It is a cryptocurrency that belongs to the category of “private currencies”. Although you may not have heard much about her, it is about the origin of Monero. Monero is a fork of Bytecoin, and like Dash or Verge for example, they try that when making payments nobody can know who is the sender or the recipient. So if you are looking for anonymity you might be interested.
In Bytecoin, when making a purchase with fiat money the transactions do not go through the bank or any other intermediary. They are made through the Internet and the Bytecoin network controls transfers. In 20 minutes we can send Bytecoins to anywhere in the world. Think how long it would take your bank to perform the same operation.
CryptoNote and Ring Signature
CryptoNote is a cryptographic algorithm and is responsible for encrypting the transaction. Transmitter and receiver are protected by Ring Signature and stealth addresses.
When someone signs a document, he runs the risk that someone can recognize his signature and in this way our privacy disappears. Ring Signature collects the signatures of 5 people and creates a new one. With this no one can recognize whose each one is.
Usually, users have public keys, with Bytecoin you will have two, which are used to generate a public key that is only valid for a transaction. Whereupon, tracking the recipient will also be impossible.
How does the Bytecoin network work?
The network realizes the value of self-regulation through a decentralized network, as with many cryptocurrencies. Anyone interested in the development of the cryptocurrency can join this network. All users need a Bytecoin Wallet that can be downloaded on the web.
The Bytecoin network is based on open source technology, which means that anyone interested can become a Bytecoin developer. The network protocol allows specialized and unspecified computers to work efficiently on the same network. Bytecoin is one of the first networks based on CryptoNote.
Proof of Work
We can all contribute to the network with our computer. These are responsible for verifying and executing transactions by making the network decentralized. The reward for “mining” is paid with Bytecoins.
Difference with Bitcoin mining
Bitcoin uses the SHA-256 algorithm for its Proof-of-work. With this algorithm, the miners with more power have greater benefits, which are generally those that use ASIC. It is an expensive device, which means that the rich will always have more advantage. If a majority were made with 51% of computing power the network would cease to be decentralized.
That is why Bytecoin introduces an improved Proof-of-work called “Egalitarian Proof-of-Work”. It is an algorithm that works with a reconciliation system. The egalitarian work test is an algorithm that works with a reconciliation system. Every computer on the network requires the same voting rights. This means that all users are equal, nobody has privileges. Users agree on the correct order of transactions, an honest distribution of value and new features within the protocol. The algorithm combines the extraction of GPU and CPU. This allows a greater diversity of miners through the protocol and facilitates the distribution of Bytecoin coins. Transactions in Bytecoin are free.
This token is currently listed on the cryptocurrency market at $0.00044, with a market capitalization of USD 81,740,411 and a circulating supply of 184,066,828,814 BCN. It is in position #63 in CoinMarketCap.
Currently his team consists of 4 full-time C ++ programmers, an expert in cryptography, a community administrator and a series of programmers that can be implemented in multiple areas. In addition to the team, they have a good relationship with various graphic designers, user application developers, mobile developers and system administrators who often carry out assignments for them.
In the same way that they promise anonymity for users, the team also maintains it. As indicated, their identities are in the thousands of lines of programming code.