as bankruptcy remoteness, albeit at a greater cost and time investment. Prominent entities such as NYDIG, BitGo, and ZeroHash have adopted this conservative strategy, favoring predictability over the potential innovations offered by CTV.

The author of the email also shares their personal engagement with the Bitcoin forking process, demonstrating a proactive stance by developing a checklist based on a comprehensive guide they found useful. This initiative forms part of a broader industry survey the author is excited about, indicating a desire to contribute constructively to the conversation. Despite previous attempts to engage with the recipient through various channels for feedback, the author has yet to receive a response. The email concludes by expressing a hope for input on the approach, underscoring the value placed on collaborative dialogue within the Bitcoin development community.