BIP-110 BITCOIN DATA LIMITATION PROPOSAL NEARS THE DEADLINE AND MINERS STILL HAVE A SUPPORT RATE CLOSE TO ZERO

On 12 July, the Bitcoin BIP-110 proposal was about to meet its deadline at the beginning of August, but the current support rate for miners is still below 1 per cent, indicating that the proposal faces considerable resistance. BIP-110, all known as "reduce data temporary soft fork", is at the core of the controversy about limiting non-financial data in the Bitcoin block chain. The proposal plans to limit OP RETURN data capacity within one year, prohibit the writing of most of the arbitrary data in excess of 256 bytes, and limit the script formats used mainly for data storage. Proponents argued that the proposal would allow the Bitcoin network to focus more on the payment function and reduce the pressure on nodes to operate; opponents argued that it would escalate the policy controversy on the use of block space into a change in consensus rules and determine which transactions were " acceptable " transactions. The founders of Strategy, Michael Saylor, and the co-founder of Blockstream, Adam Back, have both publicly opposed BIP-110. Saylor says, "There are 110 things more dangerous than garbage data" and that the proposal will "transform the garbage data dispute into a consensus change that will invalidate some of the current transactions that are valid and that pay fees." Adam Back says that if supporters cannot accept the status quo, they can choose a cross, but "bitcoin will not join." The data show that BIP-110 uses a user-activated soft fork to set a threshold of 55 per cent for miners' signals, but at present the miners' signal rate has never exceeded about 1 per cent, the current cycle is more than 0, and there is no support for major mines. The percentage of nodes running BIP-110 software is also in single digits, mainly from Bitcoin Knots users. The current signal cycle of the proposal will end near block heights of 959,615 and is expected to enter the voluntary locking deadline in early August and to be activated around September. If there is still a lack of broad support at that time, it may result in a few nodes forming a chain of separation。