THE STATE AND FUTURE OF BITCOIN PRIVATE

This article was first published on Stories by Bitcoin Private on Medium
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Out with the old, in with the new chain.

On November 17, 2019, David Akers published via Twitter his article entitled “No Sunshine, No Rainbows”.

In said article, he declared that “a number of coins have been introduced into the circulating supply above and beyond what is expected from mining alone.” He estimated that around 1.2m coins have been introduced from the shielded pool into the transparent pool.

With this discovery, the partner exchanges of BTCP such as Graviex, TradeOgre, and TopBTC were immediately notified and requested to monitor several suspected wallet addresses. Thus, trading, deposit and/or withdrawal of BTCP were immediately suspended by these exchanges.

Meanwhile, the veteran contributors of BTCP and its community deliberated on the way forward. After months of brainstorming and intense deliberation, a decision has been made favoring the suggestion of J62.

Because of the numerous problems that the current chain of BTCP encountered, it was agreed that a chain swap should be performed. This time around, instead of the ZCL code, the new chain will be based on the latest code of Zcash, which now carries the needed fix to the vulnerability that has plagued BTCP. The new chain will also have an improvement in terms of supply and mining rewards since it will no longer include the UTXOs of the burnt coins and will have higher mining rewards. Although the new chain will be based on the latest Zcash code, it will be slightly tweaked so that it will have Sapling but no Sprout.

In order to protect the BTCP community’s interest, a snapshot will be performed at blockheight 680000. Any transaction after blockheight 680000 will not be supported by the new chain. New BTCP coins will later be airdropped to wallet addresses of persons holding BTCP at the time of the snapshot. The ...

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Stories by Bitcoin Private on Medium

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