I was recently interviewed by Cointelegraph to discuss Bitcoin Improvement Proposal BIP-119, also called "CTV" soft fork.
BIP 119 introduces CheckTemplateVerify (CTV), a new opcode designed to enable "covenants" on the Bitcoin network, allowing for more advanced scripting capabilities without fully programmable smart contracts.
The primary goal of CTV is to make Bitcoin more efficient for certain applications by reducing the need for trust, interactivity, and storage in multi-party transactions. For example:
➡️ It enables “vaults” for secure custody, where funds can only be spent in predefined ways (e.g., with time delays for recovery).
➡️ It supports better congestion control in payment channels and Layer 2 protocols like the Lightning Network or Ark, allowing batched or non-interactive transactions.
Overall, it aims to enhance scalability, security, and usability without introducing unbounded recursion or overly complex scripting that could risk network stability.
This is particularly useful for scenarios involving pre-signed transactions, where parties can commit to future spends without ongoing coordination.
Link to full article in comments.