Overview

19/10/18 06:55 UTC-4

Bytecoin, as independent cryptocurrency

Independent unit Bytecoin
Independent unit Bytecoin

A digital payment unit called Bytecoin belongs to the old-timers of the cryptocurrency market using Blockchain technology. The main advantage of Bytecoin is the confidentiality of transactions and the possibility of smooth and flexible block scalability.

 

Work principles

Despite constant comparison with the most famous Bitcoin network to date, Bytecoin positions itself as an independent cryptocurrency. The application layer CryptoNote protocol is implemented on the Bytecoin platform for anonymous peer-to-peer (p2p) type operations. The most similar to Bytecoin is the Monero network, which has similar characteristics and functionality.

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The Bytecoin debut in the cryptocurrency market took place in 2012 and until recently developers of this platform remained in the shadows. And only now it is possible to communicate with the team that manages the Bytecoin network. In mid-2017, the Bytecoin development team decided to become a little more democratic and open the veil of its confidentiality. The next step towards meeting customers will be the launch of a public API address and access to Asian markets.

 

Capitalization

Using the CryptoNote algorithm, the transaction in the Bytecoin network is performed using a public key. This allows to solve the problem of occurrence of repeated operations. It also reduces the level of tracking of transfers. The mechanism of the disconnection between the participants of operations and their addresses is realized by means of one-off ring signatures. Each user can independently control the anonymity of their transactions, but at the same time, the commission for each transaction increases.

One of the drawbacks of Bitcoin mining is the need to use expensive equipment. In this regard, the Bytecoin network uses the Egalitarian verification algorithm in the Proof-of-Work program, which is built on the basis of skrypt. The essence of this solution is to connect the whole memory of the chain of blocks to work. In this way, Blockchain technology on the Bytecoin platform is 10 times more efficient in processing processes.

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The Bytecoin platform reduces the amount of compensation for creating a block with the appearance of a new block. Thus, the decrease in the number of payments occurs more smoothly and evenly. As we know, network growth requires increasing the block size, but Bitcoin does not have this capability. Bytecoin operates on a different basis, so any network user can vote for an increase in the block chain. The size of transactions is not limited if you are willing to pay the fees associated with transactions.

By focusing on privacy, Bytecoin coins compete with Monero, ZCash and Dash. To date, the turnover of the network is about 183 billion BCN tokens. The increase in the value of Bytecoin's assets has a growth trend, which directly depends on the growth of prices for similar tokens. Buy or exchange BCN on major Internet exchanges. You can store coins on both ordinary and mobile wallets.

 


According to preliminary forecasts, the Bytecoin platform has all chances to enter the TOP-20 cryptocurrency for attracting capital already in 2018.

Editor: Yuliya Soroka

#Bytecoin #BCN #cryptocurrency

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