Covenants Soon To Be Implemented in Bitcoin? BIP-119 Is Making a Comeback!

The next major evolution of Bitcoin's source code could be driven by BIP-119.

Despite the efforts of certain players such as BlackRock and Michael J. Saylor to ossify the Bitcoin network's source code to establish Bitcoin as nothing more than digital gold, the Bitcoin system continues to evolve block by block. At a pace that some consider too slow, but which is just right when you consider the enormous stakes involved.

Evolving Bitcoin requires consensus within the community and, above all, the utmost caution to avoid jeopardizing the Bitcoin revolution. Rushing things could set back the progress of this revolution, which is a unique opportunity for humanity, by several years.

Proposals for improving the Bitcoin network are submitted in the form of BIPs (Bitcoin Improvement Proposals) by developers. Submitted more than five years ago by developer Jeremy Rubin, BIP-119 is back in the spotlight and could well be the next to be implemented in Bitcoin Core.

BIP-119 aims to improve the scalability and security of the network. For those who follow this newsletter, this will not be new, as I already discussed it in detail a year and a half ago in my article on Bitcoin Covenants:

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BIP-119 introduces the concept of Covenants, which are restrictions on how Bitcoins can be spent after a transaction. This would allow for the creation of smart safes where users can set specific rules on how their funds can be used.

We take a look at this update to the Bitcoin source code, which could shake things up and become the next big evolution after Taproot.