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Bitcoin Private

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Written by   76
5 months ago

Bitcoin’s open blockchain, is not suitable for people with privacy concerns. People always innovate and a group of developers, decided to make a fork called Bitcoin Private. They use, already available technology of Zclassic, to create private transactions on Bitcoin Private’s blockchain. Unfortunately, many of other coins, built for privacy, are still capable of being compromised through various techniques, due to their on-chain transaction systems that promise anonymity through obfuscation or TOR nodes. Bitcoin Private, a supposed “fork-merge” of Bitcoin and Zclassic, is intended to add privacy and spendability to the Bitcoin blockchain while remaining cognizant of the challenges, choices, and failures of prior forks. To accomplish this, Bitcoin Private will use a larger block size (2 MB), a shorter block time (2.5 min), and an ASIC-resistant (GPU-friendly) proof-of-work (PoW) algorithm for mining — Equihash.

Fork-Merge proposed

To achieve this, a “fork-merge” is proposed, whereby the blockchains of two cryptocurrencies are combined into one. This will formally happen off of the Zclassic blockchain, since zk-SNARKs and JoinSplit transactions are fundamentally part of this new blockchain. A significant issue that any fork must handle is a so-called “replay attack,” in which a post-fork transaction on the original blockchain is made valid on the new blockchain. To get legitimacy and independence from the original blockchain, all coin forks must have replay protection. To safeguard against replay attacks from Bitcoin and Zclassic, Bitcoin Private will feature a two-way replay protection.

The coin will utilize the highly-regarded Equihash PoW algorithm, which was developed by Alex Biryukov and Dmitry Khovratovich at the University of Luxembourg as an asymmetric proof-of-work (PoW) mechanism. It is designed with “memory hardness” whereby a steep computational penalty is associated with a reduction in memory usage and speed.

Two transaction systems

Bitcoin Private is an amalgamation of two transaction systems - transparent and shielded transactions. Transparent transactions operate on the same principles as Bitcoin - input, output, amount, and signature. Sources of all funds, destinations, and amounts are stored transparently on the blockchain. Shielded transactions, conversely, encrypt these details into a special section of a block called the JoinSplit. These transactions are verifiable but indecipherable to third-party observers. When spending shielded notes, the integrity of the blockchain is kept via a specialized zero-knowledge proof algorithm called zkSNARKs.

True community effort

Many cryptocurrency projects, whether utility tokens or coins, claim to be community-driven and open source. While this is true to an extent, a core development team typically exists which controls the entire future of the project. Few exceptions exist (e.g. Decred) whereby the community has actual control of the future, however, development teams are still often closed doors. While community members can suggest modifications on the corresponding code, these requests may go unnoticed. The Bitcoin Private project represents a true community effort, with over 100 contributors currently (Feb. 6, 2018) and is growing daily.

Bitcoin Private is a cryptocurrency developed and maintained by a diverse community. Team members from around the globe collaborate daily to make this project a success. They do so, because they believe the project fulfills Satoshi’s original vision of financial freedom via fast, low-fee, decentralized, and private transactions.

Bitcoin Private’s future

Bitcoin Private’s forward-thinking inclusion will allow for future developments, and an included difficulty bomb will advance alternative governance methodologies. The commercial applications of Bitcoin Private are numerous: from fast global transactions to purchasing in local stores. This merger of Bitcoin’s vast, dedicated following and shielded transaction technology of Zclassic will usher in a new era of provable and trust less blockchain privacy. Bitcoin private is an interesting project, that we, all cryptocurrency enthusiasts should be aware of. Crytptocurrency, is a wonderful world of creation and evolution. Time will show, which coins will stand the test of time.

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Written by   76
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Comments

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5 months ago

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5 months ago

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5 months ago

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5 months ago

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5 months ago

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5 months ago