General Overview of Bytecoin (BCN)

What is Bytecoin?

Bytecoin was created in 2012 and is regarded as one of the earliest cryptocurrencies. The project received criticism when it started due to the anonymity of the team behind it. However, recently, the team relaxed on this and opened up channels of communication which removed layers of anonymity, helping to build community confidence and growth.

The coin is deeply connected to another popular privacy coin, Monero, which is also a fork of Bytecoin.

The CryptoNote technology used by Bytecoin helps provide the anonymity through ring signatures and one-time addresses. In these type of anonymous transactions, the sender’s and receiver’s addresses are concealed and cannot be seen.

History of Bytecoin

A road map for future releases was announced by Bytecoin developers in March 31, 2015. Some of the mentioned improvements are:

  • A payment gateway that allows for the receiving and sending of hundreds and thousands of transactions simultaneously.
  • Several API layers to be integrated with other surfaces.
  • Desktop GUI wallet software.
  • Blockchain-based assets.
  • Blockchain-based aliases system.
  • Smart contracts with embedded Turing-complete language.

How Does Bytecoin Work?

As a result of CryptoNote and the obfuscation added to the protocol, passive mixing ensures that all of the system’s transactions are anonymous, and all the participants in the system can use plausible deniability in the event of capture.

Bytecoin Mining

Bytecoin emission is limited to about 184.47 billion. The number of emitted Bytecoins decrease slightly every 120 seconds. As this happens, the BCN tokens start appreciating in value as the exchange rate increases, which essentially makes BCN become more expensive.

Bytecoin emission is completely different to that of fiat currencies, as that is a closed process. Bytecoin emission, on the contrary, is open and uses computing power from all the network members. Any user can join the network and help to emit Bytecoin, which in turn makes them miners.

Miners ensure transactions, which occur every 120 seconds, are processed correctly. They also ensure cryptographic protection for personal data and transactions. Privacy concerns are not necessary as miners can access the financial data of users. Bytecoin ensures all information about the sender, recipient and amount sent in a transaction is concealed.

Bytecoin Team & Progress

In July 2017, the team changed their name and become more transparent with the community. The team initially provided names and headshots on their webpage, then removed them, but included a contact page and several means of communicating with them.

In early 2018, the team worked on their code, and released a new API in March of that year. In continuation of reaching its milestones, the team also entered the Asian market in Q1 of 2018.

The development team is currently working on Bytecoin Zero, which will provide users with the convenience of light web apps while letting them maintain the security level expected from Bytecoin.

Competitors Info

Dash (DASH)

Monero (XMR)

Grin

Unique / Key Features Against its Competitors:

  • Bytecoin is evolving. Bytecoin is an open-source software cryptocurrency that allows everyone to contribute to the development of the project.
  • Instant Fee-free Payments. There are zero transaction fees on the Bytecoin network. These transactions happen as fast as your internet permits. Transactions are not actually instant as confirmation is needed first.
  • Double-spending proof. Bytecoin uses the modified version of the “Traceable Ring Signature”. This in fact transforms traceability and linkability while also ensuring a signer’s anonymity is preserved if they use the same private key to create more than one signature. These signatures are linked together, which is an indication of double-sending attempt.

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