One of the earliest and trustworthy cryptocurrencies; Bytecoin is best known for being anonymous transactions. It uses Crypto Note ring signatures which are key to the untraceable process. It has similar peer-to-peer payment system as Bitcoin.
Bytecoin remove any traceable connection between sender and receiver by using one-time ring signature where your signature becomes the mixture of other possible accounts.
As the coin doesn’t disclose any data about influencers since the start, but they now do have a list of contributors:
Daniel – Developer
David – Financial advisor
Diego – Copywriter
Eduardo Cerna Garcia – Designer
Seven Doorknobs – Pool Developer
Vincent – Mining Advisor
Crypto Note ring signatures are the key difference in Bytecoin and other currencies which makes the transaction untraceable. It creates a one-time public key by using trusted third-party entity by mixing possible transactions.
Egalitarian Proof-of-Work (PoW) consensus algorithm is a step ahead then Bitcoin’s PoW consensus. Bitcoin provides an edge to powerful GPU, ASIC hardware to mine which leads to centralization as not everyone has powerful machines for mining. Whereas Bytecoin is using Skrypt version which is more likely to HashCash but it doesn’t have any memory limit.
- Secure because of its anonymity and user data privacy make it impossible to hack
- Zero fees are charged for payments within 2 minutes. As the transaction process needs time to generate anonymous numbers.
- You are boss of your data; Bytecoin claims to protect your data and records until you want to share them
- Efficient and reliable because of being the oldest and user data regulation compliance
- It has lost uniqueness because every second altcoin is now using the same technology to compete for the market
- There are only a few people know about Bytecoin in depth because of complexity
- Lack of synchronization for wallet
Whitepaper V2 was released in 2013 which has clearly described the current problems of bitcoin and solution to them proposed in Bytecoin. Another important part of whitepapers if a brief discussion on irregular emission; which produce a number of coins.
The primary reason for developing Bytecoin was to keep the transaction anonymous so that’s what real use is. It can be used to make payment on any network which accepts cryptocurrencies. There is also some gambling site which let the user play through Bytecoin. Here is a list of names who accepts payments and provide services in Bytecoin:
Because of Egalitarian Proof-of-Work (PoW usage CPU mining rigs are more efficiently produces which lessen the overall time and a cheaper way. Whereas on the other hand, Skrypt let miners resolve the issue of dynamic power issue.
Bytecoin will remain the first ever cryptocurrency who used Crypto Note technology. Despite the fact that nowadays a number of currencies using the same technology but the crown of being totally anonymous cryptocurrency were ever first named to Bytecoin. It provides the secure platform by using a multi-signature to process a transaction.
There is no information published about investors in past, but they now have started sharing partners only which are merchants and gambling platforms supporting Bytecoin payments for goods and services.
- Bytecoin Fans
- Domaine de Cromey
- Hosting For Services
- RPM Accessories
- Star Brite Car Wash
- Sheldon Store
While we relate Bytecoin to Bitcoin; it makes it more visible that its reliable and strong enough to sustain a valuable place in market. It is one of oldest crypto project which keeps core eye on user privacy and anonymity. After being anonymous for a long period of time, now the team has joined many communication channels to answer questions and face public with more trust and transparency.
- Public New API beta release – 6 February 2018
- New API stable release – 20th March 2018
- Hardfork – 12th June 2018
- Public Testnet Release- 10th July 2018
- 6th Anniversary Birthday Surprise – 4th July 2018
- Payment Plugin Processor – Pending
- New Partnerships – Continuously
- New Exchange – Continuously
- African Market – 3rd Quarter
- Middle East Market – 2nd Quarter
- Asian Market – 1st Quarter
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