Developers backing BIP-110 are planning to launch an independent proof-of-work chain on Sept. 1 that uses the BLAKE2b algorithm. The proposed chain would replace an earlier minority branch that produced only two blocks and failed to attract enough SHA-256 hashpower support. Under the hard fork plan, Bitcoin’s mining algorithm would shift from SHA-256d to BLAKE2b, which means existing Bitcoin mining machines would not be able to redirect hashpower to the new network directly. So far, no major exchange, wallet provider, or Lightning Network implementation has publicly committed to supporting the chain. Its launch still depends on whether the required technical conditions are met, according to Techub, citing crypto.news.
Developers backing BIP-110 plan to launch an independent proof-of-work chain using the BLAKE2b algorithm on Sept. 1, according to Techub, citing crypto.news.
The new chain is intended to replace an earlier minority branch that produced only two blocks and did not secure enough SHA-256 hashpower support.
The hard fork would change Bitcoin’s mining algorithm from SHA-256d to BLAKE2b. As a result, existing Bitcoin mining machines would not be able to shift hashpower to the new network directly.
No major exchange, wallet, or Lightning Network implementation has publicly committed support for the chain so far. Its final launch still depends on whether the necessary technical conditions are met.
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