Bitcoin Private Developers Can Remove 12 Million Coins From Existence
Bitcoin Private team, focused on increased privacy of Bitcoin fork, conducted its own investigation into the incident with a hidden increase in emissions during the ministry, when Coinmetrics released a report. They confirmed that a certain developer actually used a bug in the BTCP protocol and created about 2.03 million coins over a fixed emission of 21 million.
We have written our official response to the Coinmetrics report published yesterday. Please see the link below.https://t.co/TmuuhgoJHq
— Bitcoin Private [BTCP] (@bitcoinprivate) December 24, 2018
Note that the Bitcoin Private network involves zero-knowledge proof [zk-SNARK] and there are so-called secure addresses. According to estimates by Coinmetrics, there are about 1.7-1.8 million illegitimate coins at these addresses and only 20,000 have the right to exist.
Bitcoin Private developers offered to remove all the coins at the protected addresses through hard fork, donating 20 thousand to solve the problem. Note that the team offered the community a more radical solution - the destruction of all BTCP coins that never moved - more than 12 million.
Thus, the first scenario, the developers will begin to implement immediately. They also promised to monitor movements in the network, in order to conduct a preliminary snapshot if necessary, if an attacker tries to transfer funds to unprotected addresses.
At the same time, the team turned to cryptocurrency exchanges with a request to suspend the input/output BTCP.
Earlier, Coinmetrics published a report titled “Don’t trust, verify: A Bitcoin Private case study,” which states that it was the developers who quietly increased the maximum supply of this coin, violating the provisions of the whitepaper.