Bitcoin Mining Giant Foundry Asks Miners To Vote on BIP-110 Soft Fork

Bitcoin Magazine

Bitcoin Mining Giant Foundry Asks Miners To Vote on BIP-110 Soft Fork

Foundry Digital, the world’s leading Bitcoin mining pool operator, has said it will allow mining clients how the pool should signal on the BIP-110.

The Rochester, New York-based firm said Friday in an email to miners that they will be able to vote by using their hashrate — literally computing power — to vote either for or against the proposal. 

BIP-110, or the Bitcoin Improvement Proposal 110, is a proposal aimed at temporarily restricting spam on the blockchain. If it goes through, a soft fork — a backward-compatible rule change — would take effect, restricting the amount of non-monetary data on the network.

“As miners, it’s important for you to have a voice and participate in the governance of the network,” Foundry said in its announcement. 

“It’s one of the more actively debated proposals in Bitcoin right now, and miners play a direct role in whether it activates,” the company added. 

Also known as the “reduced data temporary soft fork,” the proposal would cap the amount of arbitrary, non-monetary data that transactions can carry. 

Its rules limit most new outputs to 34 bytes, restore an 83-byte limit on OP_RETURN outputs, and reject data pushes above 256 bytes. 

Those for the proposal say that the soft fork would allow Bitcoin to function as pure peer-to-peer money. 

But opponents, including Strategy founder Michael Saylor and Blockstream co-founder Adam Back, argue it converts a policy dispute into a consensus change that could invalidate fee-paying transactions.

Foundry’s process

Under Foundry’s process, each vote carries weight based on an account’s average 10-day hashrate on the pool between July 6 and July 15. Foundry said it will signal based on the majority of hashrate-weighted votes across the signaling period, which it expects to run through early August at block 961,632. 

The company’s starting position is no. It said that until “Yes” votes cross 51% of voting hashrate, Foundry signals “No” with all of its blocks. A crossing of that threshold switches the pool to “Yes” with all of its blocks.

Foundry controls about a third of network hashrate, a share that makes its position consequential for the outcome. Analysts at BGeometrics identified decisions by Foundry and Antpool as capable of moving daily signaling into a meaningful range. A mandatory signaling window near block 961,632, projected for early August, will force the question before the activation timeline closes.

Accounts that do not respond count as “No” votes. Foundry said owners can change their choice while the window remains open, and that individual votes stay confidential, though aggregate results may be shared.

This post Bitcoin Mining Giant Foundry Asks Miners To Vote on BIP-110 Soft Fork first appeared on Bitcoin Magazine and is written by Mathew Di Salvo and Micah Zimmerman.

Read More[#item_full_content]Bitcoin Magazine