Running thread of proposed BIPs that may or may not be implemented in the future👇
— Sam Baker (@macromule) April 27, 2022
BIP 118 (Proposed 2017): Known as ANYPREVOUT, BIP 118 describes a new type of public key for tapscript (BIP 342) tx, allowing for dynamic binding of txs to different UTXOs.
BIP 119 would improve the Lightning Network by drastically decreasing the requirements on channels; instead of storing the entire state history, channels only need store the latest state.
Good read by @bitnovo : https://t.co/s0wsag0Nu1
BIP 119 (First proposed in 2014, last updated Feb 2020): Proposed by @JeremyRubin , CheckTemplateVerify (CTV) introduces ‘covenants’, which are an opt-in way to restrict how coins will be spent, and can open doors to **complex smart contracts.**
Additionally, CTV seeks to combat network congestion (via batching) and allow for lightning channels of more than 2 entities.
Good read by @BitMEXResearch https://t.co/ILnXoTogLY
BIP119 has seen broad support from the community and no bugs despite a year-long 5.5 BTC bounty, yet lacks the buy-in from lead devs.
In a controversial move, Rubin recently announced the imminent release of a new client with OP_CTV activation parameters.
BIP 300/301 (First proposed in 2014/2019 respectively) introduces the concept of Drivechains, which are sidechains that
1. Operate with minimal trust
2. Are secured by bitcoin miners via ‘blind merged mining’ and
3. Use bitcoin as the native currency
In BIP 300, @Truthcoin introduces Hashrate Escrow. The solution is a way for bitcoin to be bridged from Bitcoin (the L1) to sidechains in a trust-minimized fashion by leveraging miners to process the bridge.
As a corollary to Hashrate Escrow, BIP 301 introduces Blind Merged Mining (BMM), which could provide income to miners through transaction fees and commissions occurring on sidechains, without running its node software (hence ‘blind’)
Drivechains have been cited as a potential solution to Bitcoin’s declining block subsidy as a way to counteract declining mining revenues.
View Reddit by mulebotte – View Source