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Bytecoin cryptocurrency. Anonymity competitor of Verge, Dash and others

27/08/2018 00:00
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Bytecoin review

Cryptocurrency Bytecoin (BCN) is a digital coin that was developed to make payments in DarkNet. This coin enables users with the opportunity to safely acquire a variety of prohibited products:  like porn films and weapons.

Bytecoin is a controversial cryptocurrency to which some experts predict collapse, while others - a strong rise in price by the end of 2018. Our article will tell you about this project features and if it worth investing at.

 

The concept

Bytecoin is a decentralized cryptocurrency with open source code, which can be modified by any network user. When designing this coin, developers focused on three aspects: transaction confidentiality, increased security and overall availability.

Confidentiality of transactions. Anonymity of the cryptocurrency is provided by the usage CryptoNote protocol, which entangles payments and does not allow blockchain system assessment. The system allocates only 120 seconds for one transaction processing. Therefore, third parties have no way of calculating the sender and receiver of money. They also hide information about the amount of payment, personal details of the participants in the transaction and other important details. It works like this:

  • each user of the Bytecoin network gets a set of public and private digital keys;

  • in case of necessity to send money, the user enters the recipient's address and the system automatically issues a one-time key, with which the transaction will be conducted;

  • the generated one-time key is a one-time identifier, without which the money will not arrive at the receiver's balance;

  • the recipient of the transaction checks the sender's one-time key with its own private key;

  • if the data is entered correctly, the money from the sender's balance arrives at the receiver's balance.

User has to create new one-time address for each transactions. At the same time, the payment detail should contain no additional information enabling to establish a connection between the parties to the transaction.

For example, the user can hide the transaction, but add the correct bank details of the recipient in the payment comment. In this case, the information can be intercepted, analyzed, by thus enabling to calculate one of the transaction participants by bank details.

The Bytecoin transaction privacy feature is enabled by default. It can be disabled any time, by thus allowing to monitor payments with the same level of security as Bitcoin network has.

Increased security. Shortly after the launch, Bytecoin's cryptocurrency has undergone several improvements. First improvement has been related to the data encryption system update and introduction of multisyllabic transactions. After the change of programming language, on which the platform was developed:  the developpers have started to use C ++ in 2013.

Innovations allowed to introduce additional data into the blockchain, which have nothing in common with financial operations. This made Bytecoin's transactions even more confusing. Now in the block system of the system there are several blocks with unnecessary information, which creates additional protection against external threats.

That is, if in the future one of the hackers develops a technology for intercepting one-time keys, then it will need additional resources to find the right block. The transaction itself will be hidden between blocks with geographical coordinates of universities, citations of famous writers and other secondary data.

If to omit the anonymity function, the Bytecoin cryptocurrency has a lot in common with the Bitcoin cryptocurrency: starting from the consonant of the name, and ending with security technologies. The difference is that the Bytecoin network has more sophisticated data that fits into the notion of a decentralized payment coin. Together with this, Bytecoin developers do not consider their project a replacement for Bitcoin. In their opinion, there is a place in the market for several strong coins with a similar structure.

General availability. The Bytecoin Cryptocurrency became the first coin, with the current CryptoNote protocol and the activated СryptoNight hash function. This combination has reduced energy costs and requirements for mining computing equipment. This allowed to participate in the mining of new coins for all users who had the resources to adjust the computing power of a home computer or video card to the options of required mining pool.

Another important feature of the CryptoNight algorithm is that it does not provide virtually any advantage to the owners of expensive ASIC devices. Such devices are approximately at the same level as the video cards based on the level of production of Bytecoin coins. Productive processors are not too far behind. Such a general availability has one drawback, which is associated with limited emission of cryptocurrency. Soon all the blocks will be opened and the mining will be completed.

Team

You can not get acquainted with the founders and the Bytecoin development team. The official site contains only photos of fake characters. You can see their names and positions. However, you will not be able to verify the authenticity of the data. Also, you will not have the opportunity to get acquainted with the major investors and other authoritative persons who support the project and can vouch for its reliability and financial attractiveness.

The founder of the project is the programmer with the nickname "Amjuarez". In the cryptocurrency community, nothing is known about him. It is believed that in the period from 2012 to 2017 he worked with several different teams that worked slowly and did not coordinate their actions. This has resulted at the appearance of numerous forks and new tokens based on Bytecoin code. Since 2017, the project is under operation of a single team with a common development strategy.

