BIP-110 Bitcoin Fork Fails to Gain Traction After Chain Split

A new Bitcoin fork, BIP-110, has failed to gain traction after a chain split at block 961,632. Despite its proponents' claims that it would restrict arbitrary non-financial data in transactions, the majority of miners have rejected it. The standard Bitcoin network is currently at block 961,681, while the BIP-110 branch lags behind at block 961,633.

The BIP-110 proposal aimed to limit the types and amounts of data embedded in transactions, but critics argued that this would be ineffective as data could find alternative routes. In contrast, proponents believe Bitcoin was designed as a peer-to-peer monetary system and should not serve as a general-purpose data storage system.

Blockstream CEO Adam Back sarcastically commented on the fork's failure, saying 'They forked off and found out.' Michael Saylor, executive chairman of BTC treasury giant Strategy, also warned that the fork would stall into irrelevance due to its lack of broad miner support.