Bitcoin Private Hard Fork Snapshot Announced

Bitcoin Private hard fork snapshot is scheduled for February 28
16 February 2018   2558

Zclassic developers plans to fork Bitcoin to create Bitcoin Private, a privacy-focused Bitcoin that mashes up the features of Bitcoin Gold and Zcash/Zclassic. Bitcoin Private will use the same privacy technology as ZClassic (zk-snarks). This means payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.

Bitcoin PrivateBitcoin Private

Zclassic holders and Bitcoin Holders will get Bitcoin Private (BTCP). Anyone holding ZCL or BTC in a wallet or supported exchange will be credited Bitcoin Private (BTCP) at a 1:1 ratio. For example, if you hold 15.4 ZCL and 0.1 BTC, you will receive 15.5 BTCP.

Snapshot date: February 28th, 2018. No snapshot block height has been announced yet.
Fork Date & Main Net Launch: Approximately 2 days later.

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BIS to Issue Research on Bitcoin Problems

Researcher from the Bank of International Settlements believes BTC should abadon PoW
22 January 2019   82

Researchers from the Bank for International Settlements published a report in which they stated that only by abandoning the Proof-of-Work mechanism of consensus, Bitcoin could get rid of its current and future problems.

According to them, in the future, when the size of the rewards for mining drops to zero, transaction processing fees alone will not be enough to justify the miners' activities. Consequently, the Bitcoin network will become so slow that it will be impossible to use it, the authors argue.

Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality. 
 

Raphael Auer

Principal Economist, BIS

The BIS admits that second-level solutions such as the Lightning Network can ease the task, but “only fundamental remedy would be to depart from proof-of-work.” According to the report, the transition to alternative consensus mechanisms “require some form of social coordination or institutionalisation”.

The Bank for International Settlements contributes to the cooperation of 60 central banks from various countries of the world, which account for 95% of global GDP.

Earlier this month, the agency disclosed statistics on central bank initiatives in the field of state digital currencies. According to him, about 70% of central banks conduct research related to the issuance of national digital currencies, but plans for their implementation and the perception of the issue vary considerably in different countries