Bytecoin is a decentralised and private cryptocurrency. It was the first privacy coin created with open source code that allows anyone to be part of the development network.
It can be used reliably for purchases anywhere in the world and runs on a fast and secure blockchain. In its early days, Bytecoin helped to facilitate transactions when people were using BTC for naive uses on the dark web.History of Bytecoin
Created in 2012, Bytecoin (BCN) has the main goal of creating fast, anonymous, and untraceable transactions. It claims to be the first cryptocurrency to implement CryptoNote technology. CryptoNote allows for absolute anonymity through the use of ring signatures.
Bytecoin claims to have a block time of two minutes and parameters that were designed to make the coin easy to mine. Mining Bytecoin is completed by using an Egalitarian Proof-of-Work function called Scrypt. This function allows it to be minable using both CPUs and GPUs. It is also one of the only coins that can be mined with a PC rather than an ASIC rig.
Bytecoin’s main advantage is its capacity for true privacy and anonymity. This is provided by ring signatures and stealth addresses. However, there was a divide in the team regarding the future direction of the project, which resulted in a hard fork and the creation of another well-known privacy coin – Monero. Monero bases itself on the same protocol that Bytecoin first integrated – CryptoNote.Why use Bytecoin?
Bytecoin was one of the earliest coins to introduce and use ring signatures. This piece of cryptography groups public keys together during transactions to mix single outputs of similar value into one transaction. This technology is ahead of its time and makes it nearly impossible to find out where money has come from and where it has gone to. It also protects these addresses, making them unlinkable to prevent blockchain analysis.
BCN is also extremely safe and reliable. Its reliability is ...