Published on August 29th, 2015 | by bitcoin0
Growing support for BIP 100, but 21% attack still a cause for worry
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.
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.
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.
Additionally, BIP 100 gives too much power and authority to the miners.
That wouldn’t irreversibly destroy Bitcoin on a technical level, but probably make it unaffordable to transact on it and destroy it on an economic level.”
BIP 101 support
Because of the weaknesses of BIP 100, Bitpay, Blockchain.info, Circle, itBit, Bitgo, Bitnet and Xapo have submitted a BIP 101 proposal letter.