Bytecoin is a next generation cryptocurrency launched on July 4, 2012. Despite its name, it is a fully independent currency that has been developing s
Bytecoin is a next generation cryptocurrency launched on July 4, 2012. Despite its name, it is a fully independent currency that has been developing separately from Bitcoin and all its forks. The basis for the implementation of Bytecoin was the unique Cryptonote technology, which uses stealth addresses and ring signatures to provide 100 percent untraceable transaction.
Created by BCN developers in cooperation with the CryptoNote team, Bytecoin’s, working algorithm, CryptoNight, was designed to make GPU and CPU mining equally efficient while restricting ASIC mining. This is designed to restrict the numbers of mined markets and allow new users to benefit from the blockchain, rather than simply purchasing the crypto-currency for use in transactions, as is increasingly becoming the case with hard to mine crypto currencies such as Bitcoin.
According to its official website, https://bytecoin.org/, Bytecoin is an open decentralized cryptocurrency and any interested individual can join its network and take part in the currency’s development. It allows safe and secure transactions and gives uses the convenience of instant free-free money transactions.
Bytecoin is resistant to hacks since the cryptographic algorithms that power it are impossible to crack. Any attempt to figure out a user’s account key would involve enormous amounts of resources that would make most attacks unprofitable.
It is very easy to mine using normal PCs. The algorithms offer no advantages to GPU mining which means you can use an average office PC to mine with gain Users can increase Bytecoin network security by mining the currency.
Perhaps what truly sets Bytecoin apart from other digital currencies are the zero-fee international transfers. The currency doesn’t require intermediaries for money transfer. All you need to do is broadcast your transactions to the Bytecoin network. Each transaction takes about 120 seconds to complete, deducts nothing from the transaction’s value and can be send anywhere on earth as long as it is linked to the internet.