The BIP-119 improve proposal, which might be Bitcoin’s subsequent large replace, already has a doable roadmap for its activation within the 12 months 2022.
Jeremy Rubin, creator of BIP-119, established an activation route much like the one adopted this 12 months for the activation of Taproot, which occurred on November 14, 2021. The brand new proposal would come to Bitcoin by means of a tender fork in November of subsequent 12 months.
The BIP-119 introduces a kind of “covenant” (settlement, pact) that permits to outline the best way by which bitcoins (BTC) might be spent. The covenant in query is known as OP_CHECKTEMPLATEVERIFY u OP_CTV and it consists of a template or spending scheme of some currencies over time, earlier than the issuers and receivers of the transactions.
In CriptoNoticias we reported this improvement when it was introduced for the primary time throughout 2020, highlighting the chances it affords to hold out transactions in batch or operate in an automatic approach as a wise contract in Bitcoin.
Moreover, a programming language known as Sapio is launched, which in response to Rubin seems to be fairly helpful for displaying varied kinds of transactions and sensible ideas with OP_CTV.
In a publication made on December 24, Rubin defined what the activation route of the BIP-119 can be like, in addition to different issues and variables that will likely be specified or modified over time.
Jeremy Rubin (picture) proposes a strategy to activate his proposal in Bitcoin, though he clarifies that it’s not last. Fountain. Taariq Lewis – YouTube
The BIP-119 is a tender fork, that means that it’s going to not break the Bitcoin consensus or require drastic modifications to its software program and protocol.
“March fifteenth [de 2022] the builders will attain an settlement on together with the BIP-119 code [a Bitcoin Core]. On April 15, they have to attain an settlement on the signage, which can happen from June 1 to September 1. The approximate block top for activation can be on the date of November 10, 2022 ”.
Jeremy Rubin, developer and creator of BIP-119
Rubin acknowledges that this activation path is much like that of Taproot, because it contains the participation and signaling of the miners such because the Speedy Trial, which we cowl in CriptoNoticias.
Builders and mining swimming pools help this proposal in Bitcoin
It additionally highlights that the activation of the BIP-119 has the help of some builders and personalities of the bitcoin and cryptocurrency ecosystem, similar to Ben Carman (The Bitcoin Firm), Bryan Bishop (BitMEX scholarship holder), Charlie Lee, creator of Litecoin; FluffyPony, former Monero developer; Olaoluwa Osuntokun, Head of Expertise at Lightning Labs; fiatjaf (creator of lntxbot) and extra.
Too, The BIP-119 is supported by two mining swimming pools: F2Pool and Luxor Tech, in addition to corporations like Lightning Labs, Muun Pockets, Breez and others.
Jeremy Rubin was probably the most proactive builders of the Taproot implementation in Bitcoin. Nevertheless, it notes that BIP-119 and its proposed activation is just not last nor does it purport to be official.
“This doc under no circumstances represents an official roadmap, narrative or precedence. Nevertheless, it’s my very own tackle what essentially the most pragmatic strategy to replace Bitcoin is correct now, primarily based on my understanding of another proposals and their interactions. My priorities are to open the dialogue on new options, decrease dangers and obtain a realistic design for Bitcoin ”.
Jeremy Rubin, developer and creator of BIP-119.
Nevertheless, this proposal is positioned as probably the most superior and maybe accepted to implement in Bitcoin, and its activation might turn into efficient in 2022.