Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik is joined by Andrew Poelstra, head of research at Blockstream. Andrew presents his argument for Bitcoin covenants and why he believes introducing OP_CAT via soft fork is a sensible first step. In a fascinating dive into bitcoin's cryptography and inner workings, Andrew teaches us about vault construction and rate limiting, why he believes OP_CAT as a soft fork is low risk, and some of the greater implications of covenants on Bitcoin.Relevant websites:https://github.com/apoelstraCodex32: Shamir Secret Sharing Scheme Book: https://secretcodex32.com/Blockstream Research Twitter account: https://twitter.com/blksresearchThe OG bitcointalk post where gmax suggested listing crazy covenant ideas: https://bitcointalk.org/index.php?topic=278122.0Andrew's blog posts on how to do covenants using only OP_CAT and taproot:https://www.wpsoftware.net/andrew/blog/cat-and-schnorr-tricks-i.htmlhttps://www.wpsoftware.net/andrew/blog/cat-and-schnorr-tricks-ii.htmlNew YouTube videos M/W/F — New Substack posts T/R/SThe Bitcoin Layer is brought to you by River.Visit https://river.com and start buying today, or use http://River.com/TBL to get up to $100 when you signup and buy Bitcoin.Subscribe to TBL on Substack: https://TheBitcoinLayer.substack.comFollow TBL on Twitter: https://twitter.com/TheBitcoinLayerFollow TBL on LinkedIn: https://linkedin.com/company/TheBitco...Follow TBL on Instagram: https://instagram.com/TheBitcoinLayerFollow TBL on TikTok: https://www.tiktok.com/@thebitcoinlayerSubscribe to The Bitcoin Layer on your favorite podcast platform.Subscribe and turn on notifications for TBL on YouTube.Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merchSign up for the free Monetary History course on @SaylorAcademy : http://sylr.org/MonetaryHistoryContribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcResearch Associate Joe Consorti's Twitter: https://twitter.com/JoeConsortiCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrballBlock Height 829588#TheBitcoinLayer #NikBhatia #JoeConsorti #BitcoinCovenants #OP_CAT #BlockchainResearch #CryptoCryptography #SoftForkAnalysis #BitcoinTech #AndrewPoelstra #AdamBack #BlockstreamInsights #BitcoinVaultConstruction #CovenantImplications #Blockstream #Taproot #PUBKey #Scripts #Code #BitcoinKeys #Sidechains #Lightning #LightningNetwork #Scaling #HardwareWallet #BitcoinWallet #Privacy #Signature #Censorship #Cypherpunk #Cryptography #Computer #ComputerScience #PaperComputer #Secrets #Markets #FED #Debt #Inflation #Statistic #Rates #Interest #Asset #Bitcoin #Dollar #Sats #BTC #Market #Currency #Crypto #Analysis #Investment #News #Finance #Education #Blockchain #Mining #BitcoinMining #Macro The Bitcoin Layer and its guests do not provide investment advice.Subscribe to The Bitcoin Layer on Soundwise