Bitcoin Private Schedule New Hard Fork to Remove Premined BTCP Coins

2018-12-26 00:42

Bitcoin Private (BTCP) one of the many hard forks that Bitcoin experienced in the past, seems to be planning a new hard fork. The main intention is to remove all shielded coins from existence.

This proposal was made in response to a forensic analysis conducted by Coinmetrics. The company conducted a deep investigation of Bitcoin Private’s coin supply. The results were surprising since they found around 2 million Bitcoin Private BTCP coins that were premined.

In order to solve this situation, the team behind Bitcoin Private is offering two solutions. A hard fork that will remove the shielded coins from existence or a hard fork that would remove all unmoved coins in the network.

The first solution would remove between 1.7 and 1.8 million coins, while the second option would remove 12 million BCP coins from circulation. However, the second option would not remove the illegitimate coins.

Although the community needs to provide a consensus about what to do, developers are already working on the first option to not be inactive and accelerate the possible solutions. Core developers have also emphasized that it might be possible for bad actors to move the illegitimate coins out of their shielded pools and avoid removal.

In order to avoid this issue, developers could simply make a snapshot of the chain before the hard fork. Apparently, there was a missing line of code merged pull request from a Bitcoin Private code contributor. This was the main reason behind this cover premine.

There are other networks that are also trying to improve their systems and blockchains. The standards of the crypto and blockchain industry must be improved, and this is why cybersecurity companies are going to play an important role to achieve this.

An independent security review conducted by Red4Sec, allowed NANO to assure investors that there are no critical vulnerabilities on its node software. NANO has been affected by a hack that occurred earlier this year.

Another virtual currency and blockchain network that has been audited is NEO. The NEO network has also been affected by some bugs and issues on its blockchain. However, none of them has affected the network’s security.

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