BIP-110 Fork Fails, CLARITY Vote Delayed; Bitcoin Security Team Identifies Thousands of Issues
Vexoda Newsroom
A contentious BIP-110 soft fork aimed at eliminating non-financial transactions on Bitcoin failed to gain traction. Meanwhile, the CLARITY Act vote has been postponed until September, and a volunteer
In an unexpected turn of events, BIP-110, a proposed soft fork for Bitcoin aimed at eliminating non-financial transactions like Ordinals, failed to garner sufficient support. The proposal only secured 2.5% backing and subsequently split into a minority chain that mined just two blocks before stalling.
Key figures such as Michael Saylor of MicroStrategy and Blockstream CEO Adam Back expressed concerns over the BIP-110's potential impact on Bitcoin’s neutrality, with Murch proposing to remove Luke Dashjr from his position as a BIP Editor. This setback highlights ongoing debates within the Bitcoin community about maintaining its open nature versus implementing specific use case restrictions.
The CLARITY Act vote, which seeks to regulate digital asset exchanges and marketplaces in the United States, has been delayed until September 15th by Senate Majority Leader John Thune. Despite initial hopes for a last-minute compromise, the vote is now seen as merely symbolic ahead of mid-term elections, with crypto lobbyists working on securing necessary votes.
In an effort to bolster security across the Bitcoin ecosystem, a group called the Bitcoin Red Team has identified thousands of potential vulnerabilities through AI-assisted reviews. As of the weekend, they had pinpointed 7,958 issues, including 168 critical flaws and over 1,000 high-severity concerns.
This initiative emerged following significant hacks on hardware wallets like Coldcard, which were attributed to AI analysis of source code. The incident underscored the risks associated with relying solely on automated systems for security, leading many Bitcoiners to adopt manual methods for generating seed phrases as a precautionary measure.
Meanwhile, Ethereum researchers propose Tapered Issuance Burn (EIP-8363) to adjust validator rewards based on staking levels. While this could reduce the financial incentive for validators as more ETH is staked, critics argue it might undermine network security by diminishing stakeholder incentives over time.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.