Bitcoin 2 OVERVIEW
Bitcoin 2 is a Bitcoin-based community-centric cryptocurrency with a focus on decentralization, privacy, speed, scalability and real-world use. It utilizes an energy efficient Proof of Stake protocol and a second-tier Masternode network to handle transactions that confirm in a second.
Bitcoin 2 is continuously striving to achieve instantaneous private transactions, and fungibility in order to remain as one of the most advanced cryptocurrencies.
In layman’s term, Bitcoin 2 is basically a form of online digital money that can be easily transferred all around the world in a blink of an eye with nearly non-existent transaction fees. You can convert your money into Bitcoin 2 and just hold to earn rewards similar to interest, trade on an exchange to buy other digital currencies or buy goods or services online and offline where it is accepted.
It is not owned or governed by any single person or organization and its network is secured by nodes all around the world by its users.
The goal of Bitcoin 2 is to be an advanced digital currency that is fast, secure, decentralized & private.
CRYPTOCURRENCY TRANSACTION PRIVACY
Most common cryptocurrencies such as Bitcoin have a well known public ledger system where all transactions are visible and traceable through its block explorer. This results in everyone having the ability to see all associated transactions and balances but more importantly its associated addresses as well. This means that the history of its previous address owner is now visible through your own address once the coins have traversed through the blockchain and end up in your own wallet address.
An address may seem like it is fully anonymous but if you made a transaction with an address that is generated by the exchanges and/or other merchant services, you have essentially linked your anonymous address with an address that may lead to your identity.
Such transparency may not always be an issue. But it could become a serious problem if the coin that you hold was once associated with an undesirable history or if your address was being targeted by potential thieves.
For example, coin you received was from an address owned by a person or organization that has been conducting illegal activities and was being monitored and tracked by governing authorities. This now means that you may be questioned on your relationship to the previous owner of those coins that you now possess even though you received them legitimately and without knowledge. This could also mean that the coins with such history may be deemed less valuable, resulting in reduced fungibility.
OUR SOLUTION = ZEROCOIN PROTOCOL (zBTC2)
To overcome this issue, Bitcoin 2 has implemented a well known highly-vetted protocol called Zerocoin with many custom enhancements allowing blockchain-level transaction anonymity in the way of unlinkability.
We call this zBTC2, where BTC2 is a unit of Bitcoin 2 and z prefix is for Zerocoin.
What zBTC2 provides is a protocol-level coin mixing service using zero knowledge proofs to sever the link between the sender and the receiver with 100% anonymity and untraceability. This means that each coin that gets sent using zBTC2 is now 100% fungible as it has no determinable history attached to them.
The use of zBTC2 also means your balance can be masked to avoid being targeted by potential thieves. This is a very unique feature that nearly no other cryptocurrency currently in the market possesses.
Bitcoin 2 zBTC2 accumulators are encrypted using RSA-2048 challenge generated keys which negates the need for a developer trusted setup and means that no individual knows the factors. This means that everyone’s privacy is ensured through the use of zBTC2.