delvingbitcoin

Covenant tools softfork

Covenant tools softfork

Original Postby jamesob

Posted on: September 29, 2023 14:44 UTC

The discussion centers around the strategic approach to implementing changes within Bitcoin's protocol through softforks, specifically addressing the challenges and considerations in bundling several upgrades together versus handling them separately.

The focus is on three main proposals: CheckTemplateVerify (CTV), Anyprevout (APO), and OP_VAULT, each serving distinct purposes but collectively enhancing Bitcoin’s functionality.

The author argues against the fragmentation of these upgrades into separate deployment cycles due to the inherent overhead involved in the activation process, both from a social and technical standpoint. Drawing from experiences with the assumeutxo development cycle, it's noted that dividing changes too finely can complicate the review process, making it inefficient because it spreads out the focus on individual updates rather than allowing for a consolidated review of a bundled package. This insight underscores the practical difficulties in achieving rapid progress with segmented updates, suggesting a bundled approach could mitigate these issues.

Given the current pace at which softfork processes unfold—approximately once every four years—the author raises concerns about the prolonged timeline for making significant features like vaults available in Bitcoin. The potential delay in deploying vaults, along with CTV or APO, is viewed unfavorably, emphasizing the need for a more efficient path to adoption that doesn’t leave essential upgrades pending for extended periods.

There’s an acknowledgment of the initial proposal to combine APO and CTV without including vault, but feedback from contributors highlighted the integral role of OP_VAULT in realizing the full potential of CTV and its importance to Bitcoin users. This led to the decision to propose all three changes as a single package, which not only addresses specific use cases but also aims to streamline the consensus review and deployment effort. The size of the patch, although significant, is considered manageable and justified by the collective benefit of the included features.

Furthermore, the synergy between CTV and APO in certain applications, such as improved versions of Lightning Network symmetry, exemplifies the practical advantages of considering these upgrades as a complementary set. The combination of these proposals is portrayed as a strategic effort to harness broader community support and motivation, essential for overcoming the hurdles associated with consensus changes in the Bitcoin network.

In conclusion, there's a strong advocacy for a unified approach to deploying these updates, based on the rationale that doing so would not only expedite the availability of important features like vaults but also capitalize on the consensus around the safety and utility of CTV and APO. This strategy is aimed at optimizing the review process and ensuring a timely and efficient update to Bitcoin’s protocol, reflecting a pragmatic response to the complexities of blockchain governance and development.