Hi Devs,

There's a lot of noise in the other thread and it's hard to parse out what
merits a response or not without getting into a messy quagmire, so I
figured a separate email with high level points was the best way to respond.

Covenants are an important part of Bitcoin's future, not for "adding use
cases" but for making the fundamental pillars underlying Bitcoin more
robust. For example, covenants play a central role in privacy, scalability,
self custody, and decentralization (as I attempted to show in
https://rubin.io/advent21).

Bitcoin researchers have known about covenants conceptually for a long
time, but the implications and problems with them led to them being viewed
with heavy skepticism and concern for many years.

CTV was an output of my personal "research program" on how to make simple
covenant types without undue validation burdens. It is designed to be the
simplest and least risky covenant specification you can do that still
delivers sufficient flexibility and power to build many useful applications.

CTV has been under development for multiple years and the spec has been
essentially unmodified for 2 years (since the BIP was assigned a number).

CTV's specification is highly design specific to being a pre-committed
transaction. It'd be difficult to engineer an alternative for what it does
in a substantially different way.

CTV composes with potential future upgrades, such as OP_AMOUNT, CAT, CSFS,
TLUV. (See https://rubin.io/blog/2021/07/02/covenants/ and
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2021-September/019423.html
)

CTV is non-rival (that means "both can happen") with any other upgrade
(e.g. APO, TLUV).

During the last 2 years, CTV has been reviewed by a wide range of folks and
there have not been (any?) conceptual or concrete NACKs for CTV to have or
introduce any risk or vulnerability to Bitcoin.

The main complaints about CTV are that we might come up with something
better eventually, a better system of things, or that CTV is not flexible
or general enough to make interesting applications, and it would be
unfortunate to go through with using up the 32 byte argument version of an
OP_NOP and the pains of any soft fork for something that we may eventually
know how to do better, replacing CTV.

More general approaches (e.g., based on CAT+CSFS) while more capability
powerful, have limitations given large script sizes and difficulty in
manipulating transactions and their outputs (e.g., Taproot outs requires
some OP_TWEAK as well), and are harder to reason about given higher degrees
of malleability.

During the last 2 years, while some other interesting concepts have arisen
(such as IIDs or TLUV), nothing in particular has fully overlapped CTV's
functionality, the closest being APO and they would both be valuable tools
to have independently.

During the last 2 years, no other proposal has reached the level of
"technical maturity" as CTV in terms of spec, implementation, testing,
tooling (rust miniscript integration, Sapio, python-vaults), and the
variety of applications demonstrated possible. As the saying goes, one in
the hand is worth two in the bush.

Many current users (not just end users, but businesses and protocol
developers as well) see CTV as delivering useful functionality for existing
applications despite its limitations (and some of those limitations emerge
as strengths). In particular, CTV is helpful for Lightning Network
companies to deliver non-custodial channels to more users and generally
improving wallet vault custody software.

Applications that are improved/enabled by CTV and not used today, like
Payment Pools, deliver strong privacy benefits. Privacy is something that
the longer we exist in a worse state, the harder it becomes to improve.
This is unlike e.g. scalability or self custody where improvements can be
made independent of previous activity. On the other hand, information leaks
from records of transactions are forever. There is more benefit from
reducing privacy leaks sooner than later. In other words, privacy is a path
dependent property not immediately upgradable to whatever current
technology provides.

Software Development is also path dependent. Many have remarked that there
is not great alternative research on other covenant proposals, but not many
application builders or protocol researchers are investing deep time and
expertise on producing alternative paths to covenants either. Accepting an
upgrade for limited covenants, like CTV, will give rise to many application
builders including covenants in their stack (e.g. for batching or vaults or
other applications) and will encourage more developers to contribute to
generic tooling (Sapio can be improved!) and also to -- via market
processes -- determine what other types of covenant would be safe and high
value for those already using CTV.

In my advocacy, I published the essay "Roadmap or Load o' Crap" (
https://rubin.io/bitcoin/2021/12/24/advent-27/), which presents a
hypothetical path for 'completing' BIP-119 this year and analyzes some
possible future work as well as the timeline viability of some alternatives
based on my best understandings. In this essay, I say very plainly:

*More “regular contributors” would need to spend time reviewing the code
> and BIP to assure themselves of correctness and safety. Nothing can move
> forward without, no matter the count of casual contributors. Many regular
> contributors don’t want to ‘get political’ and look at forks. Fortunately,
> while all consensus changes are complex, CTV is a very tiny and easy to
> review change in comparison with SegWit or Taproot (more similar to
> CheckLockTimeVerify – a couple hundred lines of consensus code, a couple
> hundred lines of non consensus code, and a couple thousand lines of tests,
> no cryptographic primitives). NOTE: This is a big if! Every contributor has
> the right to review, and ACK or provide a reasoned NACK. Even if everyone
> else is excited about something doesn’t mean there isn’t space for new
> thought-through dissent. At the end of the article, I discuss some concrete
> next steps to ensure more developer review occurs.*


Nowhere have I called for an imminent contentious soft fork attempt. All I
am doing is agitating for other developers to perform reviews. I recognize
that developers have limited time and individual priorities that may lead
them to prefer to spend time on improving Bitcoin in other ways, and I
would not call the soft fork process to bear for an upgrade that I did not
believe would yield large cross cutting benefits across a multitude of
interest areas. I've also plainly described that while "*there could be a
UASF for it, since there is strong user demand for CTV, ... I wouldn’t
personally lead the charge on that**...*". In no way am I endeavoring to
cause the community to take sides.

Lastly, and finally, I would like to close this email with a quote from my
Twitter from April '21
https://twitter.com/JeremyRubin/status/1384689155465089025

worth clarifying: I don't give a single fuck if BIP-119 CTV specifically is
> activated or not.



I want the functionality, in whatever form (eg noinput), to fix critical
> gaps in #Bitcoin's armor:



Decentralization.
> Scaling.
> Self Custody.
> Privacy.



let's. fucking. go.


This isn't an ego driven journey about getting in a feature I worked hard
on.

I couldn't care less.

This is about finding a pragmatic and low risk path to reinforcing
Bitcoin's fundamentals for the coming year.

This is about not resting on our laurels while we see properties critical
to Bitcoin erode.

Agree or disagree with CTV as the right next step, but we are all united in
wanting Bitcoin to be the best that it can be.

Best,

Jeremy

--
@JeremyRubin <https://twitter.com/JeremyRubin>
<https://twitter.com/JeremyRubin>
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