New privacy coin. Bitcoin Confidential. What should you know?

in crypto •  6 years ago  (edited)

Bitcoin Confidential was first announced more than half a year ago as a SmartCash "sister" coin. It became increasingly clear that the goals of mass adoption and confidential were becoming. In light of this, it was decided to develop a separate cryptocurrency that would perform privacy functions.

If you want to use fast and convenient cryptocurrency for payments that interact with local currencies and regulators, privacy would often need to be removed, making the entire privacy implementation useless. Unfortunately, mass adoption and privacy are often not compatible things. But SmartCash has privacy as a goal! So it was removed from SmartCash and added into a new coin, so they could pursue each goal independently and benefit from mutual innovations, without the risk of overregulation damaging either goal.

However, privacy is important and lately the ability to successfully implement it on a coin has become more possible. Many early coins had struggled with implementing it properly. This is where a new, interesting private coin comes into the story. And its name is Bitcoin Confidential.

4683154.png

Most likely, you have heard about many privacy coins - like Monero or ZCash. Privacy coins have always attract the attention of both investors and people who just want to use cryptocurrency. There are many valid reasons why people do not disclose information about their addresses, transfer amounts, balances, or transaction history.

Privacy is the right of every person. But unfortunately, not all privacy coins are implemented as it should be to fulfill their promise to protect it. That is why the idea of a new coin was developed, which would ensure confidentiality from the genesis block.

Fully private. Untraceable. With the right technology and features.

NewWebLogo.png

Introduction

Bitcoin Confidential will use the Proof of Stake (POS) consensus algorithm, unlike most privacy coins, which use Proof of Work (POW) from mining. Also, the coin will use the technology of Ring Confidential Signatures and enforce privacy from the genesis block. This means that the coin will be completely fungible. All coins will be equal to any other coins in the network.

The idea of ring signatures is to provide an ongoing process of hiding any visible connection between the sender and the recipient of any transaction. All transactions in the network will go through this process, starting with the genesis block. Also, in the new coin the transaction amounts will be hidden with RingCT technology required. In addition, the technology provides an additional level of stealth for addresses.

I would also like to emphasize that one of the features of the new coin is the use of the latest Bitcoin code for maximum compatibility and the possibility of adding new functions. This helps with increased rate of adoption by 3rd parties and other platforms.

Here is a comparison of other privacy coins with Bitcoin Confidential:

Screenshot_37.png

More information is available on the Bitcoin Confidential website:

Screenshot_35.png

What we have?

Thus, soon we will see released a very interesting coin, one which will definitely take its place among those with a privacy focus and feature set. How this unfolds will be interesting. It has a unique value: it will be the first private coin with all the following important features: PoS algorithm, without a trusted setup and with RingCT enforced from the genesis block.

379953-PCQ3X9-277.png

In addition, one of the advantages of Bitcoin Confidential I see is a strong and proven team from SmartCash. So there is no doubt that the project will continue to develop and will open up new ways for use.

Today, you cannot buy Bitcoin Confidential, the official release of the wallet and the announcement of the exchanges will be closer to the end of December. It is available by airdrop only and the deadline is approaching!

The only way to get this new coin early is to be a SmartCash holder on your own wallet (not an exchange or TipBot) and participate in a snapshot that will take place on December 15th. Actually, this is the first tweet in a long time, from which we learned that the project was not standing still and is almost ready to launch:

Screenshot_36.png

In general, I look forward to the moment when I can send the first transaction! It will be an interesting experience, and I expect it to be much easier than other coins. I am sure that this coin has very long plans for the future! Probably, it will be able to replace many of the current privacy coins. However, we will see in time what happens, but I think the road ahead is positive!

Important links:

Website:
http://bitcoinconfidential.com
Twitter:
https://twitter.com/btconfidential
Reddit:
https://www.reddit.com/r/bitcoinconfidential/
Discord:
https://discord.gg/bwZqdGn
Telegram:
https://t.me/bitcoinconfidential
Announcement:
https://forum.bitcoin.com/post238438.html
Summary (pre-whitepaper):
https://smartcash.cc/wp-content/uploads/2018/12/Bitcoin-Confidential-29-5-2018-v7.pdf

Thank you for your attention!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

You got a 10.13% upvote from @brupvoter courtesy of @semptly!

@semptly purchased a 49.54% vote from @promobot on this post.

*If you disagree with the reward or content of this post you can purchase a reversal of this vote by using our curation interface http://promovotes.com

Thank you so much for sharing this amazing post with us!

Have you heard about Partiko? It’s a really convenient mobile app for Steem! With Partiko, you can easily see what’s going on in the Steem community, make posts and comments (no beneficiary cut forever!), and always stayed connected with your followers via push notification!

Partiko also rewards you with Partiko Points (3000 Partiko Point bonus when you first use it!), and Partiko Points can be converted into Steem tokens. You can earn Partiko Points easily by making posts and comments using Partiko.

We also noticed that your Steem Power is low. We will be very happy to delegate 15 Steem Power to you once you have made a post using Partiko! With more Steem Power, you can make more posts and comments, and earn more rewards!

If that all sounds interesting, you can:

Thank you so much for reading this message!

Вітаємо.

Запрошуємо долучитись до групи у телеграмі, створеної для популяризації Steemit в Україні та серед українців за її межами, а також для підтримки учасників спільноти:
https://t.me/steemit_ua

You can see in the Crypto market, price stability will be a very important thing for the coin to succeed and grow.
Look at BTC will see that, in addition to #Nexty - a potential project with many outstanding features. #crypto #nexty #bitcoin

  ·  6 years ago Reveal Comment
  ·  6 years ago Reveal Comment