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 community-driven focus.