BlockBeats News, July 25th - Renowned analyst PlanB has spoken out against the Bitcoin BIP-110 proposal: "I am against the BIP-110 fork. In my view, supporters of the fork have not really understood three points. Bitcoin is a decentralized, pseudonymous asset; Bitcoin enthusiasts hate spam more than anything else; and why the previous BCH fork failed."

BIP-110 is a temporary soft fork proposal that plans to add 7 consensus restrictions within a validity period of about one year. These include limiting the length of new scriptpubkeys, the size of partially pushed data and witness items, disabling certain Taproot extension paths, etc., in order to significantly reduce arbitrary non-payment data embeddable in transactions, such as plaintext runic inscriptions, thereby reducing node burden, suppressing spam data, and making Bitcoin more focused on its monetary use.

Currently, BIP-110 only has a miner support rate of about 1%, far below the required 55% for activation. With bleak prospects for adoption, it is almost impossible for it to become the formal rule of the Bitcoin main chain. The final outcome will be revealed shortly after the mandatory signaling window opens around August 7-8.