Cobra Reminder: There may be a new Bitcoin soft fork next year

ChainCatcher reports, according to Bitcoin.com, that Cobra, the operator and owner of the bitcoin.org domain name, has alerted the community about new developments in the world of Bitcoin: Unidentified Bitcoin users outside of Bitcoin Core are preparing to introduce a User Activated Soft Fork (UASF) next year.

CTV stands for "Check Template Verify", which is a series of improvements introducing the concept of Bitcoin contracts. Contracts are structures established in specific wallets for setting conditions on spending Bitcoins. Described by Jeremy Lubin in Bitcoin Improvement Proposal 119 (BIP 119), these allow interesting developments to enhance transaction security in Bitcoin. One such development is vaults - cold storage addresses with spending conditions that force users to send transactions to a single predetermined wallet asset.

In addition, users can also cancel these transactions before a set time period elapses so as to revoke erroneous or malicious transactions.