As BTC struggles to reclaim the $60,000 level, there is another hard fork on the horizon. The BIP-110 proposal, which aims to remove rankings and NFTs, is trying to gain support from miners, or create a chain split, in August.
BTC is facing another rift in the community, escalating the simmering conflict between Bitcoin maximalists and NFT users and ordinals. On-chain data, with additional text or images, has been a controversial issue around the overall mission of the Bitcoin network.
BIP-110 proponents strictly support BTC as a payment network, and consider all other types of data to be spam.
BIP-110 has an activation date of sometime in early August, at cluster height 961,632. As the deadline approaches, the proposal is seen as a potential source of chaos for the Bitcoin network, as well as division in the community.
More than 67% of Bitcoin traffic is still related to ordinal numbers and runes
On Bitcoin, ordinals and runes still make up over 67% of transactions. Since the chain currently operates at very low fees, it has once again become possible to publish content in blogs.
The Bitcoin network generates $2.3 million daily expensesWith more than 621 thousand transactions daily. more 91% of blocks are full, and no idle capacity appears on the network.
The Bitcoin network has so far supported payments, trading, and whale movement, although there are several types of inscriptions. While the NFT market has slowed, tokens, ordinals, and other items have continued to be minted. The BTC memory pool remains uncrowded, and for some, additional transactions are legitimate and support the network.
BIP-110 takes a stand against spam
Ordinals, runes, and NFTs have been dismissed as unnecessary or even harmful. According to Blockstream’s Adam Back, the network should not continue Spam transactions.
Some previous forms of cross-chain messaging, such as the Op_return option, have been abused as a means of claiming ownership of old, inactive wallets. Even with BIP-110, there are other ways to attach messages and content into a Bitcoin block, creating a new source of spam.
Will BIP-110 pass?
BIP-110 proponents expect that a sufficient number of nodes will support the upgrade. However, in fact, BIP-110 Signs It was minimal, suggesting that only a few miners and nodes might support the network.
Even when the activation date arrives, miners may still approve regular blocks. At the same time, custom BIP-110 blocks may initiate a new soft fork and approve selected blocks after the activation block.
In this scenario, the Bitcoin network may find itself split into two copies, one of which still holds the arrangements. The potential conflict is reminiscent of the summer of the hard fork, where Bitcoin Cash was unable to compete for other nodes on the longest chain, and broke up in a hard fork.
While BIP-110 may not pass unanimously, it may still exist with some support from nodes and miners. For users, the immediate impact is that some BTC wallets may crash, so the network should be used with caution around the activation date.
until Bitcoin node The wallet, proposed as part of the BIP-110 package, may break and render some coins unspendable. Another possibility is that the new soft fork will not have enough activity and will eventually stop producing blocks.
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