 

Roadmap

The launch of the Bytecoin network took place on July 4, 2012. However, only in 2014 the coin was added to the first crypto stock exchange. Developers associate such a delay with errors in the code, without which the coin could not function in a proper way.

In 2014, Bytecoin's cryptocurrency community found that 80% of coins are concentrated in the hands of developers and close to them. This led to the Fortecoin fork and the emergence of anonymous Monero cryptocurrency. Now these are two unrelated coins with similar capabilities.

In July 2018, a system  had been subject to update and adding to the Bytecoin network a new mechanism, responsible for the payment queue. It increases internal protection and allows you not to lose transactions during high load periods.

On August 17, 2018 developers are planning to launch a test version of the new network Bytecoin - Testnet. This is not a new product, only a technologically updated version of the Bytecoin ecosystem. Such a decision is connected with the problems in the blockchain that arose after the listing of the coin on the Binance currency exchange.

Testnet will be supplemented by a dynamic system of commission fees, a stable API and an improved version of the official purse. During the testing period, Bytecoin developers will receive feedback from the programmers of the cryptocurrency community. This will help to quickly identify and eliminate point errors of the updated network code.

If the launch of Testnet turns out to be successful, August 31, 2018 will be the date of Bytecoin cryptocurrency hardfork.  This action will not result at the appearance of new coin. The update will touch only the code base of the Bytecoin ecosystem, which will not have a significant effect on the functionality of the coin. This is necessary for the developers and the future development of the project.

The Bytecoin team did not provide other significant events. There is only a general complex of marketing activities, which should contribute to the strengthening of the crypto currency in the Asian, African and Middle Eastern region by the end of 2018 . It is expected that the updated roadmap will be released by 2019.

 

Characteristics of the Bytecoin 

Bytecoin is a full-fledged digital coin with a personal blockchain, which is traded on the crypto stock exchanges under the "BCN" ticket. Its main functionality is associated with anonymous payments that any Bytecoin user can perform.

On January 7, 2018, the first maximum was established. On this day, the value of the coin reached the level of 0,014,623 $. August 16, 2018, one coin is traded at around of 0.001583 $. At the same time, the total volume of capitalization reached the level of $ 291,123,346, while the daily turnover is $ 865,058.

There will be 184,470,000,000 coins in total. There is already 183,890,481,254 BCN in circulation. Nothing is said about the additional issue on the official website and in white paper . Therefore, it is expected in 2018 all the coins will be into circulation and will be concentrated in the hands of users.

You can use Bytecoin official purse for this cryptocurrency storage. It is available for download on the project website. It has an additional built-in security system, which works autonomously from the Bytecoin network. Therefore, users will not lose their money in case of failure.

Prospects

Most experts believe that  the Bytecoin cryptocurrency will rise in price by the end of 2018. There are a lot of forecasts about the price, while all of them are in the range from 1 cents to 1 US dollar. Analysts rely on the following factors:

  • 2018 is the end of coins issue;
  • appearance of hardforks and and a technically updated Bytecoin network;
  • the roadmap contains a marketing strategy aimed at popularizing cryptocurrency in new regions.

We believe that there will not be a strong rise in price and the coin will not go beyond 1 cents. The Bytecoin team does not work on the main. It does not take any steps to establish relations with state bodies. Without this, there will be no institutional investors able to invest in an opaque project with a dubious reputation.

Bytecoin is a project that is not suitable for long-term investment. In a few years, it will not be able to compete with modern anonymous cryptocurrencies, which try to combine confidentiality with the requirements of the traditional banking sector.

Advantages Disadvantages
Inexpensive coin, which  is included in the TOP-30 most promising cryptocurrencies for the most part of 2018. Opaque development team: it is impossible to verify their personality, reputation and professional skills.
Despite the lack of popularity, the project has been working since 2012 and continues to increase capitalization. This is an important indicator for novice investors who want to invest in a reliable and inexpensive project.There are more promising competitors, which are ahead of Bytecoin in terms of financial, technical and marketing indicators. Here are just a few of the cryptocurrencies that are on this list: Monero, Dash, Verge, Zcash, Bitcoin Private
One may have enough computing power of the average computer for network maintenance. This ensures high reliability of the network and its protection against most known hacker attacksThe project has been existing for 6 years already. The fully operational version of the Bytecoin network had not been not presented. The team does not give clear explanations about such temporary delays and does not plan to introduce new functionality into its product.

The world of cryptocurrency is constantly developing and brings something new, so stay with us and remember to subscribe to our pages in FacebookTelegram news feed channel and YouTube channel to stay in touch about all updates of cryptocurrency world!   

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