MFTV & Bitcoin Rails | coauthor BIP 360 | Head of @MARAFoundation_ @MARA
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PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Isabel Foxen Duke⚡️ retweeted
Latest piece for @BitcoinMagazine on @allocinitxyz's new Shielded Bitcoin proposal. This in combination with their work on PIPEs could lead to a very big privacy win for Bitcoin. Details on the protocol here: bitcoinmagazine.com/technica…
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Isabel Foxen Duke⚡️ retweeted
Her comments are not random.
This is part of a well funded and carefully organized campaign to demonize open models and our civil liberties in DC.
Multiple Senate staffers have told me that outside groups are requesting meetings to provide “demonstrations” where open source models are used to attack simulated hospital websites and demand bitcoin as ransom.
These are cheap scare tactics funded by groups seeking to control open systems. In reality, cyber defenders rely on open models daily to find critical vulnerabilities before attackers get there first.
If these groups are successful, we will all be poorer, less free, and more vulnerable to adversaries with increasingly capable systems.
We're used to thinking of open-source models as an unadulterated good. But in the case of AI, they can actually pose additional dangers, as @ReidHoffman and I got into at #CGI2026. I appreciated this nuanced discussion.
Community note
All recent large-scale cyberattacks have been performed by proprietary AI models from OpenAI and Anthropic.
No evidence that open-weight models present any additional cybersecurity risks.
nytimes.com/2026/09/23/tec…
anthropic.com/news/investiga…
en.wikipedia.org/wiki/OpenAI%E2…
opensource.org/blog/openness-…
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Really looking forward to sharing what I’ve learned about Bitcoin security over the last few years - both quantum and classical - via my work with Slipstream, BIP 360 and the incredible guests on my show.
JUST IN: @MARA Foundation's Isabel Foxen-Duke to speak at the #Bitcoin Treasuries Conference 2026
Trillions are waiting on one answer: is BTC secure enough for institutional-grade custody?
She'll answer on stage. Sept. 28, NYC 🔥
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WITNESS ENCRYPTION EXPLAINED:
Witness Encryption is the type of cryptography underlying "PIPEs" — aka the moon math that could potentially make binary covenants possible on Bitcoin without a soft fork.
PIPEs and Shielded Bitcoin co-creator @nemothenoone of @allocinitxyz explains:
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Many are pointing out that the cryptographic assumptions underpinning PIPES (and thus shielded Bitcoin) are still experimental and unproven.
I asked the creators how likely they think it is that their scheme will provably reduce to the Minrank assumption (a new, but widely recognized cryptographic hardness assumption) and they answered “it’s a coin flip.”
Nonetheless, they hope to validate their scheme via cryptanalytic challenges regardless of their ability to prove this assumption holds.
This is some of the most interesting and nail-biting cryptographic research in the world right now. Far from proven secure, if they succeed, their work will be some of the most influential in applied crytography since the advent of practical zero-knowledge proofs.
CC: @allocinitxyz @nemothenoone @ClaraShik
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Isabel Foxen Duke⚡️ retweeted
"I actually think that AI is a massive benefit for the defenders..."
@coinbase Head of Cryptography @LindellYehuda on how automated security reviews can help defenders counter attackers.
MFTV #17: Quantum-Securing $250B with Coinbase’s Head of Cryptography
🔗 YouTube: piped.video/watch?v=fP5ZJuHU…
🌿 Spotify: open.spotify.com/episode/6Nv…
Head of Cryptography at @coinbase, Yehuda Lindell (@LindellYehuda), joins Isabel Foxen Duke to discuss Coinbase's post-quantum strategy and the technical hurdles of upgrading its MPC systems—especially if Bitcoin adopts a hash-based scheme.
HIGHLIGHTS:
This episode explores how Coinbase is preparing for a post-quantum world, regardless of the signature scheme that Bitcoin adopts:
— Coinbase’s internal roadmap and multi-year push toward post-quantum readiness
— The distinct differences between MPC and multi-sig for enterprise custodians
— Why upgrading MPC to support hash-based signatures may be especially challenging
— How programmable HSMs could preserve optionality when MPC falls short
— Why hybrid signature schemes might be a strong path forward for Bitcoin
TIMESTAMPS:
⏳ 00:56 — When Coinbase started preparing for a post-quantum world
📜 03:19 — Coinbase’s 4-pillar post-quantum strategy document
🤯 08:25 — Why Scott Aaronson changing his mind was a tipping point
🏦 14:02 — The role of custodians in protocol-level upgrades
🔐 22:39 — Multi-Party Computation (MPC) vs Multi-sig
🔑 26:11 — Managing employee keys without on-chain transactions
🤖 33:11 — AI's role in security and formal code verification
⚙️ 36:15 — The technical challenge of quantum-upgrading MPC
⚖️ 37:59 — Lattices, hash-based signatures, and efficiency tradeoffs
🛡️ 47:19 — The programmable HSM backup plan
🔀 55:08 — Why hybrid signature schemes are the optimal solution
🕵️♂️ 59:22 — Publicly verifiable backups and zero-knowledge proofs
💪 1:01:27 — Why cryptography will survive quantum computing
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Isabel Foxen Duke⚡️ retweeted
Bitcoin's builders never stop pushing the frontier. PIPEs is one of the more ambitious attempts yet at native covenants. Great breakdown from @isabelfoxenduke.
