Support for the proposal is minimal among bitcoin miners, with significant opposition from leading figures in the community.
By Jamie Crawley, AI Boost|Edited by Cheyenne Ligon53 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Beth MacDonald/Unsplash)SummaryShow- Bitcoin has achieved block 961,632, marking the start of the anticipated mandatory signaling phase for BIP-110.
- The proposal entered its signaling phase at approximately 19:35 UTC on Saturday, but miner support has consistently been below 2.5%, far from the necessary 55% threshold.
- Despite this, proponents advocate BIP-110 as a user-activated soft fork (UASF), which depends on node operators rather than miners to implement the change.
Bitcoin has successfully reached block 961,632, which has initiated the long-awaited mandatory signaling period for BIP-110, a contentious proposal aimed at temporarily restricting non-financial data from being included in the blockchain.
The proposal entered the signaling phase at around 19:35 UTC on Saturday, yet the backing from miners has rarely exceeded 2.5%, significantly short of the 55% required for activation.
expressed their disapproval of the proposal.Nonetheless, advocates of BIP-110 are promoting it as a user-activated soft fork (UASF), meaning it relies on node operators to enforce the rule change rather than miners. This would require users to update their node software to reject any blocks from miners that do not signal support for BIP-110, effectively isolating non-compliant miners.
Supporters of BIP-110 assert that there is historical precedent for this approach, citing the 2017 activation of SegWit through BIP-148, which allowed for the separation of digital signatures from transaction data despite lacking the required miner support.
The immediate impact of users adopting BIP-110 will likely result in a division in the Bitcoin network, where a significant mainnet, supported by most of the mining power and institutional investment, coexists with a smaller chain comprised solely of nodes enforcing BIP-110.
This alternative chain could potentially gain traction as more node operators join, thereby influencing the mining sector, or it may stagnate due to insufficient support.
The signaling period is expected to continue until Bitcoin reaches block 965,664, which is anticipated in about four weeks.