Two Sides of Privacy: Bitcoin Private & Zclassic are Fixing Problems with Zero-Knowledge Proofs

Privacy Coins are a hot topic right now. The biggest story is that the Zclassic team is sewing ZK-Snarks into Bitcoin to create Bitcoin Private. Bitcoin Core had no plans to create an update that included ZK-Snarks, so the team at ZCL has decided to make a non-contentious snapshot hard-fork merging a democratic coin, ZCL, with Bitcoin. Since then the BTCP team has expanded considerably.

There are several reasons why Privacy Coins are a hot topic right now...

        1.   Speed

      Privacy coins that utilize ZK-Snarks Zero-Knowledge Proof technology allows for proofs that are only 300 bytes, verifiable within milliseconds. This means can transfer between accounts in about 90 seconds.

        2.   Fees

      Less network congestion means lower fees. If you do not have to increase your fees to get in front of another user, the average transaction fee will be reduced.

        3.   Innovation

      Currently Bitcoin has a data storage problem. While using the network, transactions are filed into blocks then verified. If you increase the block size, you will be able to verify more data per block. With Bitcoin Private, they aim to reduce the amount of data that is verified, which will open the door for faster and more intelligent transacting.

        4.   Privacy

      I see privacy as a by-product in this system. When developers are considering how to fix the problems in Bitcoin, privacy is the clear winner due to the simple fact that you can handle more transactions due to less data and fees.

To accomplish this merge, ZCL development team will sew the ZCL addresses into Bitcoin Private at its inception. This means that ZCL and BTC holders will get BTC Private. ZCL holders will get their BTCP by providing their ZCL keys and BTC holdrs will wake up to see their BTCP added directly to their accounts.

ZCL is currently trading at $75 and is likely to continue to climb when enough people wake up to learn that BTC Private could solve a lot of the problems facing Crypto Currency.