Bitcoin Soft Fork Fails After Producing Only Two Blocks

A proposed Bitcoin soft fork designed to curb 'spam' transactions failed to gain traction after producing only two blocks. The BIP-110 minority chain stalled at block 961,633 on August 9, while the main Bitcoin network continued unaffected.

The proposal aimed to restrict non-financial data in transactions for a period of about one year. However, it needed 55% of mining hashpower to signal support, but only secured approximately 0.15%. The dominant chain advanced by roughly 48 to 57 blocks within eight hours, reaching heights between 961,681 and 961,690.

PlanB and Michael Saylor had expressed concerns that BIP-110 risked undermining Bitcoin's neutrality, arguing that once content-based filtering is introduced, it would be difficult to close the door. This precedent-setting concern appears to have resonated with miners, who largely rejected the proposal.