Bitcoin · X · Bitcoin Magazine
The Bitcoin Softfork That Tried to Police “Junk Data”, And Why It’s Already Failing
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This is a guest post by Brandon Black.
Key facts
- BIP110 would be the most sweeping restriction of Bitcoin script since Satoshi’s well-known deactivation of many opcodes in response to a critical vulnerability ( CVE-2010-5137 ) back in 2010
- All of these restrictions apply to UTXOs created during the 52414 blocks (approximately 1 year) after its activation
- BIP110 also proposes a miner readiness signaling threshold of 55% instead of the threshold used in prior miner signaled softforks of 90% or more
- Within the tiny internet bubble of Bitcoin X (formerly Bitcoin Twitter or Crypto Twitter), there has been a lot of noise in the past year about ’s proposal for a Reduced Data Temporary Softfork
Summary
Within the tiny internet bubble of Bitcoin X (formerly Bitcoin Twitter or Crypto Twitter), there has been a lot of noise in the past year about ’s proposal for a Reduced Data Temporary Softfork, otherwise known as BIP110. Bitcoin is an open-access, censorship-resistant ledger to which anyone can write entries if they are willing to pay fees sufficient to convince block template creators and miners to include their transaction. The fundamental value of Bitcoin vs. all other ledger systems is the aforementioned open access. BIP110 proponents might say, “Sure, but that only applies to monetary entries! What about these non-monetary entries?”, but the reality is that there simply is no such distinction. Every transaction made on Bitcoin is made by satisfying the conditions of some locking script to make an entry in the ledger, which consumes input coins and creates output coins.
In Bitcoin, they have two advantages that gold does not have. First, making Bitcoin transactions that can be viewed in alternative ways does not affect the market for Bitcoin itself. These limits have already spurred innovations such as the Lightning Network, Ark, Spark, Cashu, and many more.