ByteCoin (BCN)
Description
Bytecoin (BCN) is an open source P2P digital currency and a mimic of Bitcoin. It is a CryptoNote based coin and Current total market cap of around $210,644,440 ( 55,442 BTC) & a daily volume of around 520.67 BTC
Features
- Fee-free instant international payments — It takes 2 minutes for cryptographic confirmation.
- Bytecoin is resistant to hacks as it uses CryptoNight algorithm
- Reducing business risks as the transactions in the blockchain are immutable
Technology
All transactions are carried out each 120 seconds. Miners ensure that the transactions are processed correctly and provide cryptographic protection of transactions and personal data.As a reward, miners receive roughly 65,000 BCN each 120 seconds. Such approach allows both new money emission and zero-fee transactions. It is a CryptoNote based coin.
Key Benifits of CryptoNote:
- Untraceable payments using ring signatures
- Unlinkable transactions: CryptoNote helps in automatic creation of multiple unique one-time keys, derived from the single public key, for each p2p payment. The solution lies in a clever modification of the Diffie-Hellman exchange protocol. 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.
- Double-spending proof
- Blockchain analysis resistance
- Adaptive limits
- Smooth emission
- Egalitarian proof of work
Key Facts
- Current Bytecoin emission rate is 65,000 BCN each 120 seconds
- Total Coin Supply — Emission is limited to 184.47 billion BCN
- Algorithm — CryptoNight
- Proof Type — PoW
Issues
- Bytecoin allegedly forged the dates on their whitepaper(s) in order to make it appear as if they had completed a fair release.
- Bytecoin creators may not have fairly given away their invention and instead, allegedly mined over 80% of their own coins before letting anyone in on their plans.
- Bug in mining software allowed someone to mine unlimited Bytecoins. This was fixed (allegedly), but still, Bytecoin was accused of not taking action quickly enough.
- Bytecoin has experienced a massive resurgence on one exchange especially: Poloniex. But the trading, other than having lined the pockets of Poloniex, since they charge for the service of trading, is missing something. And that is the ability to deposit or withdraw any Bytecoins. Currently, you can only trade Bytecoins with other cryptocurrencies on Poloniex. All I have been able to verify so far is that Poloniex is performing “maintencance.”
- Issues with Bytecoin wallet — It takes lot of time and sometimes days to sync the blokchain in the wallet hence it takes lot of time to even show the balance in the wallet.
Source: https://thecryptopapers.com/2017/05/25/is-bytecoin-making-a-comeback/
Future
While some of the above issues have been hindering the progress of Bytecoin in the past but the community behind is strong and they are rallying behind to get the developers of project to make Bytecoin better and take it to the next level. A rough roadmap that the Bytecoin community is already working is given below:
Latest discussion about Bytecoin can be found at https://bytecointalk.org/ and one day Bytecoin may also become a Masternode coin.
