Michael Saylor: BIP-110 Fails to Gain Broad Miner Support, Will Stall or Become Irrelevant

BlockBeats News, August 8th, Strategy founder Michael Saylor stated in a post that only 2.6% of miners have signaled support for BIP-110, which did not achieve widespread acceptance. At block 961,632, their nodes will reject non-signaling blocks. Subsequently, BIP-110 will stall or fork into irrelevance, while Bitcoin will continue to operate normally. Bitcoin is running as designed.

BIP-110 is a temporary soft-fork proposal that plans to introduce 7 consensus restrictions over about a year, including limiting the length of new script public keys, partial push data and witness item sizes, disabling some Taproot extension paths, etc., to significantly reduce arbitrarily embeddable non-payment data in transactions, such as plaintext runes, thereby reducing node burden, curbing junk data, and allowing Bitcoin to focus more on its monetary use case.