BIP-119 proposes automated transactions with spending parameters. The author suggests an activation route similar to that of Taproot.
The BIP-119, the initiative that would become Bitcoin’s next famous update, already counts on a possible roadmap for its activation in 2022. Jeremy Rubin, BIP-119’s creator, consolidated an activation roadmap that guards many similarities with the one that took effect this year for the activation of Taproot, which occurred on November 2021. The new proposal would arrive with the soft fork in November of next year.
The BIP-119 reveals a “covenant” that allows defining how bitcoins (BTC) can get spent. The covenant in question bears the name “OP_CHECKTEMPLATEVERIFY or OP_CTV” and consists of a template or spending scheme of some currencies’ overtime.
During 2020 media outlets highlighted the possibilities this agreement would offer to carry out transactions in batch or function in an automated way as a smart contract in Bitcoin. Additionally, a programming language named Sapio got presented, which according to Rubin, turns out to be useful for displaying various types of transactions and practical concepts with OP_CTV.
In a report revealed on December 24, Rubin highlighted what the activation roadmap of the BIP-119 would be like other considerations and variables that would get specified or changed over time. The BIP-119 is a soft fork, making it unable to break the Bitcoin consensus or to need many drastic changes to get implemented on its software and its protocol.
Rubin recognizes that this activation route is similar to that of Taproot. This activation includes the participation and signal of miners such as the Speedy Trial.
Developers Support this Proposal in Bitcoin
This proposal also highlights that the BIP-119 receives the assistance of various developers and personalities of the bitcoin and cryptocurrency ecosystem.
Developers like Ben Carman (The Bitcoin Company), Bryan Bishop (BitMEX scholarship holder), Charlie Lee, creator of Litecoin; FluffyPony, former Monero developer; Olaoluwa Osuntokun, Head of Technology at Lightning Labs; are amongst the list of supporters of this activation.
The BIP-119 also received supportive stance from two mining pools: F2Pool and Luxor Tech, and companies like lightning Labs, Muun Wallet, Breez, and others.
Jeremy Rubin became the most prolific developer of the Taproot implementation in Bitcoin. However, Rubin recognizes that BIP-119 and its proposed activation is not final; It means it does not have the pretension to be official.
Jeremy Rubin, developer and author of BIP-119. said this document does not represent an official roadmap, narrative, or priority. However, Rubin said this document is just his vision about the most pragmatic way to update Bitcoin. He bases this update on a misunderstanding of some other proposals and their interactions.
However, this proposal got ranked as one of the most advanced and perhaps accepted to implement in Bitcoin, and its activation could become effective in 2022.
By: Jenson Nuñez
