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Bytecoin - the history of one cryptocurrency

2020-01-03

Bytecoin cryptocurrency was developed on the peer-to-peer network functionality. Official launch date: 04.07.2012. A year later, the platform was rewritten using C ++. As a result, security metrics have been updated, and numerous transactions have improved.

A specialist under the pseudonym amjuarez decided to create a private cryptocurrency. To solve this problem, he did not even use the source code of Bitcoin, but compiled a system from scratch. Several more programmers supported the work on the project. The result of their activity was the digital asset Bytecoin.

The virtual currency hit trading platforms in 2014. The White Paper was announced on 05/31/2015. The roadmap reflected all the improvements and future stages of the development of the crypto project. Smart contracts were used together with the embedded programming language. In 2017, developers realized that the new network lacked openness and integrity. Then users first began to learn about private cryptocurrency.

In the middle of 2018, a network hard fork was launched, which ensures the dynamism of the commission. In the first quarter of 2019, the platform underwent many technical changes, including a wallet audit, unrelated addresses included. Support for hardware wallets started on February 15, 2019.

The Bytecoin cryptocurrency maintained its popularity and liquidity until the global crisis. Under different conditions, the BCN token provides decent competition compared to other crypto projects.

The ranks of the team of creators include:

Mark Brahma - Manager for the Russian-speaking audience;
Eduardo Garcia - designer;
Emil Rokossovsky - oversees the Bytecoin Foundation;
David Inostroza - Financial Sector Consultant;
Jason is a software developer.
The teams goal was to create a stable financial system that will become part of the cryptoeconomy. During the existence of the project, the specialists had a lot of disagreements and the core of the dynamic development of the network was missing. Until some point, the system was not unified, but this did not prevent it from standing out among other altcoins on the market.

For all the years of the existence of the Bytecoin cryptocurrency, developers have been active, publishing reviews and updates. Private coins will remain in demand for a long time - this is confirmed by the audience of interested users. The development team is constantly establishing new partnerships, opening up other horizons for the development of BCN crypto coins.

About Bytecoin project

The Bytecoin cryptocurrency was built on the basis of a decentralized digital platform. The network is developed on the basis of open source code. The developers paid special attention to the security of the ecosystem.

The Bytecoin crypto project has three main goals:

transparency;
self-regulation;
egalitarianism.
Thanks to the decentralized network, cost control and full circulation of virtual currency are ensured. By maintaining an optimal state, the BCN token achieves maximum efficiency. Both specialized and non-specialized PCs are capable of downloading the Bytecoin network protocol.

Plans for the technical and marketing development of Bytecoin are reflected in the roadmap, which can be found in the public domain. Among the multitude of digital startups, the BCN token quickly took its place.

Transactions on the Bytecoin network are closed with one-time ring signatures. All unique addresses are recorded in the blockchain, among which it is difficult to find patterns. Transactions are carried out in real time with a full completion of the operation in 120 seconds. Transaction transparency is ensured by open source code.

The Bytecoin ecosystem allows many challenges. Each new digital asset has the benefits of a private network. Money circulation in BCN tokens can be carried out without the intervention of government bodies and banking institutions.

They choose Bytecoin cryptocurrency for business cooperation and for use in other areas where it is important to maintain security and privacy. The network is based on an open blockchain mechanism, which can be accessed through an Internet connection. To store BCN tokens, a special wallet is used in the form of an online or mobile version.

The volumes of Bytecoin transactions are not limited, so you can carry out trading operations in the required amount per day. The user should be willing to pay commission fees without doubting confidentiality.

Bytecoin features

The Bytecoin cryptocurrency is completely private. The main advantages are the absolute confidentiality of trading operations and the impossibility of tracking. Its system is based on the unique CryptoNote technology, which allows you to create unbound transactions.

The platform has certain features:

ring signature - transactions are secured by an unknown validator and can be directed anywhere;
one-time addresses - each operation is accompanied by a random key and senders address;
moderate emission - the reward for the system block decreases smoothly, without having a sharp impact on the value of the coins;
Proof-of-Work consensus - Based on egalitarian proof of work.
With the Bytecoin cryptocurrency, you can make fast and secure payments around the world. They will be confidential and flexible in use.

There are many benefits to performing Proof-of-Work transactions. We chose skrypt with the hashcash function as a working version - this allows the system to be independent of the memory of computing devices. The convenience of the algorithm lies in its low cost and high performance. The reward in the system is smooth, and not spasmodic like Bitcoin.

