Bitcoin’s BIP110 Moment: Three Possible Scenarios

Bitcoin Magazine

Bitcoin’s BIP110 Moment: Three Possible Scenarios

Author’s note: In my view BIP110 is both useless and harmful, and I do expect it to fail (see scenario 1). Despite this I tried to write this article as factually as I could, entertaining different possible scenarios, as I do hope it may provide some clarity on this soft fork attempt.

The OP_RETURN debate has escalated to the point where Bitcoin Knots implemented BIP110: a consensus protocol change that temporarily limits the size of OP_RETURNs and intends to reduce other types of data on Bitcoin’s blockchain as well.

However BIP110 does not have consensus: not everyone agrees there’s a problem that requires solving in the first place, nor that BIP110 solves it in any meaningful manner, while it restricts Bitcoin in potentially harmful ways. Most obviously, Bitcoin Core — still by far the most-used Bitcoin implementation — has not adopted BIP110, while only some 1-2% of hash power has been signaling support for it in recent weeks.

… Continue reading the full article at the original source below.