This article was first published on Stories by Bitcoin Private on Medium
Bitcoin Private has seen quite a lot of activity in a number of areas over the last 3 weeks so we felt it was a good time to summarize the happenings for everyone. Let’s get straight to the info…
Coinburn — block 480,000 (Feb 16th/17th 2019)
There’s a little more than 2 weeks to go now before our coinburn triggers. For those that may be unaware, there was a 1:1 snapshot that occurred on Feb 28, 2018 at block height 272,991 for Zclassic (ZCL) and block height 511,346 for Bitcoin (BTC), where people who owned Bitcoin or ZClassic were entitled to the equivalent in BTCP (Bitcoin Private), accessed with the same private keys. However, simply importing your private key into a wallet isn’t really enough action to claim your coins, as nothing happens on the blockchain. Coins that have not moved (been included in a transaction) since the snapshot are considered unclaimed and will be burned. Therefore, we advised people at the time, as we do now, to transfer their BTCP to a new address in anticipation for the coinburn.
So, what is the coinburn, why is it happening and what happens if you don’t move your BTCP gained from the 1:1 snapshot?
Coinburn was suggested in the whitepaper as a possible solution in the event BTCP suffers from an extremely low network hash rate due to the low amount of mineable coins remaining after the fork. As originally conceived, approximately 0.14% of all unmoved coins from the fork would be removed daily over the course of two years, thereby decreasing the circulating supply and freeing up a significant portion of the coins for miners.
However, on December 23, 2018, CoinMetrics released an article purporting a recent discovery concerning the Bitcoin Private fork. Per the report, an independent third-party technical audit uncovered that ...
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Stories by Bitcoin Private on Medium