3 weeks ago
5
The exchange lands four weeks before the mandatory signaling window of BIP-110 opens around August 7, with miner support still below 1%. What reads on the surface as a dispute about JPEG data on the blockchain has become the clearest public lesson in how Bitcoin governance actually works, and who gets to change the rules of a system designed to resist change.
Key Takeaways
- BIP-110 proposes a one-year consensus-level restriction on arbitrary data in Bitcoin transactions, capping OP_RETURN at 83 bytes.
- Miner signaling stood near 0.31% in late June, against a 55% activation threshold, with no major pool committed.
- The mandatory signaling mechanism begins around block 961,632, expected on August 7, 2026.
- Adam Back and Michael Saylor both publicly rejected the proposal on July 10-11.
BIP-110, formally the Reduced Data Temporary Softfork, is a proposal to change Bitcoin’s consensus rules for one year to restrict how much arbitrary, non-f...
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