Thursday, September 29

Bitcoin’s Next Big Improvement Has A Possible Trigger Path

The BIP-119 upgrade proposal, which could be Bitcoin’s next big update, already has a possible roadmap for its activation in the year 2022.

Jeremy Rubin, author of BIP-119, established an activation route similar to the one followed this year for the activation of Taproot, which occurred on November 14, 2021. The new proposal would come to Bitcoin via a soft fork (soft-fork) in November next year.

The BIP-119 enter a type of «covenant»(Agreement, pact) that allows to define the way in which bitcoins (BTC) can be spent. The covenant in question is named OP_CHECKTEMPLATEVERIFY u OP_CTV and consists of a template or spending scheme of some currencies over time, before the issuers and receivers of the transactions.

In CriptoNoticias we reported this development when it was presented for the first time during 2020, highlighting the possibilities it offers to carry out transactions in batch or function in an automated way as a smart contract in Bitcoin.

Additionally, a programming language called Sapio is introduced, which according to Rubin turns out to be quite useful for displaying various types of transactions and practical concepts with OP_CTV.

In a publication made on December 24, Rubin explained what the activation route of the BIP-119 would be like, as well as other considerations and variables that will be specified or changed over time.

Jeremy Rubin (photo) proposes a way to activate his proposal in Bitcoin, although he clarifies that it is not final. Fountain. Taariq Lewis – YouTube

The BIP-119 is a soft fork, meaning that it will not break the Bitcoin consensus or require drastic changes to its software and protocol.

“March 15th [de 2022] the developers will reach an agreement on including the BIP-119 code [a Bitcoin Core]. On April 15, they must reach an agreement on the signage, which will take place from June 1 to September 1. The approximate block height for activation would be on the date of November 10, 2022 ”.

Jeremy Rubin, developer and author of BIP-119

Rubin acknowledges that this activation path is similar to that of Taproot, as it includes the participation and signaling of the miners such as the Speedy Trial, which we cover in CriptoNoticias.

Developers and mining pools support this proposal in Bitcoin

It also highlights that the activation of the BIP-119 You have my support from some developers and personalities of the bitcoin and cryptocurrency ecosystem, such as Ben Carman (The Bitcoin Company), Bryan Bishop (a BitMEX scholar), Charlie Lee, creator of Litecoin; FluffyPony, former Monero developer; Olaoluwa Osuntokun, Head of Technology at Lightning Labs; fiatjaf (creator of lntxbot) and more.

Too, The BIP-119 is supported by two mining pools: F2Pool and Luxor Tech, as well as companies like Lightning Labs, Muun Wallet, Breez and others.

Jeremy Rubin was one of the most proactive developers of the Taproot implementation in Bitcoin. However, it points out that BIP-119 and your proposed activation it is not final nor does it pretend to be official.

“This document in no way represents an official roadmap, narrative or priority. However, it is my own take on what the most pragmatic way to update Bitcoin is right now, based on my understanding of some other proposals and their interactions. My priorities are to open the discussion on new features, minimize risks and achieve a pragmatic design for Bitcoin ”.

Jeremy Rubin, developer and author of BIP-119.

However, this proposal is positioned as one of the most advanced and perhaps accepted to implement in Bitcoin, and its activation could become effective in 2022.

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