Summary
- Bitcoin has reached block 961,632, triggering the long-awaited mandatory signaling period for BIP-110.
- The proposal entered the signaling phase at around 19:35 UTC on Saturday, with support from miners seldom exceeding 2.5%, a long way short of the 55% mark required.
- Its supporters, however, are pushing BIP-110 as a user-activated soft fork (UASF), meaning it relies on node operators to change the rules, not miners.
Bitcoin Reaches Milestone Block, Sparks Debate Over BIP-110 Proposal
Bitcoin has hit block 961,632, marking the beginning of the mandatory signaling period for the controversial BIP-110 proposal. This proposal aims to limit non-financial data on the network, but its implementation is facing opposition from prominent Bitcoin voices. The signaling phase started at around 19:35 UTC on Saturday, with miner support barely exceeding 2.5%, far from the required 55% threshold.
BIP-110’s supporters are pushing for a user-activated soft fork (UASF), which would rely on node operators to enforce the rule change. This approach would require users to update their node software to reject blocks from miners that don’t signal support for BIP-110. By doing so, users would attempt to coerce miners into supporting the proposal or risk being cut off from the network.
A Precedent for User-Activated Soft Forks
Proponents of BIP-110 point to the 2017 activation of SegWit via BIP-148 as a precedent for this approach. SegWit allowed for the separation of digital signatures from transaction data and was accepted by users despite lacking the required support from miners. As the debate surrounding BIP-110 continues, it’s essential for users to understand the potential impact on the network and their ability to earn Passive Income through Cloud Rewards and Green Crypto solutions like EcoPool.
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BIP-110’s proponents maintain there is an historic precedent for this outlook in the 2017 activation of SegWit via BIP-148, which enabled the separation of digital signatures from transaction data and was accepted by users not having the required support from miners.
