Controversial Bitcoin upgrade BIP-119 may be decided by end of year

If activated, BIP-119 could boost Bitcoin layer 2s like the Lightning Network and Ark while offering end-users safer and easier self-custody solutions.

Backed by prominent Bitcoin developers and firms, the long-dormant Bitcoin Improvement Proposal OP_CHECKTEMPLATEVERIFY, known as CTV or BIP-119, is now gathering steam. 

If finally approved, it could boost Bitcoin’s scalability, security and usability — particularly through the introduction of covenants and vaults that could improve self-custody and enable safer, smarter layer-2 applications such as Lightning and Ark. 

Bitcoin protocol upgrades are few and far between. They typically require years to activate thanks to Bitcoin’s decentralized governance structure. The last was Taproot in 2021. 

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