The reward counts on 3.6 BTC to improve the BIP-119. The BIP-119 already receives both positive and negative opinions.

Entities and other members in the crypto environment offered at least $ 170,000, or 3.6 BTC, to any user who finds a bug or bug in the Bitcoin BIP-119 upgrade proposal, which could be the next big protocol update.

The BIP-119 update, the latest update with new ways to automate Bitcoin transactions parallel to smart contracts, received criticism against it.

Jeremy Rubin, the developer of this new update, explained that the criticism against the BIP-119 does not justify that this update has the potential to become effective in 2022. He offered USD 10,000 to whoever managed to find a bug or software flaw in this proposal.

Other members expressed their desire to reward the investigation with more bitcoins to encourage the cause. Entities like Luxor Tech and Bitcoin Magazine, and entrepreneurs like Alistair Milne, are contributing to boost the cause.

Some users argue that this is the biggest reward for open-source software development in its history. This initiative gets disputed by Strike and the Human Rights Foundation, who recently offered 3 BTC to create BTC wallets that implement Lightning and are open source.

Jeremy Rubin clarified that they would be announcing a different challenge and award structure than “winner takes all,” so they are not encouraging the finding of a single error but of single adjustments that could appear and that are necessary to fix.

Comments against the BIP-119 Strike with Strength

The main criticism against the BIP-119 highlights that the whole phenomenon reached unexplored terrains too fast according to the level of understanding that the community has about this proposal.

Two notable ecosystem personalities, developer Michael Folkson and entrepreneur John Carvalho, posted their views on the GitHub of the UTXOS organization, led by Jeremy Rubin, and led the development and discussion on the BIP-119.

Folkson explained that experimentation with BIP-119 should happen before embarking on the activation route, which got proposed by Jeremy Rubin in December 2021.

Folkson highlights that just having a long list of use cases is not enough to undertake the soft fork of the Bitcoin code. A considerable part of the community does not desire to apply the BIP-119 and there would be a breakdown of the consensus between the Bitcoin nodes.

The representative also thinks that it is still unclear whether OP_CHECKTEMPLATEVERIFY or CTV, the command proposed by BIP-119 to execute the concept of “covenants” (agreements, templates), is the best way to activate the ability to sign transactions that can run automatically in time according to established parameters.

According to John Carvalho, current CEO of Synonym, Bitcoin having updates of this type so soon is not a positive thing, noting that it has not been long since the activation of Taproot in November 2021.

By: Jenson Nuñez

LEAVE A REPLY

Please enter your comment!
Please enter your name here