Zclassic Plans a Bitcoin Fork Called Bitcoin Private (BTCP)
The number of existing and upcoming Bitcoin hard forks continues to grow at an alarming rate, and it seems the next fork is always just around the corner. Last year also saw three hard forks of Bitcoin – Bitcoin Cash (Bcash), Bitcoin Gold (BTG), and the canceled SegWit 2x fork.
Bitcoin is forking again. This time Bitcoin is forking with ZClassic into Bitcoin Private (a privacy focused Bitcoin that mashes up the features of Bitcoin Gold and Zcash/Zclassic). For those unaware, ZCL is a decentralised, open-source cryptocurrency launched in November 2016 as a fork of Zcash.
The plan is that owners of both Bitcoin (BTC) and ZClassic (ZCL) will receive Bitcoin Private (BTCP) in a 1:1 ratio upon the snapshot of the network. In other words you get one BTCP for every Bitcoin or Zclassic you hold (for example, if you own 30 BTC and 20 ZCL, you will get 50 BTCP). This is a rather interesting approach. However, it remains to be seen if this will give the project more legitimacy in the long run. So far, there is no official whitepaper providing further specifics. This means that there’s plenty of room for speculation.
The total supply of BTCP is expected to be 21 million. However, the total circulating supply will be 18.5 million, hence only 2.5 million will be available for mining. This number (18.5 million) appears to be some combination of ZClassic’s circulating supply (1.8 million) with bitcoin’s circulating supply (16.8 million).
In order to receive BTCP, it is recommended you store your ZCL and Bitcoin in a private wallet or exchange that supports the fork when a still undefined Bitcoin block height occurs.
The creator of BTCP is Rhett Chreighton (he is also the founder of ZClassic). In December 2017, he had announced on Twitter that he was teaming up with the original Zclassic founder Joshua, who goes by the name Movrcx. They are actively working on ZCL, and what they are working on is a purely mined fair launch ZK-SNARK tech with no founders reward.
The fork is at least weeks away from occurring (it will be announced in the coming weeks as there will be a daily meeting with the developers and community) and no snapshot block has been announced yet. So if you are purchasing the news, you have to realize that you could still have to hold your Zclassic for some time for this to work.
Please note that you’ll likely need to hold Zclassic in a Zclassic wallet, such as Electrum, Eleos or any other ZClassic wallet, to be privy to this, thus purchasing and holding on Bittrex for example may not be enough. There is no way to know unless the platform you are holding Zclassic or Bitcoin on makes an announcement, and no exchange has officially confirmed support for it as of yet. However, this is usually the case when a new fork is announced because there are still a lot of aspects of this new fork which have yet to be clarified.
Check here to learn more about the upcoming Bitcoin forks and how to qualify for them.
UPDATE 1: It is not confirmed yet when the hard fork of Zclassic will occur, but the team has been updating people via Reddit and Twitter. Here is the gist, early tests are going well, development is currently under progress, the team is trying to raise money, and the fork is slated to occur 4 weeks after the fork date announcement (it is not confirmed yet when the hard fork of Zclassic will occur). See: 1/21/2018 Bitcoin Private Update. For information like a pre-fork roadmap and scheduled Q&A events, please check the Zclassic Twitter links above.
UPDATE 2: The Developers of Bitcoin Private (BTCP) pointed out that the number for total supply quoted on various sites, such as CoinMarketCap, was incorrect for ZCL. The circulating supply of ZCL is actually 3 million, not 1.8 million. This means that you need to add 1.2 million to the numbers quoted above, which means that it would be approximately a 19,700,000 BTCP supply, not 18,500,000. Check here to read an official statement about updated circulating supply of ZClassic. You can verify this on the official ZClassic Twitter link above.
NOTE: The Bitcoin Private (BTCP) will have a low inflation rate, and their goal is to stay below 21 million BTCP once all coins are in circulation.
NOTE: As is usually the case when a new fork is announced, we can never be 100% sure that the fork will occur until the snapshot is taken, the chain is live, and everything is confirmed as stable and workable. And this is the case with this fork. Sometimes we get a Bitcoin Cash (Bcash) (a fork that did happen has planned and ended up being a rather valuable asset – currently ranking 4th), and sometimes we get a Segwit2x (a fork that didn’t happen as planned and was canceled last minute at the end of October). The crypto space is very volatile and anything can happen, which means that you have to be prepared for both the best and worst in the crypto space.