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 (8 months ago) (2018-03-06)
Latest release1.0.12-1 / 24 June 2018 (4 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 (8 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] This is in contrast to many cryptocurrencies such as Bitcoin, which have a fully transparent transaction history.[3][4][5]

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). 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] Despite this, a study in May 2018 found that 30% of total hashes were coming from ASICs.[10]

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] 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][16][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] 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]

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".