CandleFocus Cobra Warns of a New Bitcoin Soft Fork Next Year
2024-12-03
Author: Content Editor
Cobra, the operator of bitcoin.org, has warned the community about a user-activated soft fork (UASF) that is set to be proposed next year by developers outside of the Bitcoin Core project. The proposed soft fork, called Check Template Verify (CTV), aims to introduce covenants to Bitcoin, which are spending conditions for bitcoin wallets. These covenants include the concept of vaults, which are cold storage addresses with a spending condition that can be canceled before a predetermined time. However, the introduction of new code and potential threats to fungibility have raised concerns about the update. The decision on whether to implement these improvements will be left to the node community through a UASF. Cobra highlighted that the developers behind this proposal are not associated with Bitcoin to avoid potential legal issues.
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