Explaining CheckTemplateVerify, Bitcoin’s Latest Controversial Soft Fork Proposal Today

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CheckTemplateVerify (CTV) is a soft fork proposal for Bitcoin specified in the Bitcoin Improvement Proposal (BIP) 119. It aims to enable new use cases for the network by adding a basic type of “covenant,” or smart contract, which is more than what can be achieved at the moment.

Why Covenants?

Bitcoin, as is, doesn’t possess a lot of flexibility in its programmability at the base level of transactions — and certainly not as much flexibility as it has at the level of the public and private keys used to sign transactions.


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