What is Bitcoin Private and How is it Different from Bitcoin and Bitcoin Cash ?
Mar 19, 2018 Posted / 3419 Views
In cryptocurrency and blockchain technology a hard fork occurs when a single cryptocurrency spits into two due to failure of the supporters of the cryptocurrency to reach a consensus on certain crucial matters. The hard fork that gave birth to Bitcoin Private is somewhat a unique kind of hard fork since it involved two cryptocurrencies BTC and ZCL.
The hard fork was activated at block block 511346 on the bitcoin network and block 272911 on the ZClassic network. This event occurred around feb.28.2018 when these blocks were reached on the two cryptocurrency networks.
During the fork the UTXOs of the two cryptocurrencies bitcoin and ZClassic were combined in one blockchain. The new blockchain run both the Zclassic JoinSplit privacy algorithm and the zk-SNARKs transaction verification algorithm.
The fork aimed at reducing the blocksize of the new blockchain to reduce block synchronization time. The approach used during the fork involved retrieving the address state from Bitcoin and Zclassic at s single point in time which is then transferred to the new chain. With the approach the project could reduce blockstorage from 157 GB to just 10GB.
Bitcoin Private is slight different from Bitcoin and bitcoin cash is a couple of ways including privacy algorithm, blocktime, difficulty adjustment time and governance. As mentioned before BTCP uses the zk-SNARKs privacy algorithm which is neither used by bitcoin or bitcoin cash currently.
Bitcoin Private has a block size of 2m which is double that of bitcoin which is only 1 mb. Bitcoin cash on the other end has a larger block size of 8mb. Both bitcoin and bitcoin cash uses the SHA256 PoW Algorithm which bitcoin private uses the Equihash PoW Algorithm. Meanwhile both bitcoin and bitcoin cash has a difficulty adjustment factor that increases after every two weeks, bitcoin private difficulty adjustment factor increases after every block.
Supporters of bitcoin private will support blockchain pruning and SPV techniques like the electrum. This according to bitcoin private development team will reduce the burden the blockchain impose on the user devices. Bitcoin private is built to improve on transaction anonymity without compromising transactions propagation speeds.
A team of cryptographers, engineers and business developers comprise the core bitcoin private development team. The team leader and founder Rhett Creighton is a cofounder of the stealth blockchain project, a privacy coin and fully anonymous cryptocurrency project launched around march 2017.
On our scale the team of the bitcoin private are legitimate enough from the track record of their previous experience the team look well equipped to run the cryptocurrency. How ever investment decisions on the bitcoin privacy coin should be made independently and do not invest more than you can afford to loose.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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