StarkWare 🐺🐱 (@StarkWareLtd): What if covenants on Bitcoin are possible right now?
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What if covenants on Bitcoin are possible right now? Covenants in Bitcoin enforce structure on transactions and add persistent state and logic, potentially bringing Bitcoin into the exciting realms of scalability, privacy, and efficient DeFi. Until recently, it was believed that implementing covenants on Bitcoin would require a soft fork of an additional opcode, such as dedicated ones like OP_CTV or indirect ones like OP_CAT. In this paper, we show that covenants may already be feasible on Bitcoin today without any soft fork. While our solution is computationally intensive, we believe there’s significant room for optimization. Currently, spending our covenant requires approximately 33 hours of work from the Bitcoin mining network, whereas breaking it would demand an estimated 450,000 years of the network's computational power. A costly solution - no doubt - but ultra-secure and with plenty of room for improvement. This new paper explains how. Quote [@avihu28](https://www.twitter.com/avihu28/status/1854570598439014807) > "ColliderScript: Covenants in Bitcoin via 160-bit hash collisions" > > colliderscript.co/colliderscript…