BTC Private For Investors #4 – Technical Challenges Of Bitcoin Private Airdrop

Tai Zen: Okay so now we understand what your background is and what inspired you to build a Bitcoin Private. So we have Marco here from the Decred project and then we have Leon here.

These are more technical guys so they’re going to be asking me some questions of what they think some of the technical challenges that you are going to run into. Because you’re gonna be the first project to do an airdrop inward where you’re airdropping on top of it instead of like Bitcoin Gold or Bitcoin Cash where was…I don’t know what the technical term for it. You know a better one, please correct me.

Marco: Fork.

Tai Zen: A fork? It’s like an outward, but yours is going in instead.

Marco: Actually, that is a very interesting concept. I don’t think you have talked about it yet. You should actually explain to people what your word means.

Rhett: So basically what we’re going to do is fork Zclassic. We’re going to create a fork of Zclassic and that the fork of Zclassic. What it will do is essentially add all of the Bitcoin balances to the Zclassic blockchain.

So it will create special blocks that will be fork only blocks that will only exist during a short fork window period. And so right now, there are about 65 million addresses with balances in the Bitcoin blockchain. As an example, if we were to put 1000 new transactions per block, it would take 65,000 special fork blocks. And those would be set to be mined a really low difficulty. So something like less than the block less than a second per block or something. We should be able to mind them.

And they’ll be this window where right now, I don’t know the block height of the Zclassic blockchain but we had you know an extra 65,000 blocks. And then from there, the mining would continue as normal. So that’s a basic explanation.

Leon: So after that happens, all Bitcoin holders will have a Bitcoin Private Coin as long as they don’t go get the wallet and insert their private keys in. Is that right?

Rhett: Right. So if you have one Zclassic, you keep your Zclassic but you also will have a Bitcoin Private. And if you have one Bitcoin, you keep your Bitcoin but you also can go get a Bitcoin Private.

Marco: So is it like a one for one?

Rhett: Yeah, one for one.

Tai Zen: So like let’s say that if I own…just for clarification so the audience knows which one we’re talking about. I’m just gonna refer to the Bitcoin as Bitcoin Core, so they can differentiate between Bitcoin Gold and Bitcoin Cash and all that.

So if I have one Bitcoin Core, I own one Bitcoin Core and I own one Zclassic, I’m gonna end up with one Bitcoin Private over here and then one Bitcoin private over here. Is that how that works?

Rhett: No, if you have one Bitcoin Core and one Zclassic, then you would actually get two Bitcoin Privates it’s okay because you would have one for me

Tai Zen: So you’re not concerned about the value of Bitcoin Core is around like 13,000 right now.

Rhett: I think it went up to 15,000.

Tai Zen: That’s good news. And then the value of Zclassic is… I think the last time I check was 100 bucks right? So you have no concerns about the value of it. You’re just one to one and that’s it.

Rhett: Right. Well I mean if you think about it, there’s that if you want a Bitcoin Private, you have two choices. You can buy a $15,000 Bitcoin and you hold it and then split it later, or you can buy a $100 Zclassic.

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