I don't have a single work that explains fully why CTV is the best covenant proposal. I came to this opinion slowly after many years of studying bitcoin and lightning technical design and watching the debate play out.
I think the most convincing argument today is that many builders working on different problems have converged on the same, simple tool that enables or amplifies what they can build.
James O'Bierne has been working on vaults for years. First he designed a protocol using only CTV, then leveled it up into a distinct opcode, OP_VAULT, that did not use CTV. After incorporating feedback and improving his proposal he brought CTV back in because it was the best tool for the job. Now, OP_VAULT depends on CTV as an underlying primitive. I can't think of a stronger endorsement.
https://github.com/jamesob/bips/blob/jamesob-23-02-opvault/bip-0345.mediawiki
Ruben Somsen and Lloyd Fournier showed that CTV improves DLC efficiency by ~30x in the worst case.
https://mailmanlists.org/pipermail/dlc-dev/2022-January/000102.html
Greg Sanders built an LN-symmetry proof of concept and, in the process, found that using CTV simplified the protocol, removing round trips and improving payment times.
https://delvingbitcoin.org/t/ln-symmetry-project-recap/359
I haven't looked into Salvatore Ingala's MATT proposal but apparently he's planning to include CTV also. Maybe PolyD_ (npub1775…9jcw) can elaborate on this one.
The other thing that gives me conviction is the simplicity of CTV's design. Saint-Exupéry said that perfection is only achieved when there is nothing left to take away. I think it's clear that BIP119 embodies this principle. It's as simple as it can be to achieve its design goals. There is nothing left to take away.
vnprc
npub16v…umhgd
2024-02-07 05:07:34
in reply to nevent1q…klsu
Author Public Key
npub16vzjeglr653mrmyqvu0trwaq29az753wr9th3hyrm5p63kz2zu8qzumhgdPublished at
2024-02-07 05:07:34Event JSON
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"content": "I don't have a single work that explains fully why CTV is the best covenant proposal. I came to this opinion slowly after many years of studying bitcoin and lightning technical design and watching the debate play out.\n\nI think the most convincing argument today is that many builders working on different problems have converged on the same, simple tool that enables or amplifies what they can build.\n\nJames O'Bierne has been working on vaults for years. First he designed a protocol using only CTV, then leveled it up into a distinct opcode, OP_VAULT, that did not use CTV. After incorporating feedback and improving his proposal he brought CTV back in because it was the best tool for the job. Now, OP_VAULT depends on CTV as an underlying primitive. I can't think of a stronger endorsement.\nhttps://github.com/jamesob/bips/blob/jamesob-23-02-opvault/bip-0345.mediawiki\n\nRuben Somsen and Lloyd Fournier showed that CTV improves DLC efficiency by ~30x in the worst case.\nhttps://mailmanlists.org/pipermail/dlc-dev/2022-January/000102.html\n\nGreg Sanders built an LN-symmetry proof of concept and, in the process, found that using CTV simplified the protocol, removing round trips and improving payment times.\nhttps://delvingbitcoin.org/t/ln-symmetry-project-recap/359\n\nI haven't looked into Salvatore Ingala's MATT proposal but apparently he's planning to include CTV also. Maybe nostr:npub1775tuvua6h9mkmlqm3ragxpv3z3eegahhshydj36u2xq72vve9lsq29jcw can elaborate on this one.\n\nThe other thing that gives me conviction is the simplicity of CTV's design. Saint-Exupéry said that perfection is only achieved when there is nothing left to take away. I think it's clear that BIP119 embodies this principle. It's as simple as it can be to achieve its design goals. There is nothing left to take away.",
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