🏷️ Categories: bitcoin-dev
quoting naddr1qq…x97a📝 Summary: Last year, a community process for specifying covenants was introduced but is no longer being actively pursued. Efforts were made to evaluate covenant proposals and expand the consensus changes development process. A Github repository was created to document Bitcoin contracting primitives. The author believes that adding covenant schemes can simplify Lightning Network development, while others argue that more than covenants are needed for significant gains. The development approach for consensus change primitives is discussed, with a focus on the technical fitness of Simplicity for small party channels. The potential benefits of covenant schemes in improving the Lightning Network and Bitcoin’s survival are highlighted.
👥 Authors: • Antoine Riard ( Antoine Riard [ARCHIVE] (npub1vjz…x8dd) ) • Greg Sanders ( Greg Sanders [ARCHIVE] (npub1jdl…gh0m) ) • Keagan McClelland ( Keagan McClelland [ARCHIVE] (npub1f2n…s289) )
📅 Messages Date Range: 2023-07-18 to 2023-07-20
✉️ Message Count: 6
📚 Total Characters in Messages: 75177
Messages Summaries
✉️ Message by Antoine Riard on 18/07/2023: Last year, a new community process for specifying covenants was introduced, but the person behind it will no longer actively pursue it. Efforts were made to build a framework for evaluating covenant proposals and expand the consensus changes development process. Other initiatives were also undertaken during the same period. A Github repository was created to document Bitcoin contracting primitives and corresponding protocols. Monthly meetings were held with attendees from various parts of the community. However, the person behind the process has been busy with other Bitcoin projects and has not held online meetings since April.
✉️ Message by Keagan McClelland on 19/07/2023: The author agrees that a smooth functioning Lightning Network is important, but believes that adding covenant schemes can help simplify LN development. They challenge the idea that covenants are a distraction and suggest that they can contribute to LN’s maturity.
✉️ Message by Greg Sanders on 19/07/2023: The complexity of the Lightning Network (LN) cannot be resolved with covenants alone. More than CTV is needed for significant gains, and there are other BOLTs to consider. Finding interesting primitives and working backwards from there may be a more productive approach. Covenants can contribute to LN’s maturity, but the prioritization is unclear.
✉️ Message by Antoine Riard on 20/07/2023: The author discusses the development approach for consensus change primitives and mentions the importance of individual judgment for each BOLT. They also highlight the uncertainty surrounding Simplicity for small party channels and suggest exploring formal verification.
✉️ Message by Greg Sanders on 20/07/2023: Antoine acknowledges Greg’s development approach but raises concerns about the authority of BOLTs and the technical fitness of Simplicity for small party channels.
✉️ Message by Antoine Riard on 20/07/2023: The author discusses the potential benefits of covenant schemes in improving the Lightning Network and Bitcoin’s survival. They mention the limitations of 2-party payment channels and the ongoing changes in channel operations. The use of covenant primitives in DLC development and financial engineering expressivity is also highlighted.
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