OP_CHECKTEMPLATEVERIFY is a simple improvement to Bitcoin which will power the next wave of adoption.
The underlying technology is carefully engineered to be simple to understand, easy to use, and safe to deploy. Read More…
Currently in Bitcoin, when a payment is made it is also received. This means that the transaction size is a function of the number of inputs spent and the number of users receiving. For a large business trying to make a large number of payments, this either means paying very high fees or having transactions get stuck confirming. With CHECKTEMPLATEVERIFY, we separate out the concern of receiving and spending. CHECKTEMPLATEVERIFY allows a payer to issue an unlimited number of Certified Checks (like the kind you get from the bank) which are fully and provably collateralized in a single UTXO. At any time later, these certified checks can be redeemed into outputs. This leads to better utilization of blockspace, a healthier backlog of transactions, and less time waiting for confirmations for users.
Confirm payments to as many recipients as you like in an efficient batch and only pay the fees when block space is cheap.
Channels without counterparty signing. As many as you like. Routing as many HTLCS as you want.
Build new systems with advanced capabilities, like automatic wallet vaults.