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Bitcoin a special hard fork

article read private (BTCP) – let:

on 28 February, the foundation stone for Bitcoin should be laid in private, a new Kryptowährung with a strong focus on privacy,. The special feature of this fork is, that not only token holder be considered bit coin, but also ZClassic with coins on the new chain. That explains the current rate increase of ZClassic.

In the crypto eco-system is currently the motto ‘After the fork is prior to the fork’. After now, Ethereum and Litecoin had their forks, Bitcoin also tightened again.

It is one of the forks, where it strictly speaking a “Fork gone wrong” is, finally, a chain split is and not simply a significant Protocol update the goal. Because hard fork is for such log updates, as well as chain splits, however, we speak in the course of hard forks.

Bitcoin private (BTCP) was in our overview article on the topic Bitcoin forks briefly mentioned. On 28 February, the first step is made private to Bitcoin, a snapshot of Blockchains was created by. According to plan there is to be a few days after the start of the main nets. High time to take a look at the Kryptowährung.

Bitcoin private: program

is the name of Bitcoin private aims at creating a ZK-Snarks-based privacy. “Creation” sounds here misleading, has more to do with a kind of “Rebrand of meets hard fork”. Explanation: ZCash is a Kryptowährung who would like to increase the anonymity of payments on the basis of the ZK-Snarks.

What however did not like in the case of ZCash, was that 20% of the mining paid rewards zero coin Inc., the company behind ZCash as ‘Founders ‘reward’. Not just the greed of the miner, but especially the centrality of this reward system was that disturbed many. ZClassic was an hard fork of ZCash. Separation from ZCash had a shadowy existence since the early days in November 2016 rather, until of course late December exploded. He could verhundertfachen within one month. The reason was the announcement by Bitcoin private . After the situation calmed down somewhat and of course returning to normal, a date for this hard fork was announced now – what good did the course again. Either way must consider a Kryptowährung critical, published a white paper from one side of length:

Bitcoin private – a mixture of hard fork and rebrand

from a technical perspective it is Bitcoin private first and foremost to a rebrand from ZClassic. The code base is the same. The features regarding anonymity, as well as the block size or the use of the Equihash mining algorithm are also applied by ZClassic. Because for Bitcoin private at the current time no white paper at all, cannot be confirmed, whether Bitcoin supports private segregated witness.

What is different from a simple rebrand or even the usual hard fork, is that a combination of Bitcoin and ZClassic is sought regarding the addresses and of coin supplies. This leads to two features:

  1. of the supply will be a sum of the coins of Bitcoin and ZClassic. This means that the available supply of Bitcoin private will be approximately 20 million coins.
  2. All those who have coins in a Zclassic-wallet or a Bitcoin wallet, Bitcoin private will have a corresponding amount.

The principle behind this fork is certainly interesting, but it is questionable whether that is sufficient for a sustainable development. It is clear that ZClassic has grown so strong because people react to on the emotive word “Hard Fork” with “I get free coins”. Secondly, the acquisition of ZClassic is considerably cheaper than that of Bitcoin and thirdly the label “Bitcoin” on behalf of Bitcoin private provides additional interest. At the current time, little further to Bitcoin private is known as a Namedropping of Bitcoin is a great feature, is not to assume that these old/new Kryptowährung “to the mooon!” then will go. Each course is free to create a certain stake in ZClassic until early March. Whether this high rate but can sustain itself, is unlikely.


about Dr. Philipp Giese

 Dr. Philipp Giese works as an analyst for BTC-ECHO Dr. Philipp Giese and is specialized in the areas of chart analysis and technology. Also he actively engaged in the crypto community – online as a central point of contact in the slack BTC-ECHO channel, as well as offline as a speaker and interviewer he always maintains the Exchange with startups, developers and visionaries. The PhD physicist can draw on many years of experience as a project manager and technology consultant. Philipp delights here not only for the technological dimension of Kryptowährungen, but also for the underlying socio-economic vision for many years.

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