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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.