Bitcoin Private Rebase 101
For several months we have been waiting for Bitcoin Private Rebase, but what is coming exactly?
The Rebase an update to the BTCP blockchain in order to catch up with the last 3 years of bitcoin technology.
After the Rebase we will have a very different BTCP, with unique features and no longer a Zcash tech clone.
We will have features like:
1) Lightning Network
Lightning Network(LN) is a second layer solution initially developed for Bitcoin but has been adopted by several other altcoins such as Litecoin, Ripple, Groestlcoin, Syscoin etc. with the scope to resolve scalability problems.
Lightning Network tech will allow transactions to be near instant and with little to no fee!
We can talk about an ecosystem of compatible LN blockchains and Bitcoin Private will be part of this family.
There are other features that LN enables currently and one we are very excited for, Atomic Swaps!
2) Atomic Swaps
Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party (such as exchanges). A relatively new piece of technology, atomic cross-chain trading is looking to revolutionize the way in which users transact with each other.
3) BIP32 (HD Wallets)
BIP-32 specifically allows for HD wallets which put simply, is a Public/Private Key tree all stemming from the same root.
This allows you to use the same seed for many different crypto wallets!
4) Full SegWit.
When most hear mention of SegWit (Segregated Witness) the first thing that comes to mind is scaling of the Bitcoin network.
This removes signature data (Witness) from the transaction and appends it to the end as a separate structure.
What most people don’t realize is SegWit actually resolved some security issues! SegWit resolves the issue of transaction malleability.
As some of you may know, BTCP currently has partial SegWit support, and, as a result, claiming and spending can only be done from the Full Node Wallet
The Rebase will include Full SegWit support so you SegWit holders out there can finally move your coins around!
5) Equihash parameter change to Equihash 192,7
Included with the Rebase comes the much anticipated (and highly debated) Equihash parameter change! Bitcoin Private will make the move to Equihash 192,7.
This brings BTCP back into the world of ASIC resistance and happy GPU miners.
6) Sapling – A new paradigm in Zk-Snarks
The primary purpose of Sapling is to improve the efficiency of constructing zk-SNARKS, these Zero Knowledge Proofs necessary in performing the privacy functionality. With Sapling zk-SNARKS can be constructed and a shielded transaction performed with as little as 40MB of RAM utilization (from 3 GB actually needed), and to 1 second (from 35 actually needed).
7) Unclaimed coins removal (Coin Burn)
There are from 10 to 15 millions unclaimed coins.
Following the btcp whitepaper:
“…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. If this implementation is chosen, approximately 0.14% of all unmoved Bitcoin Private coins from the fork would be removed daily over the course of two years. In this scenario, Bitcoin Private coins would be removed equally across all wallets: each wallet with unmoved Bitcoin Private will lose ca. 0.14% of its coins per day for 2 years.”
The final details and the duration of the coin burn have not yet been decided. However, the whitepaper gives us a clear direction.
8) A totally different mining scenario
The Unclaimed coins removal will result in a different block reward and with Equihash 192,7 we will have a totally different mining situation.
With LN, Segwit, and a more solid hashpower, BTCP will have demonstrated the development progress that exchanges are looking for in a project.
10) A different Path than Zcash
With a different algorithm and a different second layer solution (LN for BTCP and BOLT for ZCash), Bitcoin Private and Zcash will follow two different path giving BTCP a clear separation from ZCash and further establishing our Bitcoin name.
11) Private Transaction from Electrum and Mobile!
With the rebase and sampling a new generation of wallets will be available.
First of all an Electrum wallet with Z address capacity and soon we can have a mobile wallet too.
In future, we can image an atomic wallet with Z address and Lightning Network enabled.