PlanB Slams BIP-110: Supporters Misunderstand Decentralization

PlanB, a well-known analyst, has voiced opposition to the Bitcoin BIP-110 proposal. According to PlanB, supporters of the fork have not truly understood three key points about Bitcoin: it's a decentralized bearer asset, enthusiasts dislike spam more than anything else, and why the previous BCH fork failed.

BIP-110 is a temporary soft fork proposal that aims to add 7 new consensus restrictions over an effective period of one year. These restrictions include limiting script public keys, restricting partial push data and witness item size, disabling certain Taproot extension paths, and more. The goal is to reduce arbitrary non-payment data embedded in transactions, such as inscriptions and runes, thereby lowering node burden, suppressing spam data, and making Bitcoin focus more on monetary use.

However, miner support for BIP-110 is only about 1%, far below the required 55% for approval. With its prospects looking slim, it's almost impossible for BIP-110 to become an official rule on the main Bitcoin chain. The final result will be revealed around August 7-8 after the mandatory signaling window opens.