Posted on: 27. March 2018

Bytecoin

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What kind of a cryptocurrency is the Bytecoin?

Bytecoin (BCN) is the first cryptocurrency based on CryptoNote technology and was launched in July 2012 as an anonymous payment processing platform. The software is open source and the complex CryptoNote algorithm, which today has 10 active and 7 dead coins, guarantees Bytecoin coins full anonymity, fast transaction speed and full decentralization.

The coin's capitalization today exceeds $1 billion. As a rule, if the coin is in demand, the trading volume is accordingly high.

The cryptocurrency can be well mined and traded on such exchanges as POLONIEX and HitBTC but also on others. To date, the development team is working with Bytecoins, which incidentally claims that BCN has the largest ecosystem of all coins on the CN protocol.

Skeptics are not sure if that's true, as there are Boolberry (BBR) and Monero (XMR), but it’s still the top coin of CryptoNote.

 

Bytecoin’s development

Bytecoin (BCN) was the very first anonymous cryptocurrency on the CryptoNote algorithm, released on July 4, 2012. This algorithm allows for anonymity, high transaction speed, and absolute decentralization.

Bytecoin was written from scratch and is not an offshoot of Bitcoin. This coin, like many others, got a big boost in the spring, but as of now, the price has fallen sharply to $0.005.

However, there is no guarantee that the price will not continue its decline. If you look at the graph of the coin in relation to the dollar, there is still room for another case when the support level is broken at $0.001.

As the platform continues to develop, strides are being made to push Bytecoin into the cryptocurrency spotlight. A new project page with a nice modern design, for example, has recently gone online and a mobile wallet application has been released and will soon receive new functionality.

The list of exchanges on which Bytecoin is located is also constantly expanding and the fact that all coins are mined in a few months creates a perfect base for the next push. Furthermore, there will likely be a natural growth of the price, on the condition that the current tempo in platform development remains steady.

 

General information

Bytecoin is an anonymous decentralized open-source cryptocurrency that anyone can use. The CryptoNote algorithm is immune to block analysis.

Transaction ring signature technology makes it impossible for third parties to track the sender, the recipient, and their data, including their location. The amount of the transaction is also hard to determine – you can only find out whether a transaction has been carried out.

There are currently 183 billion coins in circulation, leaving only about a billion coins for mining The transactions are also confirmed in 2 minutes. The cryptocurrency is actively developing and the project team is made up of many talented developers, most of whom hide under aliases.

Among them are:

  • Amjuarez: considered the creator of the entire platform. Responsible for the development strategy of the entire project.
  • Pacific Skyline: working on the development of technologies that help people to develop their potential. Besides Bytecoin, he works on several projects.
  • Neocortex: the lead programmer who checks the code for errors.
  • Seigen: has extensive experience in the banking sector, especially in the protection of information. Works on cryptographic algorithms and transaction security.

Pre-mine coin mining at Bytecoin

Many users and experts suspected Bytecoins developers of having pre-mined more than 80% of their coins before the official launch. This significantly undermined the credibility of the new cryptocurrency.

At that time, however, the story began with the creation of the most important and successful competitor of this coin, Monero (XMR).

Bytecoin’s potential

According to experts, the factors that influence the growth rate of this cryptocurrency can be narrowed down to just two:

The issue volume may not exceed 184.87 billion coins. At the moment, 183.3 billion coins were mined. At the end of the issue, the exchange rate should grow at least 2 times. Over time, the number of Bytecoin coins decreases. Therefore, BCN should be more expensive.

All Bytecoin transactions are anonymous and untraceable, which ensures the protection of personal data of users. This allows us to talk about Bytecoin as the next generation of cryptocurrency anonymity.

Its development does not depend on Bitcoin. Many confuse these two completely different cryptocurrencies.

 

A brief history of Bytecoin

Since its inception in 2012, several improvements have been made, including multi-value transactions and multiple security updates. In 2013, the original implementation of CryptoNote in Java was rewritten with C ++.

The Byte Coin Blockchain contains additional information that is not directly related to the transactions—multiple blocks contain the geographic coordinates of universities, educational institutions, and other buildings.

Blocks created since August 11, 2012, include citations from Cyphernomicon, Neuromancer William Gibson, and other authors.

On March 31, 2015, the Byte Coin developers announced their roadmap for several future releases. Among other things mentioned were:

  • a payment gateway that can handle thousands of transactions simultaneously
  • software for clients with GUI (published in April 2015)
  • multiple API layers for integration with other software
  • a block-based aliasing system
  • assets based on the blockchain
  • intelligent contracts with integrated language for training

 


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