Hardfork Bitcoin Private

Bitcoin Private is a hard-fork of two blockchains, Bitcoin and Zclassic. The cryptocurrency is based on the Bitcoin transaction; however it uses the encryption protocol zk-SNAR by Zclassic. The developers set the goal to create a safe and scalable cryptocurrency with faster transactions by increasing the sizes of the blocks.


Technical characteristics

The hard-fork of Bitcoin Private took place on February 28th on the block 511346 BTC and the block 272991 ZCL. All holders of Bitcoin and Zclassic received coins in the ratio 1:1. This is the first hard-fork in the history that is based on two blockchains at once. The developer of the new cryptocurrency was Rhett Creighton, the creator of Zclassic and WhaleCoin.

The emission of BTCP will make out 21 million coins. A new block with the size of 2 Mb is being created every 2.5 minutes using the method on the Equihash algorithm. Each block contains 12.5 BTCP, the complexity is recalculated newly after each block. In the blockchain, there is also a foreseen security from the transaction duplications.

The cryptocurrency differs from Bitcoin and its other forks by the fact that all transactions inside the blockchain happen with the use of the encryption algorithm zk-SNARKs based on the zero-knowledge proof, which is also used in Zclassic. This means that the payments are published in an open blockchain, but the senders, receivers and other metadata of the transactions remain hidden. Thus, BTCP can become a more anonymous cryptocurrency than all other Bitcoin forks.


As of the moment of the hard-fork, Bitcoin Private was supported by Coinomi Wallet and the exchanges HitBTC and TradeSatoshi. The interest to BTCP led to a collapse of the price for ZCL: the users purchased coins to receive BTCP during the fork and then, they massively sold them.

The team of Bitcoin Private developers announces that the next step will be the acceleration of transactions by means of the implementation of new technological solutions into the blockchain. It declares the openness and commitment to the cryptocommunity, which is why all important decisions are promised to be made after public discussions.




See Also on BitcoinWiki