What is Bytecoin?
What is Bytecoin?
Bytecoin is the first CryptoNote based cryptocurrency launched in July 2012 and is the first solution for businesses.
Bytecoin is a decentralized open code. Anyone interested can join the Bytecoin network and participate in currency development. Just like on the Internet, Bytecoin is international in nature.
Bytecoin allows for safe and secure transactions globally and provides the convenience of free money transactions. To distinguish the Bytecoin network from the Bytecoin currency, this currency is called BCN.
The differences between Bytecoin and Bitcoin
|Specifications||Bytecoin (BCN)||Bitcoin (BTC)|
|Coin limit||184,470,000,000||21 million|
|Price||$0.000495 USD||$9,658.15 USD|
|Market Cap||$91,050,304 USD||$176,073,892,929 USD|
|Trading Volume||$7,816.53 USD||$38,963,416,506 USD|
|24h Low||$0.000490 USD||$9,617.40 USD|
|24h High||$0.000550 USD||$9,723.01 USD|
|7d Low||$0.000400 USD||$9,507.64 USD|
|7d High||$0.000692 USD||$10,272.94 USD|
|Market Cap Rank||69||1|
|All- Time Low||
(Nov 29, 2014)
(Jul 05, 2013)
(May 08, 2018)
(Dec 17, 2017)
Features of Bytecoin
Bytecoin was developed based on the CryptoNote protocol, which keeps user transactions inaccessible and unreachable. Each transaction uses the public key once, even when there are many transactions with the same recipient. This eliminates the problem of reuse of addresses and reduces the traceability of transactions.
To eliminate the association between transactions and participants, Bytecoin uses one-time ring signatures. In a ring signature, your signature to deposit will be mixed with other real accounts online.
You have control over the extent of your signature anonymity. As you use more inputs, your transactions become vaguer, but you also have to pay higher transaction fees.
Bitcoin’s PoW consensus algorithm is much more supportive for miners using GPUs and ASICs than those who try to exploit it with a CPU. This makes the network concentrated around miners stronger.
Bytecoin tries to close the gap between these two types of miners with a new algorithm: Egalitarian Proof-of-Work (PoW).
Egalitarian PoW uses a version of skrypt, a proof of the function that works similar to the hashcash function used by Bitcoin. The difference is that skrypt is not bound by memory. Therefore, you can produce high-efficiency CPU mining rigs and very low cost. However, the GPU is always 10 times more efficient.
Bitcoin’s mining rewards are halved every 4 years. In the past, this has immediately caused a sharp decline in network hashrate after it happened. With a lower hashrate, the network is more vulnerable to malicious activities such as double-spending attacks.
Bytecoin reduces block rewards with each block. This reduces the block reward more smoothly than the piecewise function that Bitcoin uses.
Reward following the equation: BaseReward = (MSupply – A) / 218
MSupply = (2 ^ 64) – 1 atomic unit, the smallest division unit of BCN.
A is the amount previously created.
Unfortunately, because Bytecoin has been around for a long time, it may not be worth as much as other PoW coins. More than 99% of the money has been circulated.
Advantages of BCN
- Fast and free international payments
- The BCN network works as fast as the Internet. Your payment will only take a few moments to process because the payment requires password verification. Bytecoin claims transactions are processed in about 2 minutes.
- High security
- Bytecoin protects users’ money with the most secure and modern encryption algorithms. The BCN team believes that hacking money “will require huge amounts of electricity and the computing power of a supercomputer”. For that reason, you are the only one who can access your wallet.
- Completely anonymous
- BCN states that “it is impossible to receive financial information and balance on your Wallet” unless you disclose it yourself. Only you can manage the information that business partners and 3rd parties see.
Bytecoin (BCN) is doing well its role as an extremely private token. In addition, BCN has a number of features that you won’t find in other currencies that make BCN extremely suitable for trading. Along with that is a dynamic community always supporting the project. Certainly there will be worse cryptocurrencies to hold, so the BCN investment will probably have positive results and bring you the desired returns.