What Is Bitcoin Private (BTCP)?
According to the whitepaper, Bitcoin Private results from the “fork-merge” of Zclassic and Bitcoin. The challenge of lacking insufficient security, data, or information breach brings about the need for a better system to empower the individual with secure and easy transactions by removing the middlemen. Thus, the cryptocurrency Bitcoin Private is generated. The token seeks to be useful, as it intends to be fast, has a low fee, and has a private transactional network. Since Bitcoin Private is the outcome from the fork-merge with Bitcoin, the Bitcoin Private chain supports lower fees in contrast to Bitcoin. The transaction speed of Bitcoin Private is also assumed to be four to six times faster.
Bitcoin Private uses the technology as ZClassic (Zk-Snarks); that implies transparency in payments, as they are published on a public blockchain. A Zk-Snark is a cryptographic proof that allows a party to prove that it possesses certain information without revealing that information. The codebase of Bitcoin Private is available as open source for verification and viewing by anyone. Bitcoin Private provisions peer-to-peer transactions without any middlemen. All the transactions are verified using cryptography by network nodes and recorded in a public ledger.
The purpose of Bitcoin Private is to add privacy and spending ability to the Bitcoin blockchain. This goal can be accomplished once the Bitcoin Private token uses a larger block size of 2 MB. Along with this, the token also intends to use a shorter block time, say 2.5 minutes, and a GPU-friendly, ASIC-resistant proof-of-work (PoW) algorithm for Equihash mining. Furthermore, this fork-merge acquires a dual nature that helps the crypto community get involved.
Additionally, to reduce the burden of the blockchain on user devices, Bitcoin Private clients provide support for blockchain pruning and SPV techniques like Electrum. Also, the Bitcoin Private token features two-way replay protection that safeguards against replay attacks. This is in implementation, and the industry-standard approach is in use.
History of the Bitcoin Private Token
The team of Bitcoin Private involves Jamie Owens (operations/lead developer), Ken (blockchain developer), Dan Farina (full-stack developer), and Robitica (blockchain developer).
