Introspection & Covenants
summary
Covenants on Bitcoin Cash use CTV-style preimages, checkdatasig/checksig-from-stack, opcat and a UTXO smart language called cache script to enforce exact inputs/outputs and avoid “blank checks.” Early implementations inflate on‑chain size—about 10× transaction size—but a 2022 activation of native introspection pulls individual fields instead, cutting bytes. Live systems include BCH Bull leveraged trading (launched 2021, still active), DEXes and CDP-style stablecoins; results show practical guard rails and workable performance tradeoffs.
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chapters (14)
- 0:00Covenants and introspection
- 3:00First covenant implementations
- 8:21Cost inefficiencies of early designs
- 12:11Native introspection in Bitcoin Cash
- 14:58Bitcoin covenant proposals overview
- 19:36Efficiency trade-offs in designs
- 21:25Summary and future of covenants
- 22:18Institutional adoption
- 23:45DeFi with covenants
- 26:34Cache Script vs UTXO model
- 27:18Reducing hardware wallet dependency
- 28:21Security vs account models
- 29:25Setting up a vault
- 30:28Q&A
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