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Are Covenants Necessary for Bitcoin? with Brandon Black (SLP537)
· 31.12.2023 · 14:00:09 ··· Sonntag ⭐ 0 🎬 0
📺 Stephan Livera
Official Podcast Episode: https://stephanlivera.com/537
Not everybody understands that blockchains themselves don’t scale. And this may create some tricky implications if we want to onboard large numbers of people to Bitcoin. This is why some of the discussion nowadays is about soft forks and covenants. Brandon Black rejoins me to talk about some of his ideas on how many people can use Bitcoin with current tech, and how covenants such as CTV (Check Template Verify) could help improve this. We discuss:
- How many people can use Bitcoin
- Why not build L3?
- Thoughts on block size
- “Rush to the exits”
- Different kinds of forks
- Covenant proposals explained in english
- Concrete proposals
- Commercial demand
- Unforeseen risks
- Value density
Timestamp:
00:00 - Introduction
01:59 - Covenants elevator pitch
03:24 - What is an output?
05:01 - How many people can use Bitcoin
12:19 - Why not build L3?
14:03 - Why not raise the block size?
18:27 - “Rush to the exits”
20:49 - Sidechains?
22:20 - Different kinds of forks
26:30 - Bitcoin scripting
31:00 - Benefits of Covenants (timeout trees and NIC)
36:39 - CTV in english
38:10 - TXHASH
40:26 - Swan.com
41:38 - Coinkite.com
43:06 - Mempool.space
44:09- CAT
45:54 - APO
48:10 - CSFS
51:06 - VAULT
52:42 - Proposals
57:17 - Unforeseen consequences?
01:04:38 - Commercial demand
01:12:34 - CTV Activation
01:15:28 - Value density
Links:
- X: @reardencode : https://twitter.com/reardencode
- Timeout Trees explanation article by Shinobi - https://bitcoinmagazine.com/technical/timeout-trees-a-solution-to-scaling-lightning-network-lsps#:~:text=Oct%2017%2C%202023-,John%20Law's%20Timeout%20Tree%20proposal%20is%20one%20of%20the%20first,to%20address%20Lightning's%20scaling%20limitations.&text=One%20of%20the%20biggest%20inherent,block%20given%20the%20blocksize%20limit.
Prior Episode:
- SLP505 MuSig2 in Practice, APO, CTV & Bitcoin Soft Forks - https://stephanlivera.com/episode/505/
Sponsors:
- Swan.com (code LIVERA): http://swan.com/livera
- CoinKite.com (code LIVERA): http://coinkite.com/
- Mempool.space: https://mempool.space/
Stephan Livera links:
- Follow me on X @stephanlivera : https://twitter.com/stephanlivera
- Subscribe to the podcast: https://plinkhq.com/i/1415720320?to=page
· 31.12.2023 · 14:00:09 ··· Sonntag
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