Review on Bytecoin by Saleh Bayramli

Bytecoin is a decentralized and private cryptocurrency. This is the first privacy room created with open source code that allows anyone to be part of the development network.

It can be reliably used to make purchases anywhere in the world and runs on a fast and secure blockchain. In its early days, Bytecoin helped facilitate transactions when people used BTC for innocent purposes on the dark web.

History of Bytecoin

Established in 2012, Bytecoin (BCN) main objective is to make transactions fast, anonymous and untraceable. 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 two-minute block time and settings designed to make the coin easy to mine. Bytecoin mining is completed using an Egalitarian ProofofWork feature called Scrypt. This feature allows it to perform badly when using both CPU and GPU. It is also one of the only parts that can be mined using a PC and not an ASIC platform. The main advantage of

Bytecoin is genuine security and anonymity. This is provided by ring signatures and hidden addresses. However, there was a split within the group over the future direction of the project, which led to the hard fork and the creation of another famous privacy coin - Monero. Monero is based on the same protocol that Bytecoin first integrated - CryptoNote.

Why use Bytecoin?

Bytecoin was one of the first coins to introduce and use ring signatures. This crypto group bundles public keys into transactions to mix unique outputs of similar value into a single transaction. The technology was ahead of its time and it was almost impossible to know where the money was coming from and where it was going. It also protects these addresses, making them unbound to prevent blockchain analysis.

BCN is also extremely safe and reliable. Its reliability is determined by the sum of the computing power of all the computers involved in each transaction. This means that the higher the capacity, the more reliable the network. With this power, the money stored in the wallet is protected during the transaction.

Other benefits of using Bytecoin include the fact that its issuance rate decreases over time, meaning the value of each BCN coin will only increase. Bytecoin is also resistant to attacks due to the cryptographic algorithms that have been used to promote the currency. If a hacker tries to find an account key, he will have to use a huge amount of resources. This, in turn, renders any attack unprofitable.

BCN coin

BCN is tradable on some of the most popular exchanges like Binance, Poloniex and OKEx and has a market cap of $172,488,054 at press time. BCN can be stored in mobile, web or desktop wallets and its transaction volume is quite low. However, despite its impressive market capitalization, the coin doesn't appear on crypto exchanges very often.

Conclusion

Since its founding in 2012, Bytecoin has remained private and secures its users to third parties who want to track transactions. It is one of the oldest projects in the field that allows users to transact anonymously with others. As the first cryptocurrency to implement the CryptoNote protocol, it serves as a locomotive for other projects to follow.