Bitcoin Private

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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 (9 months ago) (2018-03-06)
Latest release1.0.12-1 / 24 June 2018 (5 months ago) (2018-06-24)
Code repositorygithub.com/BTCPrivate/BitcoinPrivate
Development statusActive
Forked fromZclassic, Bitcoin
Written inC++, Qt
Websitebtcprivate.org
Ledger
Ledger start2 March 2018 (9 months ago) (2018-03-02)
Timestamping schemeProof-of-work
Hash functionEquihash
IssuanceBlock 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][non-primary source needed] This is in contrast to many cryptocurrencies such as Bitcoin, which have a fully transparent transaction history.[3][irrelevant citation][4][irrelevant citation][5][irrelevant citation]

Details[edit]

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), as opposed to the older technique of ring signatures used in coins such as Monero. Evidence of ownership is provided without revealing which units are owned. This means that owners can redeem funds without any traceable history.[1][non-primary source needed][6][irrelevant citation]

Bitcoin Private retained Zclassic's Equihash algorithm.[7][non-primary source needed] 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][irrelevant citation][9][irrelevant citation] Despite this, a study in May 2018 found that 30% of total hashes were coming from ASICs.[10][irrelevant citation]

History[edit]

Jacob Brutman in February 2018

Bitcoin Private is a merge fork of Bitcoin and Zclassic.[11][12][13][14] Zclassic is a fork of Zcash, an implementation of the Zerocash whitepaper. Zclassic was released in November 2016,[15][non-primary source needed][irrelevant citation] 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][non-primary source needed][irrelevant citation][16][non-primary source needed][irrelevant citation][11] This promotes a fair distribution, preventing centralized coin ownership and control.[11] In December 2017, Creighton announced that he would be restarting Zclassic development after months of inactivity.[17] The Zclassic team announced interest in creating a private Bitcoin fork days later.[18][non-primary source needed] 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.[19][non-primary source needed]

See also[edit]

References[edit]

  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:1706.00916.
  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. ^ "Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate - Bitcoin News". Bitcoin News. 2018-06-15. Retrieved 2018-11-11.
  11. ^ a b c O'Leary, Rachel Rose (March 2, 2018). "'Bitcoin Private' Is Here, But What's It Worth?". Yahoo Finace.
  12. ^ Kharif, Olga (January 23, 2018). "Bitcoin May Split 50 Times in 2018 as Forking Craze Mounts". Bloomberg.
  13. ^ "Here's what happens when bitcoin just keeps forking". CNBC. March 8, 2018.
  14. ^ Shen, Lucinda (February 22, 2018). "These Cryptocurrencies May Beat Bitcoin in the Coming Months". fortune.
  15. ^ "Release 1.0.3 · z-classic/zclassic".
  16. ^ "About Zclassic". zclassic.org.
  17. ^ "Rhett Creighton on Twitter". twitter.com. December 8, 2017.
  18. ^ "Rhett Creighton on Twitter". December 14, 2017.
  19. ^ "Hacker Livestreams 51% Attack on Bitcoin Private".