Bitcoin BIP-110 Supporters Prepare Last Resort Plan to Alter Mining Network

iconBitcoinsistemi
Share
This is the logo of the coin.
BTC
$63,064.60-0.43%
This is the logo of the coin.
DASH
$30.12-1.31%
AI summary iconSummary
Bitcoin news reports that BIP-110 supporters have drafted a backup plan using altered proof-of-work code. The plan may activate if miners reject the proposal, possibly changing Bitcoin’s mining algorithm and making current ASICs incompatible. Developer Chris Guida reused code from Luke Dashjr in 2017, calling it a final option to stop miner interference. The BIP-110 proposal seeks to limit arbitrary data storage in transactions for one year. This network upgrade effort remains under active development.

As discussions continue on the Bitcoin network regarding the BIP-110 proposal, its supporters have begun preparing a remarkable contingency plan that could be activated if miners block the update’s activation.

Bitcoin developer Chris Guida announced that he has repurposed the proof-of-work code, originally created by Luke Dashjr in 2017, onto a current version of Bitcoin Knots. Guida stated that this work is a last resort that could be used if miners fail to give signals indicating they are ready for BIP-110.

BIP-110 stands out as a soft fork proposal aimed at temporarily restricting arbitrary data storage in Bitcoin transactions. Also known as the “Reduced Data Temporary Softfork,” the proposal introduces stricter limits for new transaction outputs, OP_RETURN fields, and witness data. The rules of the proposal are designed to remain in effect for approximately one year before automatically expiring.

Guida stated, “I think we need to keep this option open in case miners decide to conspire to betray Bitcoin.”

Related News: Preparations Are Underway for a Major Update on Ethereum: Radical Change Is Coming

If Things Go As BIP-110 Supporters Want, the Bitcoin Mining Network Could Change Completely.

If the proposed code is used, Bitcoin’s current mining algorithm could be altered. Such a change could prevent existing ASIC miners from generating blocks on the new chain, leading to a massive rebuild of the Bitcoin mining network. However, this scenario is only being considered as an alternative plan by BIP-110 supporters in an emergency situation.

Luke Dashjr, a developer at Bitcoin Knots, also contributed to the code’s creation. Dashjr said he hoped this option wouldn’t be needed, but that it could be useful to have it ready in case of a potential crisis.

Mechanic, a supporter of BIP-110, argued that the possibility of a proof-of-work change could create a deterrent effect on miners. According to Mechanic, miners should not be the ones setting Bitcoin’s rules, but rather participants providing services within the rules fully accepted by node operators.

While miner signals are being monitored during the BIP-110 activation process, data from the proposal’s official tracking page indicates that support remains limited.

*This is not investment advice.

Continue Reading: Supporters of the BIP-110 Update for Bitcoin Have Prepared a “Last Resort” Plan in Case the Proposal Fails: It Could Significantly Change BTC

Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.