What is Bytecoin?
Bytecoin is an open-source, decentralized cryptocurrency that allows developers be part of its Bytecoin network. Bytecoin naturally provides privacy and security, making it the best solution for people who want to enjoy financial privacy. The Bytecoin Network provides private transactions for users all around the world, which are totally untraceable and require no additional fees. Specific territories have fiat currencies assigned to them, while Bytecoin is bound to the internet and is therefore, by default, international.
Bytecoin has grown a reputation as a controversial project and cryptocurrency. Even though the project was not fully approved by the community, it ranks as one of the world’s top 40 crypto coins as of today.
The Bytecoin network was launched in July 2012, with over 80% of the coins pre-mined. There was initial rancor in the community at the early stages of the launch, as the identities of team members were hidden. With the growing skepticism and mistrust developing within the Bytecoin and general crypto community, they decided to reveal the names and structures of their departments. The cryptographic protocol specialists include Yael Taumann, Ron Rivest, and Adi Shamir, while Suzuki E. and Fujisaki E. are the people responsible for project buildup.
How Does Bytecoin Work?
CryptoNote, a powerful, open-source, application layer protocol, was used to build Bytecoin from scratch. Bytecoin is different from other projects in that it is not related to Bitcoin in any way, except for the fact that the team behind it seeks to provide solutions to the problems Bitcoin faces by focusing on user-anonymity, privacy, and zero-fee transactions.
The Bytecoin ecosystem is open to everyone who can mine or buy BCN tokens on crypto exchanges. Some notable features of Bytecoin include its reliability, transactions, deflation, and emission.
Transactions in the Bytecoin network are completed in less than 120 seconds.
BCN transfers are encrypted using secure cryptographic algorithm. This makes it difficult to know who sent money, who received it, and how much.
Transactions are also competed on its blockchain, making it possible for users to skip intermediaries such as banks, payment gateways, and other conventional systems. All that is required is for the user to have an internet connection.
Most blockchains keep transactions in a public ledger, which allows people to track transfers between wallets. Transactions from Bytecoin cannot be traced or linked, and are immutable. The network uses one-time keypairs and one-time ring signatures to achieve this.
The issue of address reuse is solved by the one-time public keys. This mixes identifiable funds with others in order to hide the trail of funds from the sender to the receiver. The one-time ring signature adds a unique signature to a set of randomly selected user signatures, which is why it is difficult or almost impossible to distinguish between your entry and that of other users with their keys in the ring.
Users of Bytecoin have the ability to control their signature level of secrecy. Normally, the more anonymous a transaction is, the more resources the network devotes to it, which will cause the transaction fees to be higher.
Bytecoin (BCN) will be Listed on Atomars
Bytecoin (BCN) has announced that it will be listed on Atomars on the 23rd of December and trading pairs will be: BCN/BTC and BCN/ETH.
About Atomars Exchange
Atomars exchange is the new digital assets trading platform recently opened to the cryptocurrency marketplace. The exchange is presently removing the gap that exists between fiat and cryptocurrencies. Atomars exchange is a fast, safe, secure, and user-friendly platform that seeks to make everyone enjoy their time. Most of the popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more are available on the platform. Their web and mobile apps provide ease of easy and fun trading on the go.