Bitcoin Private, the product of a hard fork merger between the cryptocurrencies bitcoin and ZClassic, will bring the transaction sets of each currency together to form a new blockchain when it launches March 2.
Like other cryptocurrencies, Bitcoin Private will support a decentralized peer-to-peer transaction network through blockchain, but will aim to support faster, more secure and less costly transactions.
Combining The Best Of Both Worlds?
The planned cryptocurrency brings “better technology, faster transactions and lower fees due to faster transactions," Bitcoin Private operations lead Jacob Brutman, Ph.D, told Benzinga.
The currency’s white paper describes Bitcoin Private as “a low-fee, fast and private transactional network — a true fulfillment of bitcoin creator Satoshi Nakamoto’s roadmap.”
The currency incorporates the revolutionary zk-SNARKS technology — originally enacted by Zcash — which allows for private, anonymous transactions. The capabilities of zk-SNARKS combined with the community and market presence of bitcoin will bring the best of different worlds into one, Brutman said.
Bitcoin Private could also prove useful in commercial consumer-merchant transactions.
The cryptocurrency's team "has a strong desire to bring the cryptocurrency into mainstream acceptance, allowing for widespread usage," according to the team's white paper.
Bitcoin Private plans to introduce a shielded transaction service for vendors and is in discussions to make the cryptocurrency available as a payment option, the team said.
What Makes Bitcoin Private Different
High fees and slow transactions are significant concerns surrounding bitcoin transactions, Brutman said. As the cryptocurrency market has crowded, the speed of bitcoin transactions has slowed due to high demand — and fees have grown.
Due to the larger block size, the speed of Bitcoin Private transactions will be four to six times that of bitcoin, with significantly reduced fees, according to its developers.
Bitcoin Private's ability to upgrade its methodologies allows the cryptocurrency to increase the bandwidth of transactions and soften concerns around slowed transaction speeds due to overcrowding, Brutman told Benzinga.
The Bitcoin Private Community
A highlight of Bitcoin Private is its community-driven focus and forward-thinking, transparent nature, Brutman said.
Bitcoin Private has launched multiple community initiatives, including a support portal; a worldwide, multilingual ambassador program; and a “call for developers” that allows them to “contribute in a meaningful way to the project," according to the project’s white paper.
What To Watch For
After the launch, Bitcoin Private will list on the UK-based TradeSatoshi exchange and will be listing on HitBTC in the coming weeks.
KuCoin has announced support for the fork and said it will airdrop Bitcoin Private. The team is in talks with KuCoin to ensure that Bitcoin Private will be listed after the airdrop, Brutman said.
Despite arising from the forking of two major cryptocurrencies, Bitcoin Private will be a separate currency from Bitcoin and ZClassic and its price will ultimately be determined by market sentiment.
Elizabeth Balboa contributed to this report.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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