Cryptocurrency The research department of the derivatives exchange BitMEX, in its study, will soon be implemented OP_CTV bitcoin covered the details of the softfork update.
What is Bitcoin (BTC) OP_CTV Softfork?
According to the statement made by the BitMEX research team, the new update will change the opcode (primitive codes that allow BTC operations to be programmed) of BTC.
With OP_NOP4, which is the part to be changed, users will be able to generate specific addresses.
With the OP_CTV (Check Template Verify) update, users will be able to set their new BTC addresses to be able to transfer only under certain conditions in their future transfers.
Therefore, funds sent to these new BTC addresses will be arranged so that they can only be spent when certain conditions are met.
OP_CTV – Summer Softfork Shenanigans
We examine & explain a proposed softfork upgrade to Bitcoin, OP_CTV (Check Template Verify). This feature would enable users to commit to spending a Bitcoin output, only under certain restricted conditions.https://t.co/1y7ZC40j1A pic.twitter.com/26dHsNe9BS
— BitMEX Research (@BitMEXResearch) April 22, 2022
A softfork upgrade will take place on the BTC network for these changes to happen.
Jeremy Rubin, the architect of the update proposal, stated that the changes could be implemented soon.
If the changes are approved, OP_CTV is expected to be implemented this summer. Bitcoin nodes should start supporting the update from May 5th.
This update is largely designed to prevent congestion of the BTC network and to allow users to use vaults.
Currently, these safes are used by destroying the private keys of previously signed transactions, but this is known to be an extremely challenging process.
Why is the Update Controversial?
This update, designed for Bitcoin, seems to have been rushed despite criticism from some users.
According to users, the OP_CTV update will not expand BTC’s possibilities too much. In addition, users think that this update is not urgent.
*Not investment advice.