Review on Bytecoin by Huseyn Akberov

Since July 2012, Bytecoin has shared its history with Monero. Monero is another popular privacy coin that appeared as a branch of Bytecoin. Bytecoin's mission is to develop a new, improved and more efficient financial system to provide its users with better and more advanced services at a lower cost. The

Bytecoin network is said to be based on the following principles:

self-discipline. The Bytecoin financial system is a decentralized network that allows self-control of the cost of currency operations. It enables the system to recognize the best state when it is operating at its highest efficiency.

opening. Bytecoin runs an open development network, which means that everyone who joins uses the currency and supports the system.

Egalitarianism. The network protocol was developed to show constant efficiency in dedicated and non-dedicated devices that use the network.

The three main market segments can benefit from the solutions Bytecoin provides for customers, companies and investors.

Ordinary users can use Bytecoin to safely store and manage their funds, send free and instant international payments, set a high degree of anonymity for transactions, and support the network by mining coins even on ordinary computers. The issuance rate of Bytecoin declines over time, so BCN coins have a greater chance of maintaining their value.

Companies can use Bytecoin business solutions that promote fair and open business concepts. You can send and receive instant global remittances for free, enjoy network anti-attack capabilities, and protect private business and customer data. It is important to note that the system avoids automatic refunds as part of its fraud protection policy, although sometimes it can be a double-edged sword.

Bytecoin investors have the opportunity to store their funds securely and privately, and receive annual dividends in U.S. dollars and BTC. In addition, large investors are eligible for unique offers.

Bytecoin transactions All transactions on the Bytecoin network are completed within 120 seconds.

Every BCN transmission is encrypted with a secure encryption algorithm, preventing anyone from knowing who sent and received it, and how much money was sent. Transactions are conducted through its blockchain, allowing users to bypass intermediaries such as banks, payment gateways and other traditional systems. All the user needs is an Internet connection.

Most blockchains store transactions on a public ledger, allowing everyone to track transfers between wallets. Bytecoin transactions are untraceable, unchangeable and unlinkable. The network achieves this by using a unique key pair and a unique ring signature.