Bytecoin (BCN) is a privacy-focused cryptocurrency that was launched in 2012. In that sense, it is one of the earliest cryptocurrencies available on the market. Until recently, the development team remained anonymous. In 2017, however, they have created several channels of communication, partially revealed their identities a little, listing only names and photos on their web page - no bio or social media links, and even founded several communities.
With a focus on privacy, Bytecoin competes with other privacy-oriented cryptocurrency coins such as Monero, ZCash, and Dash. Monero is actually a fork of the original Bytecoin code. Bitcoin's consensus algorithm, PoW, gives an edge to miners using powerful GPU and ASIC rigs over those trying to work with processors. This forces the network to be centralized around large pools. Bytecoin is using the new Egalitarian Proof-of-Work (PoW) algorithm.
Byteocin is based on the unique technology called CryptoNote. Every transaction has a one-time public key, even if there are several transactions with the same recipient. This eliminates the problem of address reuse and reduces the traceability of transactions. To achieve anonymity of its users Bytecoin uses one-time addresses and ring signatures. Thanks to this technology, your signature is mixed with other signatures in the network.
Transactions on the Bytecoin network happen nearly instantly and are free of fees, which makes this cryptocurrency attractive for users. The Bytecoin team created three parameters that added flexibility to how Bytecoin transactions work: difficulty of mining, size limit of blocks, and oversize penalty. Difficulty of mining changes with each block. Every miner sets up their own limit on the size of blocks that they mine. There is an oversize penalty to prevent miners from creating too large block sizes and bloating the blockchain.
Bytecoin is listed on all the major crypto exchanges. There are currently just over 183 billion BCN coins in circulation. As mining rewards decline, a maximum of 184.47 billion BCN will ever be mined. Byte coin price has not performed as well as some other cryptocurrencies. BCN coin price reached its ATH on January 6, 2018 when the BCN coin value was worth $0.0159.
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