Notes for the BIP-119 Reading Group

Graphic for BIP-119 Reading Group

We’re looking forward to seeing everyone next week for the BIP-119 reading group. Here are some notes and resources to help you out.

What are we reading?

📙 BIP-119 by Jeremy Rubin

This BIP proposes a new opcode, OP_CHECKTEMPLATEVERIFY, to be activated as a change to the semantics of OP_NOP4.

The new opcode has applications for transaction congestion control and payment channel instantiation, among others, which are described in the Motivation section of this BIP.

From BIP-119

How else can I follow along?

If you are new to studying Bitcoin, find the document too difficult, or simply want some other contextual information, try these other sources instead. They will help you to follow along with the discussion.

🎙 Jeremy Rubin on Stephan Livera’s podcast – this entire episode is dedicated to Check Template Verify (BIP-119).

💻 – this is an informational website Jeremy put together which outlines the vision for BIP-119 and lays out examples for how it would be used.

Questions to Consider

See if you can find the answers to the questions. Some of the questions are targeted at beginners, while others are more advanced. Some answers you will find in the reading material, some you may have to conduct your own research for, and some require you to do some thinking and form your own opinion.

  • What is a BIP?
  • Why do Bitcoin developers use BIPs? What would it look like if there were no BIPs?
  • What is a covenant? Should Bitcoin have covenants?
  • Do you think that “templates” are a good way to implement covenants in Bitcoin?
  • What are some of the use-cases for templates?
  • What are potential risks associated with this BIP?
  • What is a soft-fork?
  • What’s an argument for supporting this BIP?
  • What’s an argument for opposing this BIP?