This article was first published on Stories by Bitcoin Private on Medium
The Bitcoin Private January 2019 hard fork occurred at block 455500 (~5 am EST) on Jan 5, 2019. We are happy to announce the hard fork was successful and would like to summarize the results.
1) At the time of Coinmetrics’ report, around 20.84 million coins were in the transparent pool. At block 455499 (pre-fork), ~20.85 million coins were in the transparent pool. At block 455500 (post-fork), ~20.85 million coins were in the transparent pool, suggesting that the bad actor did not deshield the illegitimate coins. Below are images showing the results of gettxoutsetinfo which show our evidence:
2) The amount of coins that should be in existence is approximately 20.64 million, meaning that only 210k illegimitate coins are likely in existence, rather than the 2.04 million originally created.
3) Coinmetrics’ originally suggested 300k illegitimate coins had been deshielded, however, our own analysis suggests this is actually 210k coins based on the facts in point 2 above.
4) It is now safe to use shielded addresses again.
What can we do about the 210k illegitimate coins?
Unfortunately, we have to assume these coins were traded on the market and therefore, any attempt to remove them would only hurt community members and likely not affect the bad actor. However, we are open to suggestions from the community on a path forward.
When is the removal of unmoved coins?
This will occur at block height 480000, which is likely around Feb. 16, slightly before when we originally suggested it would be in the white paper. Of course, this date could change slightly, so we will be monitoring the situation moving forward and keeping the community informed. We also intend to remind the community weekly via tweets that they should move their coins to a new address.
When will the fund ...
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Stories by Bitcoin Private on Medium