PANews reported on July 14 that, according to Cointelegraph, the controversial Bitcoin upgrade proposal BIP-119 (OP_CHECKTEMPLATEVERIFY) is expected to reach consensus by the end of the year. Proposed by Jeremy Rubin in 2019, the proposal aims to enhance Bitcoin security and scalability through "covenants" technology, particularly benefiting Layer 2 solutions like the Lightning Network. On June 9, 66 Bitcoin core developers signed an open letter calling for the advancement of BIP-119 and BIP-348, with signatories including well-known developers like Jameson Lopp and representatives from institutions such as Anchorage. If activated, the upgrade will support smart vault functionality, allowing users to preset fund transfer rules (such as a maximum of 0.1 BTC transferred to a hot wallet per week) and optimize Layer 2 privacy transactions.
Despite Bitcoin's decentralized governance mechanism leading to slow upgrade processes (with the last major upgrade, Taproot, taking three years), Second CEO Steven Roose predicts that technical consensus may form by the end of the year. However, actual deployment still requires 1-2 years and needs to resolve activation mechanism differences between miners and full nodes.
