BIP 100 Support Grows; 21% Attack Worries Remain

Many major mining pools and firms including KnCMiner, Bitfury, f2pool, BTCChina and 21 Inc. have begun to publicly support Jeff Garzik’s BIP 100, by dedicating a huge part of their hashing power to mine BIP 100 blocks.

As Bitcoin Core Developer Jeff Garzik explains, the objective of Bitcoin Improvement Proposal or BIP 100 is to “remove [the] static 1MB block size limit” and to simultaneously add a new floating block size limit set to 1MB.

Currently, more than half of the world’s mining pools are supporting BIP 100, as more than 52% of the blocks mined in the last three days contained string “BV” + some digits in their coinbase scriptSig that is BIP 100.

21% attack?

According to some “researchers,” BIP 100, a soft fork block size increase proposal submitted by bitcoin core developer Jeff Garzik has a critical flaw in its system; a possibility of a 21% attack.

Amongst the nine new proposed changes to the protocol, Garzik suggested a new miners’ voting system:

Miners vote by encoding BV+BlockSizeRequestValue into coinbase scriptSig, e.g. /BV8000000/ to vote for 8M. Votes are evaluated by dropping bottom 20% and top 20%, and then the most

Read more ... source: Cointelegraph