Covenants: Make Script Great Again
summary
Covenants claim to let wallets and protocols encode concrete behaviors on spend: OP_CHECKLOCKTIMEVERIFY and OP_CHECKSEQUENCEVERIFY already enable Lightning’s penalties; proposals like checktemplateverify and TX let channels have L2 symmetry, cold channels, vaults with reactive sweeps, and onchain inheritance rules. The talk shows how those opcodes reduce multi-transaction backups, preserve unilateral exit, compress complex scripts into small opcodes, and trade modest added protocol complexity for fewer bytes on‑chain and stronger, recoverable custody (e.g., resistance to $5 wrench attacks).
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chapters (10)
- 0:00The Basics of Bitcoin Script
- 1:56Script-based Operations in Bitcoin
- 3:50More Privacy in the Lightning Network
- 5:34Reactive Security and the $5 Wrench Attack
- 7:26Increased Freedom in Bitcoin Transactions
- 9:16Making the Bitcoin User Experience Better
- 11:11Improving Bitcoin with Additional Covenants
- 13:09Thoughtful Ways to Progress the Protocol Forward
- 14:50The Risk of Adding Covenants to Bitcoin
- 16:46Efficient Block Management
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