The primary declared goal of BIP-110 is to limit the storage of large volumes of non-financial data, be it images or text, for one year, in order to reduce the load on the network of the first cryptocurrency. To activate BIP-110, support from 55% of miners was required. The fork was supported by only 2.6% of miners. Proponents of BIP-110 nevertheless attempted to launch an alternative chain on Saturday, August 8th. However, in eight hours it managed to mine only two blocks.
Wright published a thread of tweets where he stated that no changes should be made to Bitcoin. The entrepreneur reminded everyone: Bitcoin was developed as an open system. If it is managed by a small group of developers who can change the rules and isolate dissenting users, then the protocol will cease to be decentralized. According to Wright, no developer, miner, corporation, or foundation should control the blockchain and rewrite its rules in their own interests.
With a fixed protocol architecture, anyone can create services, accept payments, or develop a competing business model, explained the self-proclaimed Satoshi Nakamoto. No central organization should decide who can participate in the network, which applications can be built on it, and whose transactions deserve access. The basic rules must be stable, and competition must not be limited, insists the businessman.
In March 2024, the High Court of London officially ruled that Wright is not the author of the Bitcoin white paper and did not create the first cryptocurrency. A few months later, the same court sentenced Wright to 12 months in prison, with the sentence suspended for two years, and a fine of $180,000 for contempt of court.
Recently, Michael Saylor, chairman of Strategy, the largest corporate owner of bitcoins, also spoke out against BIP-110. Saylor is convinced that any modifications to the blockchain can have negative consequences.
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