Anyways, me I really like the idea and concept of this Bitcoin Covenant because I feel say e go really help Bitcoin, especially for things like Bitcoin Vaults, security and better self custody. But you know as them talk am, anything wey get advantage also get disadvantage and vulnerabilities, the idea itself don make sense wella, but the only issue na make the extra programmability no come go bring new security risks and bigger vulnerabilities wey go come dey worry people tomorrow or even complicate Bitcoin consensus. One of the biggest strength wey Bitcoin get na it’s simplicity and predictability, so if new updates go come, na to try make them no comot these factors.
Na exactly the same thing wey dey my mind when I been read about this thing, because like this small thing fit just cause another problem wey go fit affect the network and even if them later correct am, the thing fit don cause one or two damage. As we get better programmers wey want the good of Bitcoin, na so we get bad ones too wey dey find the easiest opportunity to fit exploit the system so any small loophole now, them don grab am be that.
I'm hearing something called Bitcoin Covenant for the first time, even though you are trying to bring it up as an idea that can improve on the idea as suggested and make it a programmable development to increase Bitcoin security and transferability, as you have suggested, but anything that does not give you maximum Protection for privacy will not be a perfect idea. There is a lot to discover on how this has already been handled in the Bitcoin network through the wallet security and privacy measures we learn about Bitcoin.
We just have to be careful by using any third party platform or development initiative in pursue to secure our asset and lose it at the end because of the vulnerability this might create.
Well that’s a valid point, especially the part about using third party solutions and services. But the only thing here about this covenant is that (according to what I’ve read) it’s not really a third party platform like others, but more of a proposed change to Bitcoin’s scripting capabilities. The whole idea and question that’s worth exploring is whether this initiative would be able to successfully improve privacy without having to create new privacy, consensus and security risks. But I believe before this officially becomes a part of Bitcoin’s rules, it must have already been carefully and thoroughly tested and reviewed by experts.
