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Bitcoin Private

Topic: Finance

 From HandWiki - Reading time: 4 min
Bitcoin Private
Bitcoin Private Logo.svg
Ticker symbolBTCP
Precision10−8
Development
Original author(s)Bitcoin Private Community

Jacob Brutman

Christopher Sulmone

Rhett Creighton
White paperbtcprivate.org/whitepaper.pdf
Initial release1.0.10 / 6 March 2018 (6 years ago) (2018-03-06)
Latest release1.0.10-2 / 9 March 2018 (6 years ago) (2018-03-09)
Code repositorygithub.com/BTCPrivate/BitcoinPrivate
Development statusActive
Project fork ofZclassic, Bitcoin
Written inC++, Qt
Websitebtcprivate.org
Ledger
Ledger start2 March 2018 (6 years ago) (2018-03-02)
Timestamping schemeProof-of-work
Hash functionEquihash
Issuance scheduleBlock reward
Block reward1.5625 BTCP, halving every 210,000 blocks or ~1 year[1][2]
Block time2.5 minutes
Block explorerexplorer.btcprivate.org
Supply limit21,000,000 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. It was subject to a 51 percent attack on 13 October 2018.[18]

See also

References

  1. ↑ 1.0 1.1 1.2 Bitcoin Private Whitepaper. February 2018. https://btcprivate.org/whitepaper.pdf. 
  2. ↑ "Bitcoin Private on Twitter". 1 March 2018. https://twitter.com/bitcoinprivate/status/969255954565877760. 
  3. ↑ "Bitcoin Transactions Aren’t as Anonymous as Everyone Hoped". August 23, 2017. https://www.technologyreview.com/s/608716/bitcoin-transactions-arent-as-anonymous-as-everyone-hoped/. 
  4. ↑ "Protect your privacy". Sep 27, 2013. https://bitcoin.org/en/protect-your-privacy. 
  5. ↑ Conti, Mauro; E, Sandeep Kumar; Lal, Chhagan; Ruj, Sushmita (July 3, 2017). "A Survey on Security and Privacy Issues of Bitcoin". arXiv:1706.00916.
  6. ↑ 6.0 6.1 "Zcash Protocol Specification". October 4, 2016. https://bravenewcoin.com/assets/Whitepapers/Zcash-Protocol-Specification.pdf. 
  7. ↑ "BTCPrivate/BitcoinPrivate". https://github.com/BTCPrivate/BitcoinPrivate. 
  8. ↑ Aaron van Wirdum (Oct 11, 2017). "Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork". BitcoinMagazine. https://bitcoinmagazine.com/articles/bitcoin-gold-about-trial-asic-resistant-bitcoin-fork/. 
  9. ↑ Kariuki, David (December 14, 2017). "Benefits of Equihash Algorithm". https://www.cryptomorrow.com/2017/12/14/benefits-of-equihash-algorithm/. 
  10. ↑ 10.0 10.1 10.2 O'Leary, Rachel Rose (March 2, 2018). "'Bitcoin Private' Is Here, But What's It Worth?". Yahoo Finace. https://finance.yahoo.com/news/forking-fork-apos-bitcoin-private-090538616.html. 
  11. ↑ Kharif, Olga (January 23, 2018). "Bitcoin May Split 50 Times in 2018 as Forking Craze Mounts". Bloomberg. https://www.bloomberg.com/news/articles/2018-01-23/bitcoin-may-split-50-times-in-2018-as-forking-craze-accelerates. 
  12. ↑ "Here’s what happens when bitcoin just keeps forking". CNBC. March 8, 2018. https://www.cnbc.com/video/2018/03/08/heres-what-happens-when-bitcoin-just-keeps-forking.html. 
  13. ↑ Shen, Lucinda (February 22, 2018). "These Cryptocurrencies May Beat Bitcoin in the Coming Months". fortune. http://fortune.com/2018/02/22/bitcoin-price-fork-airdrop-altcoin-cryptocurrency/. 
  14. ↑ "Release 1.0.3 · z-classic/zclassic". https://github.com/z-classic/zclassic/releases/tag/v1.0.3. 
  15. ↑ "About Zclassic". https://zclassic.org/#about. 
  16. ↑ "Rhett Creighton on Twitter". December 8, 2017. https://twitter.com/HeyRhett/status/939300477472333824. 
  17. ↑ "Rhett Creighton on Twitter". December 14, 2017. https://twitter.com/HeyRhett/status/941197043267186688. 
  18. ↑ "Hacker Livestreams 51% Attack on Bitcoin Private". https://news.bitcoin.com/hacker-livestreams-51-attack-on-bitcoin-private/. 




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