BTC Private For Investors #7 – Airdrop Date Explained

Tai Zen: The question that we were getting a ton of questions about, from Twitter, the most common question that we got from the community to ask you is, when is the date of the hard fork when is the date of the Airdrop? That’s like the most popular question we’ve gotten.

Rhett: Any time I tweet anything, that’s what people ask.

Tai Zen: Let’s settle it once and for all here, right here.

Rhett: Well, if you look at my pin tweet right now, is that there is no date set.

Tai Zen: Unacceptable! What is the date here? They sent me down here to Austin to ask you and grill you for the date.

Marco: But he’s an engineer.

Tai Zen: Okay, is there like an estimate?

Leon: Let me ask this question instead. What are the things that have to happen before you can set the date?

Rhett: So I was just gonna say as far as estimates go, we have to do something that’s never been done before. I’ve called it a fork before, because it’s almost like a two-kind of blockchain fork in away.

Tai Zen: Let’s directly reflect that he came up with the term fork blockchain.

Marco: Dash has the word “fork“.

Tai Zen: Oh they do? Hey, you can’t get credit for that.

Marco: So call it something different.

Rhett: I can say there’s an issue in GitHub to add the Bitcoin account balances to Zclassic as a fork. You can check the development on that.

A few hours before I came here, I was talking to one of the developers that are working on that. And he did actually simulate adding some Bitcoin account balances to the Zclassic watching in a lower difficulty block. So a thousand transactions in 1 block.

That is a very optimistic result that we have. But we will need to finish that issue and run a simulated fork. And then once we are actually could do that, we’re confident that we have tested this thing that nobody’s ever done.

Then we can start to discuss what we need to make sure people have time to put their Zclassic in their wallets and all sorts of other logistics. But we can start to have that discussion.

Marco: But you have to do 65 million transactions right?

Rhett: Yes, there was another proposal to do it with a script hash, but I don’t know… But we’re probably gonna do it the simpler way. Let’s add the 65 million

Marco: But that’s a lot of blocks though right? Anybody has done anything in computer sciences that anything over a million is a lot and hard

Rhett: It might. Well, we’ll have to see what happens. One option people are suggesting, gigabyte blocks.

Marco: Forever or just for the…

Rhett: No, just for the fork. So the fork blocks could be hundred megabytes or gigabytes blocks.

Marco: So now you gotta download a gigabyte at a time and failure…

Rhett: So yeah there are some challenges.

Tai Zen: I mean from your engineering background, you have any suggestions for him while we’re here?

Marco: It’s a complicated problem. This is the answer you don’t want, but I would literally spend a week or two just noodling with this.

There is not going to be an optimal amount, but they’re going to be the most optimum amount. So what can we do with this?

Because if you do giant blocks and one of your beers is me sitting at home with my Time Warner Cable and we all know how reliable that is, so you’re gonna drop off and have to start all over again.

Marco: There are some complications. You want 2 blocks to be appropriately sized.

Rhett: I know, I completely agree. People who are suggesting gigabyte blocks. But it was tested by Bitcoin Unlimited. But obviously, we’re looking into it.

Tai Zen: So basically that has to be complete the testing on what you called. So the Airdrop has to be tested that has to be complete. And then what else has to happen before you can even come up with an Airdrop date?

Rhett: We need replay protection and that is being worked on in parallel. That’s something that is very straightforward. It’s been done in Bitcoin Cash, Bitcoin Gold.

Tai Zen: Is it volunteers from the Zclassic community or are these guys you hired? Who is doing all of this?

Rhett: So the developers that they’re doing it for bounties. The people are basically volunteering to pay the bounties for developers.

Leon: So you’re putting up GitHub issues and then the community is coming up with donations to get those tickets done

Rhett: And it’s very ad hoc. There are some people who are just putting in issues that maybe their issues of things that they don’t like with the wallet right now that they won’t fix.

I think there was a $2,500 bounty that someone I don’t even know just posted it and paid a developer to do it.

Leon: So I think it’s very clear the community wants this and we all agree. And the funding, it would be a big help if somehow the funding for all this was somehow a little more organized. If we could figure that out, this could be big. I mean that’s what I think. I think that if is done right, you could get very big very quickly.

Tai Zen: Okay so obviously, you said that you didn’t expect this overwhelming response from the community.

So what do you need help with? And if you had to tell the audience that’s watching this, what do you need to help with to launch a Bitcoin Private?

Rhett: Well, I mean I’m a developer and I feel like that’s maybe what I focus on. So actual blockchain development, it’s so hard to find people that can do that and they’re good at it.

It’s really crazy. I’ve gotten so many people reached out. And they said, “Hey I can do marketing. I’m really good at marketing. I’m a really good graphic design.”

People who can make websites and web programming. And there’s only a handful of blockchain engineers. Actually, I’m kind of surprised because, to be honest, I don’t think it’s that hard.

Marco: It is that hard.

Tai Zen: You know, I like that mentality. Because when you don’t know it’s that hard, you’re gonna keep doing it. If you knew it was that hard, you wouldn’t do it.

Marco: It is that hard. It is a guy who frequently works on blockchain-related PRs. And I’ve been doing this for years.

