bitcoin private whitepaper
The internet created the largest information sharing inflection point in
history. While there are countless advantages to the easily accessible store of
information, humans have been required to surrender their privacy in exchange.
Too often, and through no fault of the end user, a third party with inadequate
security is breached and sensitive information is compromised or stolen. A better
system is needed that removes trusted middlemen and empowers any two
individuals to freely and securely transact.
A new cryptocurrency, Bitcoin Private, is
presented herein as a low-fee, fast, and private transactional network — a true
fulfillment of Bitcoin creator Satoshi Nakamoto’s roadmap. Bitcoin Private is the
product of a fork-merge of Bitcoin with Zclassic. The resulting Bitcoin Private chain
has significantly lower fees than Bitcoin, along with transaction speeds four to six
times faster. Most importantly, zk-SNARKs, a peer reviewed privacy technology
originally implemented by the Zcash Foundation is incorporated. zk-SNARKs allows
for provably anonymous and private transactions — an accomplishment no other
privacy technology can claim. The UTXO sets of both Zclassic and Bitcoin will
comprise the initial coins in this new ledger. This means approximately 20.4 million
out of 21 million coins will exist at fork time, ensuring that Bitcoin Private will have
the lowest inflation to ever exist in the cryptocurrency universe.
In conclusion, this
white paper discusses Bitcoin Private, its technological advantages, the commercial
applicability, and the chain’s potential for future development as well as its