Over the past years, financial transactions had increasingly become insecure and compromised unlike in the olden days when transactions were only disclosed to the sender and recipient. The fact that most transactions now are increasingly insecure and can be attributed to the transactions being highly digitized.
The digital platforms are loopholes for breaches to occur in the large financial institutions resulting in the leaking of personal information. Several financial institutions have also been involved in selling customer data. There was the need to create a currency that would enable removal of third-party transactions’ institutional control and enhance data privacy. Bitcoin private was the ultimate solution.
What Is Bitcoin Private?
Bitcoin private is a folk merge of Bitcoin and Zclassic. It intends to add spend ability and privacy to the Bitcoin blockchain. Bitcoin private will:
- Adopt a large block size
- Improve on their block time
- Use a GPU friendly proof of work algorithm in the mining of cryptocurrency.
Just like Bitcoins, Bitcoin private supports peer to peer transactions that don’t require an intermediary. The transaction will be recorded in a public ledger and verification done by network nodes. These transactions can also be done on private ledgers where customer and recipients’ information will be recorded.
How Private Bitcoin Works
The methodology involves combining two cryptocurrencies into a single blockchain. This will be a way of increasing storage consumption. The blockchain will, therefore, incorporate Zclassic and Bitcoins. Bitcoin private will, however, be unable to retrieve addresses from both the cryptos at the same time. The address to be carried to the next chain will only be obtained from one crypto at a time. The fork methodology additionally supports blockchain pruning which will be helpful in reducing the burden of blockchain on user devices.
The platform offers replay protection to handle an issue called “replay attack” as a way of ensuring legitimacy and independence.
Proof of Work
Bitcoin private will use a highly regarded mining algorithm called Equihash PoW. Equihash features “memory hardness” whereby a computational penalty is linked with a decrease in memory usage and speed. This algorithm is more decentralized and more readily available all over the world. Few miners are therefore unable to influence or manipulate the development of a blockchain.
Transparent And Shielded Transactions
Bitcoin private combines two transparent and shielded transaction systems, where sources of funds, destinations and amounts are stored on the blockchain. Shielded transactions encrypt these details into a join Split. The information can therefore not be deciphered by third-party observers. By this, the system ensures one-time unforgeability against message attacks.
Voluntary Miner Contribution
Bitcoin launched a voluntary miner program where its coins are auctioned to miners and donated to the treasury fund using a hash power.
Bitcoin Private Future
The platform is working on improving privacy across the board. The signing of transactions is currently a major concern as it takes longer than expected. They, therefore, intend to implement a new sapling that will allow improvement of speed and shielding of transactions.
Bitcoin Private Token
The platform will accept Bitcoins as the payment mode. The bitcoins will be converted into US dollars by users. Also, there are other several wallets for storing BTCP.