When it always hits me how much more test code I need to actually validate my feature than the actual feature. So we have written two hundred lines of code that look relatively simple. But there are 10,000 lines of code around it to actually validate it.

I was actually going to ask you that question earlier. So are you going to put a desk framework around this whole, you know, test suite around the pre-mined portion?

You might want to do that. Because what happens if there’s a little bug that prepped in there. There are so many corner cases in the blockchain.

And that is what makes it complicated. So inherently it’s not complicated. Okay, one fork went this way and the other one went that way.

And then, over here is when an event happens, does it count over here? Does it count over there? How do you reconcile that?

So which one is the one that’s the truth? So there’s a lot of detail that goes into blockchain development.

Rhett: I mean I hate, you know, not to pick on Bitcoin Gold, but they had some kind of just when their blockchain fork, just like a fork in 2 different ways. And one of them, I think had the premise and something didn’t or whatever.

And they were able to just say, “Look, we’re the ones that are maintaining Bitcoin Gold.” Basically, I think they had a do-over or something. They had something weird that didn’t work.

And the exchanges hadn’t connected to it yet because the network wasn’t stable. Obviously, I don’t want to take them down to that. But I think that they are actually backup plans when these forks don’t go right.

Because everybody is on board like Bitcoin Private is if you have a Bitcoin, you get a Bitcoin Private. And if somehow that gets like messed up in the launch, then there will be everyone will come together and say, “No, that’s not what we agreed the Bitcoin Private is.” And it will be done correctly.

Marco: So I find that an optimistic stance. I like it though. I like your optimism here.

Tai Zen: So when you launch Bitcoin Private, like Bitcoin Gold, I didn’t get any gold with the Bitcoins. But I will get privacy with Bitcoin Private

Rhett: You will get privacy with Bitcoin Private.

Tai Zen: Alright, I just wanna make sure. Did you have any questions, David?

David: I’m sure the people in the Bitcoin Cash community will wonder how this will work. When are you going to pick the UTX?

Rhett: Everybody wants to know the date.

David: No-no-no. When in the history of Bitcoin, do you pick the date on UTX of Bitcoin? Because if you pick August 1st or before, you’re rewarding people that helped. And now both, if you pick it after, you’re maybe not rewarding

Tai Zen: Can you repeat the question for the audience?

Rhett: So the question is when we choose a Bitcoin snapshot date for people that receive Bitcoin Private, will we pick a date in the past? Because if we picked like a pre-August first day and that was before Bitcoin Cash. Or when will we pick that date?

And the answer is, when we choose a date, it will definitely be at some point in the future. So it will most likely be 2 weeks in the future to give people time. If they want to hold a Bitcoin at that time, the date of the snapshot is, to make sure that they’re ready and they can move Bitcoin into the appropriate wallets.

Tai Zen: Also for security reasons, because we’ve seen lots of folks in the past where there are these scammers, you know, they make all these fake wallets and fake websites and tell people to send their private keys in there and stuff. When it’s time for you guys to do the Airdrop, what is the official wallet or the official software so that people know? Maybe you don’t know now, but where will you announce it?

Rhett: That’s a really big problem.

Tai Zen: Because we don’t want people to get hurt by this.

Rhett: Right. And even Bitcoin Gold, I think they had a problem in their Electrum wallet. So we are gonna have to be really careful about that. It’s one of my biggest concerns, but we don’t have any official channels ready to announce about that.

Tai Zen: Okay we’ll be happy to announce that channel for you, with you, whenever you get ready. Well, do you guys have any other questions?

Leon: That’s all I have.

Rhett: Thanks for having us.

Tai Zen: Any questions, David?

David: No, we’re interested to see how it comes together.

Tai Zen: Okay and that’s David Johnson in case you don’t see him off-camera, Chairman of Factum. And thanks for letting us use your office.

So for more information, go to Zclassic.org or you can follow Rhett on @HeyRhett. You didn’t put the Bitcoin Private address up there? So whatever you get, send to me and I’ll put it at the bottom of the video.

So any last words for the audience?

Rhett: Uh no, I don’t think so.

Tai Zen: We’re excited about this project more than you are.

Rhett: Well, I mean the one thing I want to say, you know, I think we’re all part of this really exciting experiment. And I feel like blockchain is really about giving people freedom and economic freedom to choose what type of networks that they want to be a part of.

And what I would really like to see personally in Bitcoin Private is I’d like for it to be a blockchain for innovators. Because we have higher speed, lower block times, and right now, with higher scalability in Bitcoin, lower fees and the privacy, I’m really excited to see people building applications on top of that and see what people could come up with.

Tai Zen: Okay well, thanks for taking the time to come over and join us today. And then thank you also, Marco, for contributing to your experience from the Decred project.

Marco: Thank you for having me.

Tai Zen: And we’ll be interviewing him in a separate video. And you’re welcome to stick around also.

So if you guys like these types of boots-on-the-ground type research on the Crypto projects with me and Leon, make sure you go to www.cryptocurrency.market/newsletter and sign up for a newsletter. And we’ll look forward to seeing you guys in a future video.

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