Since Bitcoin split at block 961632 on Aug. 8, the tiny Roughnecks pool has burned scarce hashpower chasing a chain almost nobody can trade, grinding out just four blocks across seven days. Now, BIP-110 supporters are preparing an even bigger gamble: abandoning double SHA-256 for Blake2b, a proof-of-work (PoW) primitive used by only a handful of Nakamoto-consensus chains, most notably Sia.
Key Takeaways
Roughnecks mined just 4 BIP-110 blocks after Bitcoin split at block 961632 on Aug. 8.BIP-110 has 400,000+ transfers waiting, with zero exchange support or market price. A great deal of those transfers are accidental.BIP-110 backers plan a September Blake2b PoW shift to escape SHA-256 difficulty.BIP-110 proponents, including Ocean co-founder Luke Dashjr, say the minority chain will swap its PoW from SHA-256 to Blake2b. The choice reportedly emerged from a randomized handful of PoW hash functions and algorithms. Importantly, replacing the minority chain’s PoW hash function does not invent or adopt an entirely new consensus mechanism.
Explorers, wallets, and indexing tools also need upgrades to recognize the altered chain and its tokens. Miners, meanwhile, need hardware or software capable of crunching Blake2b efficiently. It is a massive undertaking, but backers appear determined to push it through.
No Exchange Means No Price for the New CoinThat has not happened here whatsoever, leaving the crypto community to watch what comes next. The real test arrives if BIP-110 proponents actually abandon SHA-256 for Blake2b, reset the crushing difficulty, and finally add proper replay protection.
