Last Resort: Unfunded Covenants for Bitcoin
Jeremy Rubin has put forward a new proposal that suggests a way for specialized oracles to imitate covenants on Bitcoin without the need for any softforks. These oracles would be secured by a smart contract language called Simplicity.
This proposal aims to enhance Bitcoin’s functionality by enabling users to create complex conditions for transactions without requiring changes to the underlying protocol. By leveraging Simplicity, users would have more flexibility in how they can use Bitcoin, opening up new possibilities for decentralized finance and other applications.
Rubin’s proposal has sparked interest among the Bitcoin community, with many seeing it as a promising development that could lead to further innovation on the blockchain. If implemented, this idea could have far-reaching implications for how Bitcoin is used and could pave the way for a more versatile and dynamic ecosystem.
Overall, Rubin’s proposal represents an exciting step forward in the evolution of Bitcoin, showcasing the potential for ongoing development and enhancement within the cryptocurrency space. Keep an eye on this proposal as it continues to generate discussion and excitement among enthusiasts and experts alike.
