Jeremy Rubin's proposal, titled Un'FE'd Covenants, provides a new practical approach to Bitcoin covenants without requiring soft forks or impractical costs.
The slashing capability of BitVM-based bonds paired with oracles allows for covenant emulation on Bitcoin, fundamentally changing the security model behind these transactions.
Taproot proves critical in Jeremy's setup, enabling users to tweak public keys to ensure their covenant programs remain committed without burdening oracles with database management.
Rubin's proposal introduces a federated oracle system to mitigate state risks, enhancing security by distributing the trust and reducing potential for database corruption.
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