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Bitcoin Private

Bitcoin Private
Bitcoin Private Logo.svg
Ticker symbol BTCP
Precision 10−8
Development
Original author(s)

Bitcoin Private Community

Jacob Brutman

Christopher Sulmone

Rhett Creighton
White paper btcprivate.org/whitepaper.pdf
Initial release 1.0.10 / 6 March 2018 (6 months ago) (2018-03-06)
Latest release 1.0.10-2 / 9 March 2018 (6 months ago) (2018-03-09)
Code repository github.com/BTCPrivate/BitcoinPrivate
Development status Active
Forked from Zclassic, Bitcoin
Written in C++, Qt
Website btcprivate.org
Ledger
Ledger start 2 March 2018 (6 months ago) (2018-03-02)
Timestamping scheme Proof-of-work
Hash function Equihash
Issuance Block reward
Block reward 1.5625 BTCP, halving every 210,000 blocks or ~1 year[1][2]
Block time 2.5 minutes
Block explorer explorer.btcprivate.org
Supply limit 21,000,000 BTCP

Bitcoin Private (BTCP) is an open-source, peer-to-peer cryptocurrency with the optional ability to keep the sender, receiver, and amount private in a given transaction.[1] This is in contrast to many cryptocurrencies such as Bitcoin, which have a fully transparent transaction history.[3][4][5]

Details

Bitcoin Private gives users the option to generate either public or private addresses, redeemable for transactions to either address type. Private addresses work by using use Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). Evidence of ownership is provided without revealing which units are owned. This means that owners can redeem funds without any traceable history.[1][6]

Bitcoin Private retained Zclassic's Equihash algorithm.[7] Equihash is a memory-intensive proof of work mechanism, making it ASIC-resistant. This reduces centralization by incentivizing mining with accessible hardware. Bitcoin Gold also borrowed Equihash from Zcash.[8][9]

History

Jacob Brutman in February 2018

Bitcoin Private is a merge fork of Bitcoin and Zclassic.[10][11][12][13] Zclassic is a fork of Zcash, an implementation of the Zerocash whitepaper. Zclassic was released in November 2016,[14] by blockchain developer Rhett Creighton. Creighton used the same code as Zcash, with a lack of a founders fee required to mine a valid block.[6][15][10] This promotes a fair distribution, preventing centralized coin ownership and control.[10] In December 2017, Creighton announced that he would be restarting Zclassic development after months of inactivity.[16] The Zclassic team announced interest in creating a private Bitcoin fork days later.[17] Bitcoin Private's fork snapshot occurred on 28 February 2018, and the mainnet was launched 3 days later.

See also

References

  1. ^ a b c "Bitcoin Private Whitepaper" (PDF). btcprivate.org. February 2018. 
  2. ^ "Bitcoin Private on Twitter". twitter.com. 1 March 2018. 
  3. ^ "Bitcoin Transactions Aren't as Anonymous as Everyone Hoped". technologyreview.com. August 23, 2017. 
  4. ^ "Protect your privacy". bitcoin.org. Sep 27, 2013. 
  5. ^ Conti, Mauro; E, Sandeep Kumar; Lal, Chhagan; Ruj, Sushmita (July 3, 2017). "A Survey on Security and Privacy Issues of Bitcoin". arXiv:1706.00916Freely accessible. 
  6. ^ a b "Zcash Protocol Specification" (PDF). October 4, 2016. 
  7. ^ "BTCPrivate/BitcoinPrivate". github.com. 
  8. ^ Aaron van Wirdum (Oct 11, 2017). "Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork". BitcoinMagazine. 
  9. ^ Kariuki, David (December 14, 2017). "Benefits of Equihash Algorithm". 
  10. ^ a b c O'Leary, Rachel Rose (March 2, 2018). "'Bitcoin Private' Is Here, But What's It Worth?". Yahoo Finace. 
  11. ^ Kharif, Olga (January 23, 2018). "Bitcoin May Split 50 Times in 2018 as Forking Craze Mounts". Bloomberg. 
  12. ^ "Here's what happens when bitcoin just keeps forking". CNBC. March 8, 2018. 
  13. ^ Shen, Lucinda (February 22, 2018). "These Cryptocurrencies May Beat Bitcoin in the Coming Months". fortune. 
  14. ^ "Release 1.0.3 · z-classic/zclassic". 
  15. ^ "About Zclassic". zclassic.org. 
  16. ^ "Rhett Creighton on Twitter". twitter.com. December 8, 2017. 
  17. ^ "Rhett Creighton on Twitter". December 14, 2017.