Quick catch up. BIP-110 needed 55% of miners signaling for it. Got 2.56%. Two blocks mined on the fork and then it just stalled out.
So now the move is a proof of work change. Watch Testnet4, grab the next block hash, last character picks the algorithm off a list nobody agreed on til this morning.
One of the Knots guys said the reason for ditching SHA256d is to fire the miners, not because it’s broken.
We watched this movie in 2017. Different fight, same instinct. Small group decides the majority’s the problem and hard forks their way out. Ended in Bcash last time.
Watching this one play out live today.
quotingSo here's the plan for selecting Bitcoin's new PoW algorithm:
nevent1q…v9kz
Nobody knows the new algorithm right now, and nobody will until we all know at the same moment.
At 14:00 UTC August 11th, we will begin watching Bitcoin's Testnet4 chain for new blocks.
The very next block found, look at the block hash.
The last character will choose the new algorithm.
(Note that testnet4 blocks are typically timestamped wrong!)
As soon as I see that block, I will reveal the mapping showing which algorithm that character represents.
Throughout the last 24+ hours, the community has discussed and made a short list of candidate algorithms.
I compiled that list into a weighted (according to their suitability) set of options for the mapping list.
You can prove I didn't rig it, by SHA256 hashing the mapping text file.
It will match 71a7960874f3352f4ba600ce67bd6f8e96702565abea93021fa86349d99a45e8