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Review on Bytecoin by Sarah Bellingham
Bytecoin enhances security and anonymity by obfuscating BCN's sender and…
Bytecoin enhances security and anonymity by obfuscating BCN's sender and recipient's trade addresses.
The bytecoin roadmap for the future is clear. Encryption Call Anonymity is a development team's top priority, but Bytecoin plans to introduce more features in the future, including lightweight wallets such as smartphones and a scripting language to create intelligent feature contracts.
Pros
- By wrapping the address with an encryption algorithm called CryptoNote, transaction analysts and block chains can not pinpoint the elements involved in a transaction. Because a ring signature is shared among multiple users, it is possible to identify the user group that created the transaction, but not the specific user in that group.
Cons
- The project isn't as safe and anonymous as it claims. There's been a report from a cryptocurrency forensic analyst about to trace transactions on the bcn network among other cryptocurrencies.