At MARA Foundation, we track the bleeding edge of cryptographic R&D.
@isabelfoxenduke’s latest interview dives into PIPEs—a framework attempting to achieve native covenants through highly experimental witness encryption.
Asking the tough questions, she maps out the complete landscape.
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Isabel Foxen Duke⚡️ retweeted
How do you actually ship secure Bitcoin infrastructure?
@coinbase Head of Cryptography @LindellYehuda discusses what it takes to move from theoretical research to production code.
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Isabel Foxen Duke⚡️ retweeted
Witness encryption allows any answer to a computation to act as a decryption key—but the circuit sizes can be massive.
Misha Komarov (@nemothenoone) of [[alloc] init] (@allocinitxyz) breaks down how recent proof system developments allow developers to use ZKPs as a compression engine, shrinking the computation cost down to scale.
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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“We want to build on Bitcoin without changing Bitcoin. The base layer is very, very good - let’s not touch it - and now we finally have Witness Encryption, which allows us to do that.”
Authors of newly proposed protocol “Shielded Bitcoin” join me to discuss why L1 ossification won’t slow down progress for Bitcoin, and how PIPEs and Witness Encryption could finally make covenants possible on Bitcoin without a soft fork.
Much thanks to Clara Shikhelman (@ClaraShik) and Misha Komarov (@nemothenoone) of [[alloc] init] (@allocinitxyz) for this incredible interview - and the cutting edge research pushing Bitcoin forward.
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Interview is out! Congrats to team PIPES 🎯
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Isabel Foxen Duke⚡️ retweeted
Spoke with @isabelfoxenduke and @ClaraShik about WE, PIPEs v2 and Shielded Bitcoin recently!
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Isabel Foxen Duke⚡️ retweeted
Enjoy this conversation with @isabelfoxenduke, @nemothenoone, and @ClaraShik discussing Shielded Bitcoin and PIPEs v2. Thanks for having us on, Isabel.
PIPEs, Witness Encryption & the Future of Privacy on Bitcoin | with Misha Komarov and Clara Shikhelman
🔗 YouTube: piped.video/eMIZFFfU3PI
Today, @allocinitxyz co-founder @nemothenoone and Head of Protocol Research @ClaraShik join me to unpack PIPEs — a framework that could potentially make binary covenants possible on Bitcoin without the need for a soft fork, enabling truly trustless bridges amongst other expressive functionality.
Leveraging advancements in Witness Encryption — one of the most cutting-edge areas of advanced theoretical cryptography — PIPEs enables the execution of Bitcoin signatures by proving correct computation (e.g. of account balances on layer 2s and metaprotocols).
Although the underlying cryptographic assumptions remain experimental and unhardened, Komarov and Shikhelman believe PIPEs could deliver the functionality of covenant-enabling upgrades like OP_CAT without the need for protocol-level changes—making PIPEs one of the most significant potential developments for Bitcoin since the advent of BitVM.
The team also announced their first proposed use case this morning: a privacy protocol titled "Shielded Bitcoin."
In this episode, we unpack the theory and the practice of how this technology is evolving — and what the new road ahead looks like for PIPEs, Shielded Bitcoin and beyond.
This episode of Bitcoin Rails is brought to you by:
LayerTwo Labs @LayerTwoLabs — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
Hashi on @SuiNetwork — a primitive for executing Bitcoin DeFi transactions, without having to trust a federated bridge or other centralized entity
BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
TIMESTAMPS:
🎙️ 01:42 Tying PIPEs to the mission at [[alloc] init]
🔓 08:31 Defining witness encryption and conditional decryption
🛠️ 23:59 Shifting from functional encryption (PIPEs v1) to witness encryption
📜 26:17 Outlining pre-covenants vs. post-covenants on Bitcoin
🏎️ 39:37 Why PIPEs v2 is far from the end of the road
🌐 56:57 Building meta-protocols and avoiding external sequencer risks
👀 1:05:00 Implementing optional compliant privacy via viewing keys
⚡ 1:15:33 Comparing PIPEs to BitVM and rendering BIPs obsolete
🎲 1:23:07 Evaluating the min-rank hardness assumption
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Isabel Foxen Duke⚡️ retweeted
Got an early sneak peak and can confirm this interview does not hold back - for folks who really want to understand how PIPES works under the hood and its viability for enabling Bitcoin covenants without a soft fork. Witness Encryption is 🤯
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