BIP-119 Reading Group: Next-Gen Smart Contracts for Bitcoin

Atlanta BitDevs' reading groups are small sessions where we focus on a specific topic and help each other understand it through discussion. To kick-off the year, we will start with BIP-119.

BIP-119 is a Bitcoin Improvement Proposal that may help facilitate new types of smart contracts on Bitcoin. For example:

🚦 Scaling with congestion controlled transactions - what if you could batch multiple transactions into a single UTXO when their is high network volume, then expand multiple UTXOs out at a later date?

⚡️ Non-interactive payment channels - what if you could build a payment channel which can operate in one direction, paying to the channel “listener” without need for their private key to be online?

🔒 Vaults - what if you could create a cold storage vault which allows a pre-set amount of funds to be moved into a lukewarm wallet with the rest returning to cold storage?
And more...

These would be accomplished with very limited types of covenants called "templates", and would introduce a new op code called CHECKTEMPLATEVERIFY.

📄 BIP-119
https://github.com/bitcoin/bips/blob/master/bip-0119.mediawiki

📄 Informational website by Jeremy Rubin, the author of BIP-119:
https://utxos.org/

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Remote join option:
https://discord.gg/3y3eEQg74U
Join us in the #General voice channel.

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🚨 Atlanta BitDevs is a community focused on the development of Bitcoin and related protocols. Our meetup groups are great places to learn if you are interested in working on Bitcoin. Everyone is welcome, but keep in mind that discussions will be very technical! If you are interested in less developer-focused events and just want to learn about Bitcoin in general, we recommend our sister-group Atlanta BitPlebs: https://www.meetup.com/atlanta-bitplebs/