Byte (BCN) Coin Review

Bytecoin (BCN) could be a cryptocurrency 1st launched back in July 2012. once it launched, it had been priced at around ten satoshis, and it remained at that worth for many of its history. However, the value of BCN rose suddenly on might seventeen to a record high of 109 satoshis on Poloniex.

Bytecoin has one vital distinction from different cryptocurrencies: it had been the primary ever altcoin supported CryptoNote technology. The altcoin is often known as a “totally anonymous cryptocurrency”. a number of the benefits of the cryptocurrency embrace the use of ring signatures further as one-time cryptocurrency addresses.

Bytecoin is that the 1st cryptocurrency to implement CryptoNote protocol, that provides 100 percent untraceable and unlikable transactions thanks to ring signatures and hiding addresses. Bytecoin’s proof-of-work algorithmic program, CryptoNight, created by BCN developers in cooperation with CryptoNote team, was designed to create cpu and GPU mining equally economical and prohibit ASIC mining. Bytecoin roadmap includes coloured coins and assets and Turing-complete language for on-blockchain scripts within the nearest future. Since Bytecoin’s origin in 2012 it had been forked quite twenty five times, however it still remains the foremost productive CryptoNight coin in terms of market cap.

Bytecoin features

Fee-free instant international payments:

The Bytecoin network works as quick because the net. Your payments can take a little bit of time to method, as payments need cryptographic confirmation. Bytecoin claims transactions are processed in regarding 2 minutes.

Security:

Bytecoin “protects user’s cash with the foremost secure and fashionable cryptographic algorithms” that “are not possible to hack”. the manufacturers of Bytecoin claim that hacking the currency “would need Brobdingnagian quantity of pricey electricity and procedure power of a supercomputer”. For that reason, you’re the sole one who will access your wallet.

Safe private data:

Bytecoin claims that it’s “totally not possible to induce data regarding your money operations and wallet balance” unless you decide on to reveal that data. solely you'll manage data that your business partners and third parties can see.