|Creation Date||July 2012|
ByteCoin is probably the oldest anonymous coin around- It started in 2012 and is an early fork of Bitcoin. Bytecoin is a little bit faster and more private than Bitcoin, and has a loyal following, due to it being one of the oldest cyptos around. It was the first blockchain to impletement CryptoNote, which gives it end to end encryption and untracable transactions.
However, there are some issues that have kept the marketcap of ByteCoin relatively low – it’s developers are annonymous, which whilst this worked for Satoshi Nakamoto, has not worked but is rather a warning sign for ByteCoin or any other cryptocurrency. 80% of Bytecoin was premined, which is another red flag to investors. A bug was also discovered in the CryptoNote algorithm which ByteCoin runs off, by the Monero team in 2017, and it seems there are some issues in the source code. All of these factors have contributed to keeping the market cap for ByteCoin low, and helping to preserve Monero’s (a fork of ByteCoin) dominance amongst the privacy coins.
The ByteCoin team have accounts on Reddit, Twitter, Telegram, KakaoTalk, and YouTube. They are fairly active on all of these platforms but surprisingly, they never post to BitcoinTalk, which they made the first ANN of the project years ago.
|Block Time / Transaction Fee||2 minutes / –|
|Current Value (Total)||$ 610,436,601|
Like all CryptoNote projects, BCN is also a PoW coin and can be mined with CPU and GPU. It is possible to solo-mine but not efficient, you realistically would need to join a mining pool, which has its own risks. Block rewards decrease with every block according to a mathematical formula. There are still millions of coins you can mine – the total supply of BCN exceeds 184 billion.
Unfortunately, ByteCoin does not have a white-paper of its own, it just provides a link to the CryptoNote white paper.
ByteCoin uses Ring Signature encryption to protect the privacy of its users and transactions. Monero uses a similar system, but their algorithm is more advanced and called “RingCT”. ByteCoin uses the first version of Ring Encryption algorithm which is published on the CryptoNote white paper 5 years ago. This algorithm is based on Diffie-Hellman exchange protocol, which automatically creates multiple unique one-time keys, derived from a single public key, for each p2p payment. The sender uses the receiver's public address and his own random data to compute a one-time key for the payment. The sender can produce only the public part of the key, whereas only the receiver can compute the private part; hence the receiver is the only one who can release the funds after the transaction is committed. He only needs to perform a single-formula check on each transaction to establish if it belongs to him. This process involves his private key, therefore no third party can perform this check and discover the link between the one-time key generated by the sender and the receiver's unique public address (1). Basically, it provides full anonymity.
(1) Please refer to https://cryptonote.org/inside/ for details.
There was a hard fork in summer 2018 – This is actually a major technical update. Bytecoin stays on the same blockchain, but with a software upgrade.
|Can Be Traded In||HitBTC, Poloniex, Vebitcoin, Stock Exchange|
|Wallet(s)||Windows, Linux, MacOS, Web Wallet|
|Can It Be Used in Real World?||Yes|
The roadmap of the project is:
- Q4 2018: Payment Plugin Processor
ByteCoin can be used in the real world. At the moment, 14 merchants provide native support to BCN. You can stay in a five-star luxury hotel (Dukley Resort) and even get your car washed with this coin (3). After all those years, the project is still being worked on and updated and still has a large and loyal following. In addition, it is one of the rare altcoins that managed to surpass a market cap of 500 million dollars. Unlike many other similar projects, it is still possible to mine ByteCoin because of the high total supply..
(2) You can see the full merchant list at https://bytecoin.org/ecosystem