Bitcoin Private is a private, decentralized, fast and open source community-led cryptocurrency. Bitcoin Private, like Bitcoin, supports direct transactions between individuals without intermediaries. All transaction payments will be verified by each network node through cryptography and archived on the public ledger. Bitcoin Private will use the same privacy technology as ZClassic (zk-snarks). This means that the transaction payment will be published on the public blockchain, but the payer, payee, and other payment details will remain private and cannot be identified. Rhett Creighton is the main developer of the project.

Project prospect

Improving privacy across the board is an important part of the Bitcoin Private project. Currently, zkSNARKs require a lot of memory and CPU to sign transactions and take several minutes. One of the first improvements to be implemented after the fork is the adoption of a new "sapling" called "Jubjub" that the Zcash core development team is developing. This new "sapling" will significantly increase the speed and usability of cryptographic transactions using zk-SNARKs cryptocurrencies. Another way to improve Bitcoin Private privacy is to take advantage of the Dandelion privacy project currently in development.
This technique involves "stem" (transaction) and "fluff" (obfuscation). While any obfuscation procedure is inherently less secure than zk-SNARKs, Dandelion obfuscation can be added to Bitcoin Private's transparent and stealth transactions, improving privacy across the board. Allowing improvements to the blockchain is important to the Bitcoin Private project, and to this end, BIP9 has been incorporated into the Bitcoin Private blockchain to allow for future soft forks as well as improvements. When the improved code is finalized, miners are required to signal acceptance of the blockchain code change. When 95% of miners accept the change, the change is "locked" and the soft fork is complete. However, if miners do not signal readiness within the allotted time, the soft fork fails and the code change does not occur. The support and development of the Bitcoin Private project will rely on the foundation's continued access to funds from outside the mining pool. However, the Bitcoin Private Contributing Team strongly opposes any form of taxation of its community without a democratic vote in favor.
Thus, one of the early changes proposed through BIP9 will concern the terms of foundation fundraising. In this way, miners can collectively select the appropriate amount to donate to ensure the project's future success. As mentioned in Part 2, the low amount of Bitcoin Private remaining to be minable after the fork can cause several problems, including extremely low network hashrate. An alternative solution is to burn unclaimed coins from somewhere on the network by means of BIP9. Had this been chosen to be implemented through BIP9, approximately 0.14% of unclaimed Bitcoin Private would have been destroyed every day for the next two years. In this case, BitcoinPrivate will be destroyed equally in all relevant wallets, i.e. each unclaimed Bitcoin Private wallet will lose approximately 0.14% of its total Bitcoin Private per day for 2 years. This method will release a large amount of Bitcoin Private for miners to mine, while giving users enough time to claim the forked Bitcoin Private.
In addition, the daily low burn rate avoids the impact on the total market value. As a backup measure, Bitcoin Private implemented a "difficulty bomb" in a similar fashion to Ethereum (Ethereum), in order to allow for major changes to be made in the future. When used, a difficulty bomb will be applied to old blockchain code to alert miners to adopt new code to drive continuous improvement. This method is a last resort to be used only in extreme cases. For example, this difficulty bomb could be implemented to introduce a new governance system, such as, but not limited to, a system specific to Decred. This will allow for further democratization and decentralization of the Bitcoin Private blockchain. Currently, the difficulty bomb date is set for March 2, 2019, but BIP9 can be used to delay this date indefinitely.

Commercial application of the project

Payment processing remains one of the most widespread applications of Bitcoin today. In 2017, merchants transacted potentially more than $1 billion in bitcoin using bitcoin payment processors like BitPay. The wallet users of these bitcoin payment companies store more than $1 billion in bitcoin assets every month, and can generate $1.5 billion in bitcoin transfers between wallets every month. Just as the internet brought about a revolutionary new payment method, so too do cryptocurrencies.
Consumers expect a level of convenience when exchanging value for goods and services, which is why online payments have become commonplace. While expecting convenience, consumers also assume a certain degree of privacy in these transactions. Unfortunately, over the past two decades, some entities have profited by tracking online credit card transactions to create online "profiles" of consumers. This is very aggressive, which is why consumers want to use cryptocurrencies for online transactions. Yet in the technical design of the most popular cryptocurrencies today, consumers should not expect this kind of privacy on these blockchains. However, Bitcoin Private can satisfy consumers' privacy needs through zk-SNARKs transactions.
Bitcoin Private will play a major role in P2P and commercial payments of digital assets. It offers merchants a tested, secure and widely adopted encryption technology with provable anonymity and privacy. Bitcoin Private has the potential to be applied to hundreds of thousands of use cases in business. While other z-protocol cryptocurrencies could potentially fulfill this role, none of them have been chosen or succeeded by users. This may be due to the high CPU and memory requirements of Stealth Transactions; however, the release of 'Jubjub Sapling' will allow Stealth Transactions on mobile. The Bitcoin Private Contributing Team has a strong desire to bring cryptocurrencies into mainstream acceptance so that they can be widely used. Therefore, a more merchant-friendly hidden transaction service will be released shortly after the new 'Sapling' application.
In addition to general online business scenarios, the Bitcoin Private mobile wallet platform can also be used in real businesses to store and pay Bitcoin Private through transparent and secret transactions. Furthermore, this platform can be used by any user and is not limited to merchants. As of now, various vendors and merchants have approached Bitcoin Private as a payment option for their merchandise. A portion of these business transactions can be charged to inject into the Bitcoin Private fund, so that the foundation no longer needs to raise funds through mining.