What are Kaspa smart vaults and what security features do they enable?

A smart vault in Kaspa is a covenant-based construct that retains a stable identity across spending operations, making it possible to enforce complex security rules like timelocks and multisig arrangements across multiple transactions. Normally, spending a UTXO destroys it and creates a new one — the prior identity is gone. With Covenant IDs, a smart vault keeps its identity even after being spent and recreated, which unlocks time-based rules (timelocks: funds cannot move until a future condition is met) and multi-party rules (multisig: two or more keys must approve before anything moves). These are common patterns used to protect large holdings or shared community treasuries. For a beginner holding significant KAS, smart vaults represent a path to self-custody with programmable, rule-based security that goes well beyond a single private key.