Adam Back Critiques BIP-110 Proposal to Curb Bitcoin Spam
- Blockstream CEO Adam Back opposes Bitcoin Improvement Proposal (BIP-110), which aims to limit data storage in transactions.
- Approximately 7.5% of Bitcoin nodes, all running Bitcoin Knots, have signaled support for BIP-110.
- BIP-110 seeks a temporary reduction of arbitrary data to combat “spam” like images and videos on the network.
- Bitcoin Core’s market share has decreased from about 98% to 77.2% since changes to the OP_RETURN function were made.
- Ordinals inscription fees fell below $10,000 per day by late December, down from nearly $10 million at their peak in December.
Back argues that BIP-110 could harm Bitcoin’s credibility as a store of value and that spam is not a significant security threat. The proposal is intended as a temporary measure while developers seek longer-term solutions.
The debate continues as BIP-110 supporters emphasize its potential benefits, despite concerns about freezing funds and limiting transaction types.(Source)
