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The absence of a single capability in Bitcoin Script — the programming language that governs how $BTC is spent — has produced twelve competing proposals, each vying to introduce a mechanism called covenants to the network.
Cointelegraph Research published the first installment of a multi-part overview examining what covenants are and what their addition could mean for Bitcoin.
What a Covenant Actually Is A covenant, in plain terms, is a spending condition attached to a bitcoin that follows the coin forward.
Under Bitcoin's current rules, the owner of a coin controls where it goes next, but has no say over where it goes after that.
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