Bitcoin Private, The ZclassicChain Hard Fork?
The day is near guys, February 28th, 2018 Fork Date & Main Net Launch: Approximately 2 days later.
What is a hard fork?
A hard fork is when a single cryptocurrency splits in two. It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version. This case is somewhat unique, whereby ZCL and BTC will be co-forked into Bitcoin Private (BTCP).
How do I recieve BitcoinPrivate?
When the hard fork occurs, a snapshot of all existing ZCL and BTC holdings will occur. Anyone holding ZCL or BTC in a wallet or supported exchange will be credited Bitcoin Private (BTCP) at a 1:1 ratio. For example, if you hold 15.4 ZCL and 0.1 BTC, you will receive 15.5 BTCP.
Features of BTCP:
- Private: Bitcoin Private will use the same privacy technology as ZClassic (zk-snarks). This means payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.
- Decentraliced: Just like Bitcoin, Bitcoin Private will support peer-to-peer transactions without an intermediary. These transactions will be verified by network nodes through the use of cryptography and recorded in a public ledger.
- Fast: Unlike Bitcoin, Bitcoin Private will support a slightly increased block size while being more anonymous and secure than any existing Bitcoin-based currency without sacrificing transaction speeds.
- Open Source: Bitcoin Private’s entire codebase is publicly available for viewing and verification by anyone. It will always remain open source and be maintained by an ever growing community.
- Community Driven: In the nature of transparency and open source, Bitcoin Private is developed by team members all over the world. Each member fills roles and contributes based on his or her skill sets.
- A Fair Start: There will be no premine, and no founder’s reward. Bitcoin Private will be released in a fair manner to all. Coins will be distributed on a 1:1 basis to BTC and ZCL holders.