Review on Bytecoin by Eve Vallenilla

The digital industry currently has myriad trading platform options for managing our digital assets. We have a wide range of crypto portals that allow us to both mobilize our finances without custody, as well as join the cryptocurrency mining business and be part of world-class investors.

Selecting one in particular is usually an arduous task, especially when we seek to keep the low profile of our virtual wallet and our investments.

Thinking about the privacy of its users, Bytecoin has developed a blockchain platform where the priority is to safeguard the privacy of the holders of the native currency.

How do you do it?

To safeguard the privacy of its followers, the Bytecoin virtual machinery uses the CryptoNote protocol that uses signature rings and they are responsible for avoiding tracking and linking between commercial operations. This mechanism generates a unique key that is used only once in operations, regardless of the number of transactions, which avoids the use of multiple addresses that could be traced.

In this way, Bytecoin's technology guarantees that the transfer and exchange of digital assets within its platform is carried out completely anonymously and reliably, which generates peace of mind among network users.

Bytecoin guarantees anonymity but this quality could generate additional costs according to the user's requirements, because it implies the payment of higher fees for transactions on the network.

Another of Bytecoin's qualities is that it provides facilities for the extraction of coins through CPU-type computer equipment. The bad news around it is that it still supports mining using ASICs and GPUs, due to the use of the Proof of Work (PoW) consensus protocol.

For those who prefer the anonymity of the financial management of their assets, they must weigh whether they risk or pay the cost of the privacy that Bytecoin offers.