The journey and the public testnet.

For the uninitiated, a pile of ashes was what they could only see. But to the knowing eyes of the Bitcoin Private (BTCP) community, something truly magnificent lay within. And now, from the ashes, BTCP rises like a phoenix preparing to spread its mighty wings and fly high. Heralding the dawn of a new age for BTCP is the release of its public testnet(https://github.com/BTCPrivate/btcpwallet/releases/tag/1.4.7) where everyone is invited to test the new BTCP testnet.

The journey towards the point where BTCP is at the moment was long and difficult. It took more than a…


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…


The Second Coming

It’s time! The last few weeks have been interesting to say the least, but we are happy to announce that the Algo Change has been completed and will activate at Block 618,000. Warm up your rigs! We will switch to Equihash 192,7 with a personalisation string BTCP_PoW. For those new to mining, we are hoping to put some basic instructions together, to get you hashing!

We have had to be reactive to outside influence once again, which has led us to the decision to put the Groth16 changes on hold until the next release. …


The long awaited BTCP software update is ready! Our devs have been beavering away into the wee small hours trying to prepare for the difficulty bomb that would render the BTCP chain dead at block 600,000.

As previously described the plan was to address three key areas.
1. The difficulty bomb
2. Update to a customised 192,7 algorithm to provide ASIC resistance once again and discourage rented hash so as to have 51% attack resistance
3. Implement Groth16 parameters to alleviate the ZCash vulnerability that we have inherited.

Meatloaf once said ‘Two out of three aint bad’ and up until…


As we are all painfully aware, the Sapling upgrade that is being developed to close the vulnerability announced earlier this year by the Zcash foundation has been stalled for some time. Due to the uniqueness of the BTCP code and its integration with Bitcoin functionality the changes required to implement Sapling are complex and affect many individual code items. As well as closing the vulnerability, Sapling was to provide increased shielded transaction efficiency leading to a lower computing overhead which would allow for faster shielded transactions. …


THE BTCP TREASURY AND COMMUNITY IN ACTION

New Treasury team, wallets and initiatives.

As previously announced, we have a new treasury team in place which consists of the following BTCP Community Members:

● Jay Pujanes

● David Akers

● Matt Pass

● Justin Bruce

● Daniele “Robotica” Monteleone

We would like to thank the old treasury team composed of Jacob Brutman, Giuseppe Stuto, Peter Hatzipetros, Adib Alami and Evan Darby. In hard times they fought a tough battle against a bear market, FUD and an illicit infusing of extra coins in the original code of BTCP by an unknown bad…


Below you will find an update to the Bitcoin Private treasury.

We are also excited to announce that the Treasury has undergone a successful transition and has appointed new Treasurers. The decision was made after careful deliberation to determine which members of the Bitcoin Private community were best qualified to not only act in the best interest of the community and project as a whole, but whom were also capable of valuable contributions necessary to bring the BTCP project into the next stage of its development.

The Bitcoin Private Treasury now officially consists of the following BTCP Community Members:

  • Jay Pujanes
  • David Akers
  • Matt Pass
  • Justin Bruce
  • Daniele “Robotica”


Bitcoin Private has seen quite a lot of activity in a number of areas over the last 3 weeks so we felt it was a good time to summarize the happenings for everyone. Let’s get straight to the info…

Coinburn — block 480,000 (Feb 16th/17th 2019)

There’s a little more than 2 weeks to go now before our coinburn triggers. For those that may be unaware, there was a 1:1 snapshot that occurred on Feb 28, 2018 at block height 272,991 for Zclassic (ZCL) and block height 511,346 for Bitcoin (BTC), where people who owned Bitcoin or ZClassic were entitled…


Community,

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:


Community,

Since the report from CoinMetrics showing that a bad actor exploited a vulnerability in the BTCP fork mine code, we have been hard at work trying to mitigate the damage. In our official response, we suggested that BTCP could hard fork to remove all shielded coins in existence as ~1.7 million of them are illegitimate, while only 20k coins are legitimate. Since then, the community has overwhelmingly supported this action, however, we have not ignored those who could be affected.

First and foremost, we highly recommend that all users with shielded coins deshield them immediately until we proceed with…

Bitcoin Private

Bitcoin & ZClassic fork-merge with a focus on making private cryptocurrency transactions mainstream. https://btcprivate.org/ https://GitHub.com/BTCPrivate

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store