Based on private blockchain technology, the Bytecoin network is one of the most popular. It focuses on the privacy of any users information. The platform is focused on multilingual support - this has generated widespread interest among investors and crypto enthusiasts.

In addition to confidentiality, Bytecoin differs in other principles of functioning:

secure storage;
good protective barrier against burglary;
decentralized system;
availability of translations;
no double waste.
Each transaction is based on CryptoNote technology - hides user data and ensures privacy in the ecosystem. Each transaction uses a one-time public key and a separate ring signature. Each user can control the degree of their privacy by agreeing to the use of the Bytecoin digital asset.

How is Bytecoin created?

You can get Bytecoin by mining. Any computing power is suitable for these purposes. Due to the decentralized system, one person can be both a user and a participant in the system.

The mining algorithm is not complicated and is similar to the mechanism for obtaining other crypto coins. The settings are set depending on the parameters of the power used. A video card or processor is suitable for the process.

The Bytecoin cryptocurrency network is characterized by the following features:

the block is formed in 120 seconds;
based on the CryptoNote algorithm;
each token is identified by 8 decimal places;
miners are rewarded according to the formula;
limited number of tokens: 184,470,000,000 BCN.
It is not very profitable to mine Bytecoin, since about 99% of tokens are already in circulation. Cryptocurrency has existed for a relatively long time, and developers have already managed to solve many problems.

Is Bytecoin Infinite?

All transactions with the Bytecoin cryptocurrency are carried out on the Internet. Crypto coin users are wondering if Bytecoin is infinite. The digital asset system is designed in such a way that a certain number of coins are in its circulation.

As a result, Bytecoin is not an endless digital asset. Cryptocurrency has its drawbacks, which exist due to imperfect algorithms. But the system participants can have no doubt about the reliability and confidentiality of BCN crypto coins.

Strengths of Bytecoin

The cryptocurrency uses CryptoNote signatures to protect user data. System data about a digital asset is recorded in the open blockchain ledger. Both the names of the participants in the system and their location remain unknown. Most Bytecoin holders choose cryptocurrency for privacy reasons.

The interest of the BCN coin is also aroused by investors who are aimed at increasing capital. The possibility of safe and confidential storage of assets attracts users with different statuses.

Has a BCN token and other benefits:

instant transfers around the world - there are no restrictions and special conditions for making transactions;
low technical requirements for computers - coins can be mined on video cards with low power;
high profitability - profit from mining is popular, which can be calculated using special resources;
keeping user funds safe - the stability of the system is protected by cryptographic algorithms, so it is not easy to crack the key.
Many technical innovations have been introduced into the Bytecoin cryptocurrency network. This allowed the digital asset to confidently enter the African and Central Asian markets, where BCN coins were appreciated. The token is protected from economic shocks thanks to the built-in deflationary algorithm. There is always a sufficient number of coins in the ecosystem in which hearts can be invested both now and in the future.

All computers show the same efficiency when working with Bytecoin cryptocurrency. The developers claim that BCN tokens are resistant to hacker attacks. Cryptographic scripts are difficult to crack.

The liquidity of BCN tokens increases, and users are rewarded after each new block is formed. This principle excludes impulses of inflation, which means that the exchange rate is stable.

Unlike fiat, Bytecoin is decentralized. It can be generated using any computing power. The life of the platform is supported by modern blockchain technology.

The digital asset Bytecoin differs not only from real money, but also from other altcoins. The efficiency of the network does not require the involvement of a large amount of human and energy resources. The speed of payments without additional fees allows maintaining the system at a consistently high level.

Bytecoin in TOP currencies

The capitalization of Bytecoin is growing, and this allows it to occupy one of the places in the top 100 assets. A private crypto coin is able to compete on a level with Bitcoin and Ethereum. Analysts assess the development potential of the Bytecoin alcoin positively. During its existence, this cryptocurrency has won not only its user base, but also increased the growth of the exchange value.

The BCN token was issued a few years ago and few altcoins are giving way to the market. On trading floors, the coin is of interest and has a good turnover - this adds reliability in its future.

Demonstrates growth prospects for Bytecoin as it is classified as an untraceable cryptocurrency. The platform gained success due to its flexibility and scalability. In a constantly changing economic environment, the BCN token has retained its popularity, having existed in the digital sphere since 2012.

Bytecoin cryptocurrency can be used to pay for goods and Internet services. It does not depend on financial institutions and official structures. For most users, it remains an attractive trading option. To successfully use BCN tokens, you need to constantly monitor the rate and indicators of capitalization growth.