1 Level
6 Review
8 Karma
Review on Bytecoin by MINH LE
Bytecoin is the first type of cryptocurrency which ensures that secure…
Bytecoin is the first type of cryptocurrency which ensures that secure CryptoNote protocol can be used for the security of users. It provides 100% untraceable transactions with the help of ring signatures and stealth addresses. However, the algorithm of Bytecon which is known as CryptoNight was created by BCN developers in collaboration with CryptoNote team. It was designed to make GPU and CPU mining equally effective and limit ASIC mining. Its roadmap includes colored coins and assets. It was introduced back in 2012 and it has been forked more than 25 times. However, it still remains the most successful CryptoNight since its inception in terms of market cap.
Pros
- Bytecoin (BCN) is a cryptocurrency first launched back in July 2012. When it launched, it was priced at around 10 satoshis, and it remained at that price for most of its history. However, the price of BCN rose suddenly on May 17 to a record high of 109 satoshis on Poloniex. Bytecoin has one important difference from other cryptocurrencies: it was the first ever altcoin based on CryptoNote technology. The altcoin is frequently called a “totally anonymous cryptocurrency”. Some of the advantages of the cryptocurrency include the utilization of ring signatures as well as one-time cryptocurrency addresses.
Cons
- Bytecoin remains to be the first cryptocurrency that introduced the CryptoNote technology. During the platform’s existence, there were recorded increased mining profits. The fact that Bytecoin is still available convinces us that is worth our investments. Bytecoin is different from other cryptocurrency platforms due to the fact that it’s the first altcoin based on CryptoNote technology. It was called ”a totally anonymous cryptocurrency”. The platform uses multi-signatures to create a stronger security. Also, it works with one-time cryptocurrency addresses.
