Posted on April 2, 2018
Bytecoin is an open-sourced, private and untraceable cryptocurrency. It is the first coin that implemented CryptoNote technology as a default aspect to build a project. Launched in 2012, Bytecoin was widely spread in the Dark Net as one of the popular available methods for payment.
The main thing that separates Bytecoins from most of the other coins is total anonymity – as soon as your transaction appears on a blockchain, your address can’t be viewed by anyone. This is done through the use of ring signatures, unlinkable transactions and stealth addresses.
– Very low transaction fees (0.00005594 USD/tx)
– Untraceable payments
– Based on CryptoNote
– Wallet stability issues with synchronization and accessibility
– 80%+ of the coins were premined before the public release leading to centralized power by the development team
The network has been up since 2012.
February 6th, 2018: Public new API Beta release
March 20th, 2018: New API stable release
June 12th, 2018: Hardfork
July 10th, 2018: Public Testnet release
Using a PoW protocol with the CryptoNight algorithm. CryptoNight is a new memory-bound algorithm for the proof-of-work pricing function, which is ASIC-resistant. It relies on random access to a slow memory and emphasizes latency dependence. As opposed to script, every new block (64 bytes in length) depends on all the previous blocks. As a result, a hypothetical “memory-saver” should increase his calculation speed exponentially.
Similar to other privacy coins like Zcash, Dash and Monero. Monero is actually a fork of Bytecoin.
Bytecoin has no notable partnerships but some small businesses and online shops have started to accept BCN as payment.
BCN is traded on HitBTC and Poloniex.
Bytecoin is a blockchain layer.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.