The best ways to buy, sell, send & spend BCN
All About Bytecoin
What is Bytecoin, how does it work & why is it cool?
What is Bytecoin
Bytecoin (sym. BCN) is a peer to peer, open source, decentralised cryptocurrency which allows instant money transfers across the globe and safe, secure transactions online.
Bytecoin cryptocurrency (sym. BCN) is not to be confused with Bytecoin network (sym. BTE).
History of Bytecoin
Bytecoin was launched in July 2012 and it was the first ever implementation of Cryptonote protocol, which was later adopted by several leading currencies including Monero.
In 2013, Cryptonote was completely rewritten in C++, enhancing the security and the protocol received multiple security updates including multi-signature transactions.
In March 2015, Bytecoin announced the roadmap for several major future upgrades and releases.
How Bytecoin Works
Fiat money (traditional currency) transactions are facilitated by an intermediary, like a bank, where the transaction’s success depends solely on the intermediary.
Bytecoin transactions are carried out using the Bytecoin network where all of the network participants get to validate the transaction, without ever knowing the personally identifiable information.
Bytecoin works almost like Bitcoin where the sender needs to submit the receiver’s address and the amount to be transferred to a block which are then validated by the miners. Once validated, the amount is credited to the receiver’s account and deducted from the account of the sender.
However, unlike Bitcoin’s SHA256, Bytecoin utilises CryptoNight for the security of the transactions.
Bytecoin is one of the earliest coins in circulation and it has some really reliable features.
- Fee-free instant international payments: As the transactions takes place without any intermediary and directly between the two parties, there are no charges or fees for these transaction. Moreover, everything is done via the internet so it’s a fast process, generally taking a few seconds to receive the transaction confirmation.
- Untraceable Payment: Ring signature, instead of the ordinary digital signatures, which doesn’t only enhances the security of the transaction but also gives true anonymity to the parties involved. Moreover, using pseudo-random numbers, the user is kept truly anonymous.
- Safe Wallet: Bytecoin is blockchain analysis resistant which means it will be almost impossible to get useable data from a captured block using reverse engineering. The cryptography (Cryptonote) itself is ultra-safe as well with supercomputer-like computational power needed to breakdown the data. Thus, your wallet is safe and your money is yours.
- Total Privacy: Bytecoin ensures that the revelation of user identity and transaction details are completely optional. Users are free to disclose these data only when they wish to.
- Your private data is safe: Bytecoin system ensures that it is totally impossible to get information about your financial operations and wallet balance, unless you decide to reveal those. Only you can manage information that your business partners and third parties will see.
- Democratic Network Architecture: Bytecoin utilises Proof of Work (POW) protocol to validate transactions and ownership which also allows the users to vote leading to a consensus based model.