You know very well what it is ...
I indeed do know, but I am asking you.
The New and Everlasting Covenant means not only that it is the New Covenant but it also is the last covenant.
The "new" [aka Everlasting or Eternal] Covenant existed before the 'old covenant'. It existed between the Father and the Son, witnessed by the Holy Ghost, in eternity.
It deals with God's own unchanging and immutable character (Exodus 33:12-23; 34:1-9; Exodus 20:5-6).
If one were to carefully and prayerfully (this is key) read Exodus 19 and 24, along with Hebrews 8 & 10, Jeremiah 31 and Ezekiel 36, among others, they would see that there is a difference between God's everlasting covenant (Ten Commandments), which are His unfailing promises, and the peoples faulty promises (the 'old covenant').
For instance:
The 'old covenant' [Exodus 19:3-9 KJB, "All that the LORD hath spoken we will do"].
[see Exodus 19:3-8 KJB, for the 'old covenant' is never, in all of scripture [KJB], the Ten Commandments [the perfect, righteousness, spiritual, holy, just and good and eternal Law of God; Psalms 19:7; Romans 9:31; Romans 7:14; James 1:25; Psalms 119:44-45; Romans 7:12; Psalms 89:34; Exodus 20:1-17, especially Exodus 20:8, “holy”, see Isaiah 58:13; 2 Peter 3:2 KJB], but was always the faulty promises of the peoples Israel after the flesh, made in agreement to do all that the LORD says. They failed. Why? Works and no Faith [Romans 9:32 KJB]. They [in general] attempted without God's strength [Revelation 12:10-12; Romans 5:6; 1 Corinthians 1:24 KJB], and though they were free physically, they were still slaves spiritually, that is of the heart and mind: 'all that the LORD hath said we will do', their faulty promises, and yet they did not, for they sinned by the golden calf.
The Everlasting Covenant [New, which existed before the 'old', even from eternity, for the Father and Son clasped hands in agreement, the Holy Ghost as Witness, should [when] sin [the mystery of iniquity] arise, they would work out the plan of Redemption, thus it is “the everlasting covenant” or the covenant of life and peace, or the counsel of peace, ratified by the blood of the Son of God Himself and by the Father in Heaven, see Psalms 89:3,28,34, 105:8; Isaiah 13:12, 42:6; Malachi 2:5 [Jesus is the True Levi, meaning attached unto His Father], 3:1; John 19:30 [he finished laying the foundation, the words were unto His Father], 17:24 [the agreement in eternity past was made, Jesus kept His word, performed His vows, and now the promise from the Father was to be fulfilled]; John 3:16; John 19:28; Hebrews 13:20; Revelation 13:8; Psalms 40:7-8; Hebrews 10:7-9; Psalms 116:14-18; Ezekiel 38:23; John 17:19; John 10:18; 8:28; Psalms 110:4; Zechariah 6:13, etc., etc. for surely as the Rainbow is above God's throne, so the covenant between Father and Son, witnessed by the Holy Ghost, is eternal, KJB] is God's, “I will ...”, His Promise; more on this in detail later, as needed. The 'old covenant' is not the same as God's 'my covenant', which we establish by Faith [Romans 3:31 KJB]. They are two things, not one, which will be demonstrated in thorough detail later, as needed. God's Ten Commandments are all perfect promises, without fault.]
The Ten Commandments are the Eternal promises of God, which are in the New/Everlasting Covenant in Christ Jesus, for God sais, "I will" send my Son. "I will" write "my laws" in their hearts. "I will" cause them to walk in my laws. "I will" forgive them. "I will" cleanse them. "I will" give them my Holy Spirit, etc, etc.
The Ten Commandments begins with Grace, Exodius 20:1-2 KJB, requires faith unto obedience, and can only be fulfilled by the indwelling love of God [Exodus 20:6; John 14:15 KJB].
The 'old covenant' was their faulty promises [Exodus 19:3-9 KJB, "All that the LORD hath spoken we will do"] to obey God in His "My covenant" [Everlasting/New], apart from God doing it in them [Jeremiah 31:31-34; Hebrews 8:8-13, 10:16; Ezekiel 36:25-28, 37:26; 2 Corinthians 3:1-3 KJB, etc].
Hebrews 8:6 KJB - But now hath he obtained a more excellent ministry, by how much also he is the mediator of a better covenant, which was established upon better promises.
Hebrews 8:7 KJB - For if that first covenant had been faultless, then should no place have been sought for the second.
Hebrews 8:8 KJB - For finding fault with them, he saith, Behold, the days come, saith the Lord, when I will make a new covenant with the house of Israel and with the house of Judah:
Hebrews 8:9 KJB - Not according to the covenant that I made with their fathers in the day when I took them by the hand to lead them out of the land of Egypt; because they continued not in my covenant, and I regarded them not, saith the Lord.
The Ten Commandments have not one faulty promise, lest you would find fault with the character of God Himself?
Psalms 19:7 KJB - The law of the LORD is perfect, converting the soul: the testimony of the LORD is sure, making wise the simple.
Here are the Ten Commandments, let any show us the fault in them? (Beware lest you find fault with God Himself, even as the pharisees sought to find in Jesus; John 8:46)
Exo 20:1 And God spake all these words, saying,
Exo 20:2 I am the LORD thy God, which have brought thee out of the land of Egypt, out of the house of bondage.
Exo 20:3 Thou shalt have no other gods before me.
Exo 20:4 Thou shalt not make unto thee any graven image, or any likeness of any thing that is in heaven above, or that is in the earth beneath, or that is in the water under the earth:
Exo 20:5 Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
Exo 20:6 And shewing mercy unto thousands of them that love me, and keep my commandments.
Exo 20:7 Thou shalt not take the name of the LORD thy God in vain; for the LORD will not hold him guiltless that taketh his name in vain.
Exo 20:8 Remember the sabbath day, to keep it holy.
Exo 20:9 Six days shalt thou labour, and do all thy work:
Exo 20:10 But the seventh day is the sabbath of the LORD thy God: in it thou shalt not do any work, thou, nor thy son, nor thy daughter, thy manservant, nor thy maidservant, nor thy cattle, nor thy stranger that is within thy gates:
Exo 20:11 For in six days the LORD made heaven and earth, the sea, and all that in them is, and rested the seventh day: wherefore the LORD blessed the sabbath day, and hallowed it.
Exo 20:12 Honour thy father and thy mother: that thy days may be long upon the land which the LORD thy God giveth thee.
Exo 20:13 Thou shalt not kill.
Exo 20:14 Thou shalt not commit adultery.
Exo 20:15 Thou shalt not steal.
Exo 20:16 Thou shalt not bear false witness against thy neighbour.
Exo 20:17 Thou shalt not covet thy neighbour's house, thou shalt not covet thy neighbour's wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour's.
