Ever since the introduction of Bitcoin, a number of investors in the coin were not so pleased with its features. Some even opted to change the entire crypto protocols. While this proved to be quite a hard task, most of the cryptocurrency enthusiasts opted for hard forks of the Bitcoin. This led to the emergence of new cryptocurrencies in the digital money world.
Some of the new cryptos were focused on the fact that Bitcoin was not completely private as advertised. Even though the Bitcoin currency provides a well-organized decentralization feature which I must admit has changed the entire business world, there is still the anonymity concern raised by the users. This is because it has become possible to track the transactions done through Bitcoin hence making it liable to government legality issues. No wonder the founder has chosen to be anonymous. Imagine the number of lawsuits he would face if he is publicized?
Emergence of Bitcoin Private
Critics argue that anonymity is an aspect that would only concern those involved in illegal business. This is not entirely true. If you were given the option of publicizing all your entire bank statements to the world, I’m sure most of us would opt for not do so. Therefore, the anonymity aspect is still something mandatory no matter the type of business you are involved in. Though this has paved way to the rise of illegal activities all over the world.
Well, until we see changes being made in the Bitcoin’s core system, there will be a rise in hard forks of the system. For instance, the recently discussed Bitcoin Private. This new hard fork has been branded to use some of the same elements as ZClassic hence the word ‘fork of a fork’. Additionally, the fork will use zk-snarks protocols to fulfill its privacy goals even though it won’t be able to offer optimum privacy to its users. All in all, privacy is still an important feature especially in the crypto world.
The hard fork of the Bitcoin was done on 28 February 2018. The users who originally owned Bitcoins also get an equivalent amount of Bitcoin Private. That is 1 Bitcoin (BTC) is equal to 1 Bitcoin Private (BTCP). The advantageous part of this hard fork is that, even individuals owing ZClassic will be given an equal amount of BTCP, in the ratio of 1:1. This new fork is created by Rhett Creighton who also helped in the creation of ZClassic and Whale Coin. He is an alumnus at MIT. Other members involved in the development of this coin include;
- Jacob Brutman
- Guiseppe Stuto
- Dan Farina
- Chris Sulmone
- Jamie Owens
- Tam Tran
- Nika Dahlbacka
The team is well equipped to handle the new developments and create a cryptocurrency that will soon compete with some of the big leagues in this business.
Reasons for Forking Bitcoin
Unlike the other Bitcoin forks, Bitcoin Private seems to have a well clear thinking idea. This is because the fork has a well-equipped core team and the code behind this currency is undergoing serious tests to prove its effectiveness. Some of the reasons why this fork was announced recently was only because they needed to test the BTCP wallets and make sure the wallets will deliver as required.
The fork was created to perfect one of the biggest problems related to ZClassic; The founders Fee. Even though this coin has been criticized by many saying that this is still a copy of the ZClassic and why not use ZClassic instead of the Bitcoin Private, it seems to solve a problem that many complain about.
This will automatically place this coin at a better and prosperous future than its predecessors. Removal of the founder’s fee in this coin was one of the core principals in the development of this coin. However, something that caused a big fuss in the crypto world was the malfunction of the ZClassic’s wallet by Bittrex. This was later said by the Bitcoin team that it was due to lack of developer funding.
Difference Between ZClassic and Bitcoin Private
This is among the many questions most crypto enthusiasts are asking since the Bitcoin Private seems to be an exact copy of the ZClassic cryptocurrency. Many argue that this is just another money-grab opportunity the developer is trying to use.
However, no matter the major critics, Creighton stills has an optimistic mind set and he says the Bitcoin private is going to perfect the two best qualities that is ZK-snark privacy of the ZClassic and the decentralized mining of the Bitcoin Gold. Additionally, the crypto will be able to have larger blocks and faster block times hence perfecting on its predecessors’ failures and successes.
Features of Bitcoin Private
Bitcoin Private will utilize the Zk-snark privacy protocol to perfect its privacy levels. This means that all transactions will be publicized in the blockchain. However, the recipient, sender and the transactions data will remain anonymous.
The new fork uses peer to peer transactions which is identical to that of Bitcoin. This will remove any intermediary hence decentralization of the coin. The transactions in this platform will be verified by the network nodes through cryptography and will be recorded in public ledgers
Bitcoin Private supports a slight increase in the size of the blockchain which is different as compared to Bitcoin. Additionally, it is able to maintain anonymity and security even with the increase in blockchain size. The best part is that it is able to maintain transaction speeds even with the increase in size.
The entire database of this cryptocurrency is available for verification by anyone in the blockchain. It will always remain an open source cryptocurrency and hence the community will maintain it.
A Fair Start
The launch of this cryptocurrency is said to have no premium or no founder’s reward. The cryptocurrency’s release maintains fair and equal benefits to all members of this crypto. Coins were distributed fairly to all Bitcoin and ZClassic owners.
In conclusion, this cryptocurrency has a future in this competitive environment since the founders and the entire team believe in it. Well, they also work towards making the best out of this crypto. Be sure to keep yourself updated about this crypto just to be on the fore front. Some of the wallets of this coin include; Full Node desktop wallet, Electrum wallet, Paper wallet and Coinomi.