Bitcoin Audible4 Sep 2024

Read_843 - Soft Fork, Covenant Review - Part 1

"Lightning achieved a many-to-one mapping of transactions to transactions… But creating even a single UTXO per user is, arguably, not good enough. So there are many proposals out there to achieve even greater scaling by allowing multiple users to share a single UTXO in a self-sovereign way. Again, collapsing another “space” dimension of scaling users into one UTXO."
**— Peter Todd

Today we dive into Peter Todd's recent review of the various Layer 2 covenant proposals and the soft forks associated with them to analyze the core concepts, the costs, and benefits of each. For moving into the next realm of scaling with genuine "L2's," what are the trade-offs and possibilities for Bitcoin's future?

Check out the original report for more info and links to dig further
Soft-Fork/Covenant Dependent Layer 2 Review (Link: https://tinyurl.com/bdey68v4)

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"The bitcoin protocol can encompass the global financial transaction volume in all electronic payment systems today, without a single custodial third party holding funds or requiring participants to have anything more than a computer using a broadband connection."
— The Lightning Network Whitepaper

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