Bitcoin private one click miner

It largely satisfied its goal as a GPU-compatible Bitcoin fork, but it lacks the widespread adoption of Bitcoin, and the developers performed a premine cash grab which many argue is less than ethical given that it happened behind closed-doors. Furthermore, there are government and private sector organizations that leverage massive datasets and machine learning to identify the individuals associated with such a transaction.

Various cryptocurrencies have attempted to solve this privacy issue. Unfortunately, many of these are still capable of being compromised through various techniques, due to their on-chain transaction systems that promise anonymity through obfuscation or TOR nodes. In , the authors 3 of this research developed and launched Zcash, the first cryptocurrency to incorporate zk-SNARKs.

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However, there are various governance methods which can prevent this stale development. To accomplish this, Bitcoin Private will use a larger block size 2 MB , a shorter block time 2. Furthermore, due to the dual nature of this fork-merge, more of the crypto-community will find themselves involved. This is a first-of-its-kind fork and the open source blockchain community is finally beginning to fully explore the malleability of UTXO sets.

One can liken the solving of a blockchain to a chain-growth polymerization mechanism: when the next block is solved, the blockchain grows, just as a polymer grows upon the reactive addition of monomer to the polymer chain end. However, while longer polymer chains are generally desirable as they impart increased toughness on the resulting plastic, increasing the blockchain size results in increased storage consumption as well as significantly longer node sync times. Fortunately, this snapshot will only need to retrieve the address state from Bitcoin and Zclassic at a single point in time, which will be carried to the new chain.

This approach is effective and results in a significant reduction in storage required by the blockchain, in this case reducing it from GB to only 10 GB at launch. Additionally, the Bitcoin Private clients will support blockchain pruning and SPV techniques like Electrum in order to reduce the burden of the blockchain on user devices. All coin forks must have replay protection in order to ensure legitimacy and independence from the original blockchain. To safeguard against replay attacks from Bitcoin and Zclassic, Bitcoin Private will feature two-way replay protection.

This is a studied problem, and we are using the industry standard approach which will be incorporated in a two-way manner as stated above. After launch, there will be approximately , mineable Bitcoin Private. A starting block reward of 1.

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However, if this experiment proves unsuccessful, an alternative plan can be implemented, which is outlined in Section 7. As discussed in the introduction, mining of Bitcoin is predominantly performed by ASICs, specialized instruments capable of significantly outcompeting GPUs. This further prevents the ability of a few miners to influence the blockchain development as well as manipulate the market via mining significantly large amounts of the cryptocurrency.

The authors of the original paper discuss that while memory hardness does not protect against botnet-based CPU mining, the large amount of memory consumption would be extreme, such that the userbase of infected PCs would notice a significant difference in performance and take necessary actions to remove the infection. Bitcoin Private is an amalgamation of two transaction systems - transparent and shielded transactions.

Transparent transactions operate on the same principles as Bitcoin - input, output, amount, and signature. Sources of all funds, destinations, and amounts are stored transparently on the blockchain. Shielded transactions, conversely, encrypt these details into a special section of a block called the JoinSplit. These transactions are verifiable but indecipherable to 6 third-party observers.

When spending shielded notes, the integrity of the blockchain is kept via a specialized zero-knowledge proof algorithm called zkSNARKs. Then, the sender proves that they have the private spending keys of the input notes, giving them the authority to spend. Finally, the private spending keys of the input notes are cryptographically linked to a signature over the whole transaction, in such a way that the transaction cannot be modified by a party who did not know these private keys.

To create a treasury for the maintenance and development of Bitcoin Private, a Voluntary Miner Contribution Program was launched. In this program, 62, Bitcoin Private are auctioned to miners up to a total of 50, Zclassic donated to the Bitcoin Private treasury fund via hash power. The 62, Bitcoin Private are generated at the fork and deposited to the corresponding wallet addresses provided by each miner.

