A covenant is like a contract. God has a covenant He made with Abraham. He even did the ancient equivalent of shaking on it with Abraham, 4000 years ago. The only thing is, that Abraham has still not received what God promised him. Abraham is dead and buried. He is in a sense, waiting for the return of Christ. Jesus is a "seed" or descendant promised to Abraham, who will bring blessing to all the families of the earth. That is the gospel. It says that in Galatians chapter 3. The promises to Abraham include this special descendant, the land of the middle east, and eternal life on earth. Abraham was also promised to defeat all his enemies and rule over them. The only part of this that's happened so far, is the promised descendant, but even he has yet to come back to earth and bring blessing to all the families of the earth. So what is he waiting for?
Christ is at this time, calling out people and working with them from heaven. He acts like a mediator between God and men. Those who respond correctly to the call from God, get baptised into Christ, after believing the things concerning the Kingdom of God and the name of Jesus Christ. To believe, they first learn. Then they repent of their sins, and get baptised. That causes them to enter into the covenant with God that Abraham entered into. Thus, they become joint heirs with Abraham of the land and life to come. God's covenant is the most important contract in history. The good news is, that you still have time to enter into that contract with God. You must learn what He says in His Word, and believe it, then repent, and obey that Word. The time is growing short. You must act now. Start studying the bible today! You can be an heir of the planet. That is great news.