Review on Bytecoin by francis fernandez
ByteCoin: privacy in your blockchain transactions!
ByteCoin, known by its acronym BCN, is an open source and fully decentralized digital currency.
The purpose of its developers was to create a private currency that allows financial operations to be carried out anonymously and privately, impossible to be traced.
The main feature of the ByteCoin platform is to provide privacy in your transactions. This is achieved thanks to the implementation of CryptoNote technology. Under this security protocol, the blockchain can use ring signatures to protect the data and the address of the issuer of the received funds without linking them to prevent them from being filtered by the blockchain. This procedure can be done in a period of approximately 2 minutes; the lock time during which data extraction is performed.
In addition, its virtue of providing anonymity to its transactions; ByteCoin claims to be untraceable; which makes it a safe platform for its users.
Other of its advantages are:
* Its platform has unrestricted encodings; which gives flexibility to its blockchain protocol, which allows it to adapt to changes in the operation of the network and create blocks in a period of approximately 2 minutes.
* Its flexibility in its blockchain protocol allows high scalability and therefore speed in its transactions.
* Provides total privacy to financial operations by being completely unlinkable.
* Ring signature technology provides the user with a totally anonymous payment system.
* The value of the currency fluctuates according to supply and demand.
Pros
- It allows to exchange digital and fiat currencies through BNC for Bitcoin.
- It is a platform that provides the user with privacy in their transactions.
- It is fully scalable since its protocol is flexible when integrating to changes in the blockchain
- Provides privacy to the transactions of its users.
Cons
- Your mining protocol generates a block every two minutes; this could be surpassed by other faster mining blockchains.
- Its value could be at risk due to market volatility.
