BIP-110, a controversial soft fork of Bitcoin aimed at combating network spam, failed to gain enough support from miners.
As of July 4th, the last day for miners (Miner Launched Soft Fork, MASF) to implement temporary upgrades, support was surprisingly minimal. Notably, only 10 out of 2,016 blocks supported this move, which was less than 1% of Bitcoin’s total hashrate power.
For a soft fork to be activated, 55% of blocks must post support within a 2,016 block period.
Reacting to the weak support from miners, David Bailey, founder of Bitcoin Conference and financial firm Nakamoto, called Bitcoin Conference “bullish.” $BTC.
The failure of the hostile takeover attempt known as BIP-110 is incredibly bullish for Bitcoin. The attack was a multi-year information warfare campaign led by Bitcoin’s most eccentric developers.
This proposal was first introduced by anonymous developer Dathon Ohm to restrict non-financial data about Bitcoin transactions. In other words, ordinals and runes that incorporate images, videos, or large text will be blocked from the network.
For proponents like famed Bitcoin protocol developer Luke Davis Jr., a soft fork would ensure the network maintains its core monetary functionality by encouraging low-cost P2P transfers.
For them, meme coins on Bitcoin would increase transfer costs and make such a vision impossible.
Critics warn BIP-110 could crack Bitcoin wallets
But to critics, the planned soft fork is about more than just anti-spam prevention. BitMEX Research claimed that this plan could easily destroy wallets and would result in the banning of over 1.7 million people. $BTC From transfer.
Bitcoin has never previously banned such existing forms of transactions. This essentially destroys Bitcoin as reliable money and something people can rely on.
For his part, Blockstream CEO Adam Back and another Mr. Public critics of BIP-110those promoting soft forks warned that Bitcoin cannot be censored in the same way as the internet.
The same logic applies to Bitcoin. Bitcoin is similarly difficult to censor. Why do you think no one cares about your pro-censorship opinions?
The last period for users to activate BIP-110 will be in August. It is unclear whether Bitcoin supporters will be unable to support a soft fork, given the lack of support from miners.
Final summary
- The BIP-110 soft fork failed to gain enough miner support with less than 1% support for hashrate power signaling. of
- The Bitcoin community remains divided over this upgrade, with critics claiming that the protocol cannot be “censored”.
