PlanB Voices Opposition to Bitcoin BIP-110: Fork Supporters Do Not Understand the Essence of Decentralization

BlockBeats News, July 25, well-known analyst PlanB voiced opposition to the Bitcoin BIP-110 proposal: I oppose the BIP-110 fork. In my view, the supporters of the fork have not truly understood three points: Bitcoin is a decentralized bearer asset; Bitcoin enthusiasts dislike spam even more than they do; and why the previous BCH fork failed.

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

Currently, miner support for BIP-110 is only about 1%, far below the 55% required for approval. Its prospects for passing are slim, and it is almost impossible 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.