Alt-coinsPrivacy

Hall Of Crypto-Mirrors: Meta-Fork Aims To Perfect Privacy Coin

By March 2, 2018 No Comments

The Quadratic Axes Of Crypto  

The crypto-universe essentially revolves around four major issues: speed, cost, centralization, and privacy.  The latest attempt at a grand unifying solution to all of crypto’s woes comes from a hall of crypto mirrors: a fork of Zclassic, which is a fork of Zcash, which is a fork of bitcoin.

Bringing it All To The Table

Dubbed bitcoin private (BTCP), the meta-fork is the brainchild of Rhett Creighton, who hopes to bring it all to the table by combining speed, low cost, and decentralized mining with the most advanced privacy protocol available.

Publicly Transparent, Personally Private

The integrity of the blockchain is maintained by a unique structure that makes it publicly transparent but personally private. Anyone can follow the transaction amounts woven throughout the blockchain as they pass from public address to public address.

Of course the private keys and identities of the owners of those public addresses are encrypted (like passwords), but the transparency of all that metadata means that you don’t have to be Sherlock Holmes to piece together a detailed transaction history of anyone you're inclined to snoop on.

Poof!

The zero coin protocol changes all that by enabling the minting of history-less coins that have no past - poof! - they just appear on the blockchain.

The protocol relies on zero-knowledge proofs, which is cryptographic sleight-of-hand that allows you to prove that you have some information without revealing any of the contents of that information.

High Level Encryption

Sounds pretty esoteric but it has a specific application in the zero coin protocol - proof of entitlement to mint new coins and burn the old ones without revealing anything about the coins themselves like amounts, sender, recipient etc.

Zclassic was a fork of Zcash without the founders fee.  Both coins share the same high-level privacy protocol called zk-snarks, the most advanced encryption algorithm available for both transaction addresses and amounts.

Zcash and Zclassic share the highest level of encryption for amounts and addresses, as will the newly forked Bitcoin private.

Zcash and Zclassic share the highest level of encryption for amounts an​d addresses, as will the newly forked Bitcoin private.

Unintended Consequence

Perhaps Zclassic’s disappointing performance was an unintended consequence of its core value proposition - without the fees, there was little incentive for the development team to work on improving the product, and it languished below $5 for much of 2017 while Zcash soared to a high of $700.

Double Airdrop

Bitcoin private is Creighton’s attempt to revitalize the Zclassic project, re-introducing the founders fee along with a community-driven focus with initiatives such as a support portal, a multilingual ambassador program, and a “call for developers”.

The fork was announced on Dec. 4th, 2017, and when it became clear that it was a fork of a fork of a fork - meaning a double airdrop - prices jumped in early 2018 to an all-time high of $221.  They rose again in mid-February, but then took a precipitous pre-fork nosedive from $200 all the way down to $11 in less than 2 weeks.

The transparency of blockchain metadata means you don't have to be Sherlock Holmes to piece together a trail of transaction metadata for anyone you're inclined to snoop on.

The transparency of blockchain metadata means you don't have to be Sherlock Holmes to piece together a trail of transactions for anyone you're inclined to snoop on.

Holding The Bag

Investors are hoping that the value of BTCP will more than make up for the losses in ZCL, and instead of being left holding the bag, they’ll be holding the privacy crypto that does it all - speed, low cost and decentralized mining, all bundled together with the most advanced privacy protocol ever devised.

In the words of its founder:

"what we're giving these people is zk-snarks privacy, plus the same decentralized mining as bitcoin gold, plus faster block times and larger blocks”


Images via Shutterstock

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