BIP-110 Supporters Prepare 'Last Resort' Plan to Overcome Miner Resistance
Supporters of the BIP-110 update for Bitcoin are preparing a contingency plan in case miners block its activation. The proposal, also known as the 'Reduced Data Temporary Softfork', aims to restrict arbitrary data storage in transactions and introduce stricter limits on new transaction outputs and OP_RETURN fields.
Bitcoin developer Chris Guida has repurposed proof-of-work code 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 signal their readiness for BIP-110.
The proposed code change could alter Bitcoin's mining algorithm, preventing existing ASIC miners from generating blocks on the new chain and leading to a massive rebuild of the Bitcoin mining network. However, supporters argue that this scenario is only being considered as an alternative plan in emergency situations.
Mechanic, a supporter of BIP-110, believes that the possibility of a proof-of-work change could create a deterrent effect on miners. Miner signals are currently being monitored during the activation process, with data from the proposal's official tracking page indicating limited support for the update.