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🟠UNLOCKING BITCOIN WITH RECURSIVE COVENANTS

🟠UNLOCKING BITCOIN WITH RECURSIVE COVENANTS

Day: 08 | Time: 11:03:33.000Z A recursive covenant is a mechanism that allows the sender of a Bitcoin transaction to impose certain conditions on how the recipient can spend the coins. Unlike a non-recursive covenant, a recursive covenant applies not only to the immediate transaction but also to all future transactions that spend the coins. This provides greater power and flexibility to Bitcoin smart contracts, opening up new possibilities for applications. Additionally, recursive covenants introduce a form of state that can be maintained and updated through multiple transactions, allowing for tracking and modification of the state over time, similar to smart contracts on other blockchain platforms like Ethereum. An example of a recursive covenant is a simple contract that keeps track of how many times it has been called. The contract maintains the state in an OP_RETURN output, and subsequent transactions must adhere to certain properties to be valid. Recursive covenants open up new possibilities for the programmability and flexibility of Bitcoin transactions.

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