The pre-fork ZCL multi-sig wallet that was established for this program will contain up to 50, Zclassic and subsequently be forked into BTCP to establish a treasury for development, bounties, continued marketing and the overall development of Bitcoin Private by the community. This is one of several methods to address the original Zclassic stale development issue.

However, premines have generally been performed by and directly for the core group and that is not the case here.

In this instance, the mining community is able to voluntarily choose to donate funds in exchange for incentivized early access to 7 mining Bitcoin Private. A treasury fund governance council has been assembled from three members of the community and two members from the mining community, which has been incorporated as BTCP Developer Community, LLC. At the time of publication, Jacob Brutman, Ph. A bylaws document for the council has been prepared as well. Improving privacy across the board is an important piece of the Bitcoin Private project.

This new sapling will allow for a significant improvement in the speed and user-friendliness of shielded transactions for zk-SNARKs privacy coins. While any obfuscation procedure is inherently less secure than zk-SNARKs, Dandelion obfuscation could be added to both transparent and shielded transactions of Bitcoin Private, improving privacy across the board. Allowing for blockchain improvements to Bitcoin Private is of great importance to the project. BIP9 has been incorporated into the blockchain to allow for soft forks and thus, improvements.

However, if the miners do not signal readiness within the specified time, the soft fork will fail, and no changes will take place. Support and development of the Bitcoin Private project will rely on continued treasury fund collection in a manner other than mining pool donations. However, the Bitcoin Private contribution team strongly opposes any sort of imposed taxation on its community without a democratic vote in favor of such.

BTCPMiner - One click miner for Bitcoin Private

Therefore, one of the first proposed changes via BIP9 will involve treasury fund collection parameters. In this way, the miners are able to choose what is a suitable amount they are willing to donate as a collective to ensure the future success of the program. As stated in Section 2, the low amount of mineable Bitcoin Private remaining after the fork could cause some problems, including extremely low network hash rate. A possible solution is to offer the removal of coins that remain unmoved from before the fork.

US20150262171A1 - Bitcoin private key splitting for cold storage - Google Patents

If this implementation is chosen, approximately 0. In this scenario, Bitcoin Private coins would be removed equally across all wallets: each wallet with unmoved Bitcoin Private will lose ca. This methodology would free up a significant portion of coins for miners while giving ample time for users to move their forked coins. Furthermore, the low percentage of daily removal should prevent any shock to the market cap occurring. This method is considered a last resort and will only be used under extreme circumstances.

Potentially, the bomb could be implemented to introduce a new governance system, such as, but not limited to, the system featured by Decred. Currently, the difficulty bomb date is set for March 2, , however, hardforks can be utilized to extend this date indefinitely. Noncoincidentally, the first halving will occur around the date of the difficulty bomb; this will allow for changes to be made should the low inflation experiment prove to be unsuccessful. Payment processing continues to be one of the most profound use cases of Bitcoin today. Consumers expect a certain level of convenience when it comes to transferring value in exchange for goods and services, and this is why payment processing on the web has become commonplace.

Along with this expectation of convenience, there is an assumed level of privacy that comes with such a transaction.

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This is incredibly invasive and serves as a large supporting premise for why a consumer would want to transact online with cryptocurrency. Despite the technical design of the most popular cryptocurrency, this privacy can no longer be expected on the blockchain. Bitcoin Private will play a major role in peer-to-peer and commercial transfer of digital assets.

It offers vendors a tested, secure, and widely adopted cryptocurrency technology with the added benefit of provable anonymity and privacy. Potentially, hundreds to thousands of natural use cases will come of Bitcoin Private in commercial use. While other z-protocol coins could be capable of fulfilling this role, generally none have opted to or succeeded. The Bitcoin Private contribution team has a strong desire to bring the cryptocurrency into mainstream acceptance, allowing for widespread usage.

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Therefore, a vendorfriendly shielded-transaction service will be released shortly after the new sapling.