Matt Corallo Sees 80% Chance BIP-54 Becomes Bitcoin’s Next Soft Fork

Bitcoin developer Matt Corallo puts an 80% chance on BIP-54 becoming Bitcoin’s next soft fork, a proposal he sees as both a cleanup and a test of upgrade coordination. The Great Consensus Cleanup was proposed in 2019 to address four defects that have persisted in Bitcoin’s consensus rules. The network has no formal schedule for the proposal. Taproot, activated in November 2021, was its most recent soft fork. One targeted issue involves specially constructed blocks that can exploit node performance bottlenecks and slow validation. Another is a weakness in the roughly two-week difficulty adjustment period: miners controlling most of the network’s computing power can manipulate timestamps and speed up block production. BIP-54 would also address ambiguity in Merkle proofs.

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