Bitcoin was designed to be an alternative to the traditional financial and monetary systems that anyone in the world with an internet connection could access. For it to more fully accomplish this — especially as fees on the base layer price many users out — Bitcoin needs an update, many advocates say. And, according to Bitcoin Magazine’s technical editor, the most material update to help scale Bitcoin is the implementation of something called “covenants.
The only real way to accomplish very complicated things that are not supported on the base layer is to give your coins to a group of other people and just trust whatever arbitrary things you do on Layer 2. All of the have to interact with the base layer. You can't use Lightning without opening a channel on the base layer, which requires an on-chain transaction. While Lightning does help massively in terms of scaling how many transactions individual people can , there's still that limit that you need to make an on-chain transaction to get onto that layer.
For example, you must provide a signature, meet the criteria for a time lock before you are allowed to spend it. A covenant is a lock that not only has those initial conditions, but can carry them forward in the future. Let me put it another way. two broad proposals: CTV and TapleafUpdateVerify.
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