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What Is Bitcoin Private (BTCP)?
- Akshit Anthony
- Nov 26, 2021
Artboard 1.jpg "What Is Bitcoin Private (BTCP)?")
Bitcoin private is a community-driven cryptocurrency born in March 2018 due to a hard fork between Bitcoin and Zclassic. Rhett Creighton, who also founded Zclassic, is the originator and primary developer of Bitcoin private.
(Related Reading: Hard and Soft Forks - What is the difference between them?)
The ultimate goal of Bitcoin private was to integrate the Z classic inherent privacy-rich characteristics with Bitcoin's flexibility, security, and popularity.
Although Bitcoin private is still traded in 2021, it does so in relatively small numbers. It has a market capitalization of $5,359,697 and is worth $1.12. It is the 1,226th biggest cryptocurrency, according to CoinMarketCap.
( Also read : Bitcoin Future ETF - All you need to know )
Understanding Bitcoin Private (BTCP)
Rather than being a regular fork, Bitcoin private was intended to be a "fork-merge" that included simultaneously forking away from the Bitcoin blockchain and merging it with Zclassic (ZCL).
The underlying method was characterized as "a ZClassic hard fork that merges the Unspent Transaction Input (UTXOs) of ZClassic and Bitcoin into a new blockchain known as Bitcoin Private. This implies that the Bitcoin addresses and amounts will be coupled with the ZClassic addresses and amounts."
Bitcoin Private is designed to handle two transactions: transparent and shielded transactions. The blockchain, like Bitcoin, stores the sources and destinations of all funds and amount values safely and transparently.
On the other hand, Shielded transactions encrypt such data in a separate area of a block, making them verifiable but challenging to read for third parties.
This operation aimed to produce a fresh set of 20,300,000 coins, with 700,000 tokens yet to be mined. After then, the pre-mined 20 million token would get airdropped into Bitcoin and Zclassic wallets. On February 28, 2018, the airdrop and fork-merge occurred.
As we are talking about bitcoin tokens, you might want to read this blog on Semi Fungible Crypto token.
Shielded vs. Transparent Transactions
Bitcoin Private integrates different types of transactions: transparent and protected transactions. Transparent transactions follow the same input, output, amount, and signature rules as bitcoin.
The blockchain stores the sources of all funds, destinations, and quantities in a transparent manner. On the other hand, Shielded transactions encrypt these data in a piece of the block known as the JoinSplit.
The integrity of the blockchain is maintained when shielded notes are spent, thanks to a particular zero-knowledge proof mechanism known as zkSNARKs. For each protected transfer, this method performs a series of calculations to indicate how the input values add up to the output values.
The sender then verifies that they have access to the input notes' private spending keys, granting them the authorization to spend. Finally, the input notes' private spending keys are cryptographically linked to a signature over the whole transaction, preventing the trade from being changed by a person who does not have access to the private keys.
(Must Check: Characteristics, Types and Applications of Cryptography)
This entire methodology relies on the Zcash trusted setup: at Zcash launch, keys necessary for zero-knowledge proofs and private transactions were generated and subsequently destroyed; this was called "The Ceremony."
By doing this, the system can ensure "one-time strong unforgeability against chosen message attacks.
Bitcoin V/s Bitcoin Private
Bitcoin's fixed, tiny block size and sluggish block times caused concerns with speed, cost, and energy usage as the digital currency grew in popularity in the middle of the decade.
Increased transaction volume resulted in increased fees and longer processing times, which caused backlogs. One of bitcoin's goals, to be a unit of exchange, became evident in its present condition.
Furthermore, the emergence of power-hungry ASIC-based mining called Bitcoin's decentralized ethos into doubt. Mining power shifted to a few professional mining corporations and mining pools.
Although Bitcoin was designed to provide users with anonymity, it is feasible to track transactions in practice because all transactions are recorded on the blockchain. By combining Bitcoin's protocol with Zclassic's privacy-rich features, Bitcoin private tried to overcome this problem.
The total currency supply for Bitcoin private, like Bitcoin, was set to be restricted at 21 million. The zk-SNARKs privacy protocol and the Equihash algorithm a GPU-friendly proof of work method, are used to mine Bitcoin secretly.
( Also Read : How to Mine Bitcoin? )
The objective of Bitcoin Private
Combining the security of Bitcoin with a mechanism to keep transactions secret, like many other ideas floating during the height of blockchain euphoria in 2017 and 2018, looked like a fantastic idea.
Bitcoin private was rated 46th in market value when it first started, with a market cap of roughly $550 million. It is no longer listed on HitBTC or many lesser exchanges as of 2021, with some of them having gone out of business.
Bitcoin private triggered multiple red flags from the start: it pre-mined 96.6 percent of the entire supply of tokens, leaving only 3.4 percent as a mining incentive. It also tried to capitalize on Bitcoin's popularity and adoption rather than organically building its user base.
The principles issued a statement on Medium towards the end of 2018, less than a year after Bitcoin private was introduced, revealing that a "bad actor exploited a vulnerability in the BTCP fork mine code."
As a result, 1.7 million fraudulent "shielded" coins were minted. To address the issue, the engineers designed a Bitcoin private hard fork.
Under dubious circumstances, BTCP was delisted from the HitBTC exchange in March 2019. Transaction volumes plummeted from over 80,000 per day at the start of the year to less than 10,000 per day.
( Must Read : Top Companies Adopting Bitcoins )
The Future of Bitcoin Private
The Fundamental Crypto Asset Score of CoinMarketCap has awarded Bitcoin private an "F" rating. Since around April 2021, one of the Bitcoin personal Twitter accounts is still operational. According to the organization's most recent Medium article, dated several surviving exchanges delisted January 31, 2020, Bitcoin private and the Treasury membership was in trouble.
( Also Read : Top Investors of All Time )
Community Driven Project
Many cryptocurrency initiatives claim to be community-driven and open-source, whether they be utility tokens or coins. While this is true to some extent, most projects have a core development team in charge of the project's whole future.
Although there are a few cases (e.g., Decred) where the community has genuine power over the future, development teams are typically behind closed doors. While members of the community can offer changes to the code, these requests may go ignored. The Bitcoin Private project is a real community effort with over 100 contributors (as of February 6, 2018) and is regularly expanding.
Bitcoin private is supported by a global, multilingual ambassador program. Community members may actively participate in helping to promote Bitcoin Private and grow the community.
Furthermore, Bitcoin Private has issued a "request for developers" in which anybody, including those new to blockchain technology, may apply and make a significant contribution to the project.
Those with no prior knowledge in blockchain technology or engineering can benefit from this developer training and become adept in the field. These two initiatives have attracted over a hundred new contributors in only a few days, bringing our daily contributing team to well over 300 people.
To the best of the team's knowledge, no other cryptocurrency has attained the scale of the Bitcoin Private contribution team, which demonstrates the project's commitment to its community-driven inspiration. It exemplifies Bitcoin Private's genuinely decentralized evolution.
( Must Read : Best Blockchain Stocks For 2022 )
Conclusion
Bitcoin Private is a cryptocurrency that was created and is maintained by a diverse group of people. Every day, team members from all across the world work together to make this project a success. They do so because they feel that the project realizes Satoshi's original ideal of financial independence through rapid, low-fee, decentralized, and private transactions.
Bitcoin Private offers a wide range of business uses, ranging from speedy worldwide transactions to local retail purchases. Zclassic's shielded transaction technology and Bitcoin's enormous, loyal following will usher in a new age of proven and trustworthy blockchain privacy.
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