BIP-110 Minority Chain Crumbles After Just Two Blocks
BIP-110, a proposal to restrict non-financial data storage on Bitcoin's network, has failed to gain significant support from miners. The minority chain produced just two blocks before stalling due to lack of hashpower.
The proposal aimed to introduce new rules through a user-activated soft fork, but it only garnered around 2.53% of Bitcoin's total hashpower. This falls far short of the required 55% signaling threshold set by BIP-110.
The minority chain inherited Bitcoin's mining difficulty while operating on a fraction of the network's hashpower. As a result, blocks on the BIP-110 chain were produced at a significantly slower rate than those on the main Bitcoin chain.
Roughnecks, one of the miners backing BIP-110, has announced plans to continue pushing for a protocol change despite the setback. The community is working on a new proposal to implement a Proof-of-Work (PoW) change, which may yet see the light of day.