BIP-110 Protocol: The Necessary Path to Bitcoin's Million-Dollar Milestone?
This article argues that Bitcoin's path to reaching a $1 million valuation depends on maintaining its core monetary promise: a fixed supply of 21 million coins enforced by a decentralized, permissionless node network. The author identifies a systemic attack on this network, enabled by a vulnerability (CVE-2023-50428) in Bitcoin Core that allows non-monetary data (like Ordinals inscriptions and BRC-20 tokens) to bypass spam filters via Taproot transactions. While Bitcoin Knots patched this, Bitcoin Core not only refused to fix it but also removed OP_RETURN size limits in version 30, further bloating the blockchain.
The proposed solution, BIP-110, would filter out non-monetary data transactions (41.5% in a 10-day sample) without affecting any legitimate financial transactions, reclaiming 36% of block space. The author contends that prioritizing monetary use over non-monetary data storage is essential to preserve node accessibility, decentralization, and long-term credibility for institutional adoption. The article urges node operators to switch to Bitcoin Knots to enforce BIP-110 and protect Bitcoin's monetary integrity.
marsbit02/09 13:05
