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ByteCoin News

RSS Reddit

  • Hardfork Question January 20, 2018
    Hello Bcn team, I have a question regarding the fork. As of right now i am using the mobile android app which i can both use on my phone as an app and on the web and all my coins are there. So my question is. Do i need to download the desktop wallet so […]
    /u/EiwisD
  • What happens all coins are mined? January 20, 2018
    Do miners get rewards after all coins are mined? submitted by /u/singularityissonear [link] [comments]
    /u/singularityissonear
  • ByteCoin bought through Changelly is not completed. January 20, 2018
    I bought around 11K bytecoin using changelly. According as their support team transaction is completed from their side and asked me to contact byteCoin support team. Has anyone been through such scenario? submitted by /u/rkkarn32 [link] [comments]
    /u/rkkarn32
  • Mybytecoin.org a scam wallet January 20, 2018
    Today I came across a website named mybytecoin.org It doesn't look like a genuine one, So I don't register there. Anybody with proof can claim it legit. People should be more cautious before choosing a wallet.Don't cry after the coin is gone. Official Web wallet https://bytecoin.money submitted by /u/RexSumit [link] [comments]
    /u/RexSumit
  • Wallet Help January 20, 2018
    Hi Guys, I have transfered some of my bytecoin to the desktop wallet (Windows 10) and the blockchain is completely synced but I am unable to encrypt the wallet. I can click the link to do so, enter and confirm the password, but it still shows my wallet as unencrypted. Are there any specific password […]
    /u/Chregtech
  • What's the future of bytecoin? Not about money. January 20, 2018
    What is the real use case, I don't see any recent applications or future of bytecoin. The github code seems to be dead. Developers are lazy or not working. No latest news about any project on the official website. Ok, It's the father of Monero, but bytecoin is still stuck at cents and look where […]
    /u/arshad115
  • Total supply of BCN almost reached, what does this mean for the coin and how will it affect the price? January 20, 2018
    What are your thoughts? submitted by /u/mako1990 [link] [comments]
    /u/mako1990
  • Hey. I only have a wallet on bytecoins online wallet. Where can I find my private key? Is there any? January 20, 2018
    Reward for the correct answer: 3 BCN to your wallet submitted by /u/I_Dont_Byte_ [link] [comments]
    /u/I_Dont_Byte_
  • Where to Safely store my Bytecoins January 20, 2018
    Hi Guys! I have been mining Bytecoins for couple of months and Happily I could store few thousands. I mainly store my coins on 1. Web Wallet 2. Desktop Wallet (it works fine for me so far) 3. Cryptonator is any of these places can get in trouble during the hard fork? Hint: I backup […]
    /u/MrRohmany
  • Daddy (Bcn) vs. Son(xmr) January 19, 2018
    What do you think? Will bytecoin ever reach the same price like Monero ??? submitted by /u/kebab46 [link] [comments]
    /u/kebab46

RSS Twitter

What Is ByteCoin ?

Bytecoin (BCN) is the first cryptocoin using the CryptoNote technology that was released in July 2012 along an open source code created for anonymous cash settlement. Impassive and anonymous transactions are what protect the privacy of the Bytecoin users.

This currency is independent and evolves separately from Bitcoin and its alternatives. The unique CryptoNote technology is the starting point for the making of Bytecoin.

Bytecoin makes use of software that’s available for free to anyone. Crypto coin uses the Proof-of-work principle, also known as “Proof of work performance”.

Bytecoin uses a different mining algorithm as the AES command system is the one actively used for the x86 microprocessors with big memories, resulting in less efficient mining on the GPU when compared to Bitcoin.

The algorithm used is CryptoNight, a one of a kind type. The ring signature is the core of the algorithm and this is what give today’s top program anonymity. Ron Rivest, Yael Taumann and Adi Shamir invented the cryptographic foundation for the protocol in 2001, but it was E. Fujisaki and K. Suzuki who finished it in 2007.

Daniel Bernstein, an American mathematician, proposed the EdDSA scheme which is now the signature algorithm. Further transaction blurring was added to that base.

Because of CryptoNote and the obscuring added to the protocol, submissive mixing is given: all transactions in the system are done anonymously and everyone involved can use credible deniability, should a capture take place.

Bytecoin promotes itself as a totally incognito altcoin. Bytecoin mentions the next characteristics:

International payments with no limits and on the spot: the Bytecoin network is just as fast as the internet. Almost not transaction is processed on the spot since confirmations are needed for them to take place. However, Bytecoin says their payments will be done in no more than 2 minutes.

Safety: Bytcoin uses modern and secure crypto algorithms to protect the money of their users, and these algorithms are currently impossible to hack. [citation needed] Those who created Bytecoin said that one will need a lot of electricity and computing power from supercomputers to break into a crypto currency, which is expensive.

Safe personal details: Bytecoin affirmed that there’s no way to obtain any information regarding the financial transactions of an user, nor their wallet’s balance, especially if they don’t ever want to disclose this data. It is up to the user to share these details, as well as what exactly they share with a third party.