The Bible mentions covenants that God made with different people. Let's define the word covenant. The dictionary says it is a binding agreement. The first use of the word in the Bible is in Genesis 6:18. Here God is dealing with Noah, but even before that he had made a covenant with Adam which Adam failed to keep.
With this page I intend to discuss three covenants which we should all have some working knowledge of. They are the Abrahamic Covenant, the Law Covenant, and the New Covenant.
The King James Version of the Bible uses the words testament and covenant interchangeably. I think that because of this some people when they think of the New Covenant they think it is just talking about the New Testament of the Bible as opposed to the Old Testament. While it is true that both the New and the Old Testaments speak of the New Covenant, it and the New Testament is not the same thing.
The Abrahamic Covenant is very important and broad. It is first mentioned in the Bible in Genesis 15:18. Here God made a covenant with Abram and promised to give certain land to his descendents. It is interesting to note that in Acts 7:5 we are told that he didn't get any inheritance. It is also interesting to note that Paul in Romans 4:13 mentions that Abraham will be heir of the World. It is obvious that there is more involved here then just a band of people settling on a piece of land in Canaan. In Genesis 17:4 his name is changed to Abraham. In Genesis 22: 17&18 he is told that his seed will be as the stars of heaven and the sand of the seashore, and that all people will be blessed by his seed. In Galatians 3:16 this seed is identified as being Christ. Then we have a wonderful promise. Galatians 3:29 "And if ye be Christ's, then are ye Abraham's seed, and heirs according to the promise." Can it be that the followers of Jesus are part of this seed of Abraham? That's what it says. In 1Cor.12:27 we read, "Now ye are the body of Christ, and members in particular". And the promise was that this seed would bless all the families of the earth. Note that this seed will be a blessing, not be blessed. Also note that the promise was that the seed would be as the stars of heaven and the sand of the seashore. It's pretty evident that the seed that is as the stars of heaven would be those followers of Jesus that will be with him where he is. That is in heaven. What about that which is as the sand of the seashore? Doesn't that indicate that that will be an earthly group?
Remember the New Covenant? Jer.31:31-34 "Behold, the days come, saith the LORD, that I will make a new covenant with the house of Israel, and with the house of Judah: Not according to the covenant that I made with their fathers in the day that I took them by the hand to bring them out of the land of Egypt; which my covenant they brake, although I was an husband unto them, saith the LORD. But this shall be the covenant that I will make with the house of Israel; After those days, saith the LORD, I will put my law in their inward parts, and write it in their hearts; and will be their God, and they shall be my people. And they shall teach no more every man his neighbour, and every man his brother, saying, Know the LORD: for they shall all know me, from the least of them unto the greatest of them, saith the LORD: for I will forgive their iniquity, and I will remember their sin no more." This is a new covenant as opposed to the law, which was the old covenant. The reason the law did not bring life to Israel was because imperfect people cannot keep a perfect law. The reason the new covenant will work is because people's hearts will be changed. They will be brought back to perfection. That is the work of the Millennial Age. That is the reason for the New Covenant. In due time all that come into harmony with God will be a part of the seed of Abraham. That is how Abraham will be heir of the world.
Here is a scripture I have always liked. Ps 145:20 "The LORD preserveth all them that love him: but all the wicked will he destroy." Notice that the wicked will be destroyed, not kept alive in a place of torture. Those that do not become the seed of Abraham will die what Revelation calls the second death.
All this makes sense of 1Cor6:2 and Rev20:6 which both refer to the Saints judging the world and will rule and reign for a thousand years. That is the Millennial Age.