Updated: 03/01/2018 13:30
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Learn about the Bitcoin Private hardfork on Bitcoin and ZClassic networks, zk-SNARK protocol and its peculiarities, LitePay launch postponed
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Learn about the Bitcoin Private hardfork on Bitcoin and ZClassic networks, zk-SNARK protocol and its peculiarities, LitePay launch postponed

On February 28 the hardfork of Bitcoin Private took place on Bitcoin and ZClassic networks. The newly formed crypto-currency will support the protocol based on zero disclosure of zk-SNARK.

Bitcoin Private is the first hardfork that uses two blockchains at once. The peculiarity of Bitcoin Private is the use of the zk-SNARK protocol, thanks to which you can hide the transaction data. This technology has already been successfully applied to the anonymous crypto currency ZCash. And the developers of hardforks decided to "cross" Bitcoin with anonymous crypto currency ZCash.

All Bitcoin holders will receive the Bitcoin Private crypto currency at the time of the completion of the hard-core in a 1: 1 ratio. The block size is 2 MB, the block processing time is 2.5 minutes. Each block contains 12.5 BTCP. The exchange is supported by the Coinomi wallet and the HitBTC and TradeSatoshi cryptoexchanges.

The launch of the LitePay processing service, expected by many holders of Litecoin crypto currency, did not take place on the appointed day because of the "hostile actions" of the issuers of payment cards. The company reported this in the mailing list to users.

LitePay representatives promised to closely monitor the situation and open registration, as soon as the company will be able to provide users with a reliable product, ICOmngmnt channel writes.

In connection with the hostile actions of card issuers with respect to crypto-currency companies, the company's representatives said they had decided it would have been been unwise to register applications for LitePay cards at that time.

It is expected that LitePay will become a kind of analogue to the popular Bitcoin-processing BitPay, though for the fifth on the capitalization of Litecoin crypto currency. There is also a fixed amount of transaction commissions, which is 1%.

On the eve of the LitePay's launch, expected by many crypto investors, the price of "digital silver" demonstrated a steady growth. However, immediately after the news of the postponement of the launch of the service, the Litecoin course went down sharply.

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