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Bytecoin is a cryptocurrency which is based on the CryptoNote technology. BCN secures the user’s privacy with impassive and unsigned transactions. Bytecoin is an independent currency which is developing solely from Bitcoin and its derivates. The basis for creating Bytecoin is unique cryptoNote technology. It is an open source code that is designed for anonymous cash settlement.
Bytecoin is a private, decentralized cryptocurrency with open source code which allows users to take part in Bytecoin networkReadmore
development. The privacy and security are embodied in Bytecoin. This is the best solution for users to keep their financial privacy. Bytecoin allows instant private transactions all over the world by Bytecoin Network. The fiat currencies are assigned to specific territories and Bytecoin is bound to the internet and is international by default. This transaction is untraceable and doesn’t require any additional fees.
- Bytecoin was launched on July 4, 2012. After the launch, several changes have been made that includes multi-valued transactions and security updates.
- The original implementation of CryptoNote java is scripted using C++. In the year 2015, Bytecoin is forked for more than 25 times.
- Bytecoin blockchain consists additional information which doesn’t directly relate to the remittance. The block includes geographical coordinates of universities, educational institutions among other building.
- Bytecoin developers announced their roadmap for several future releases on March 31, 2015. In coming days, Bytecoin is planning to develop untraceable tokens.
The users can participate in the operation of the network by allocating the computing power of the computer. This mechanism processes the transaction and is decentralized. The user can also a participant in the token sale.
- Transactions: The transactions are processed through the internet this makes the transactions more reliable. The transaction privacy is secured by cryptographic algorithms and no one can identify the sender or receiver.
- Safety and Reliability: The reliability of Bytecoin is defined by the total computational power of all the computers. It takes part in the processing of transactions. As processing power increasing it accelerates network.
- Deflation: Bytecoins are expensive over the time. The emission is limited to 187.47 billion BCN. The number of Bytecoin emitted each 120-second decreases. As a result, BCN reaches and the exchange rate increases. The Bytecoins emission decreases slowly that protects the currency from economic shocks.
- Emission: The emission of fiat currencies is a closed process where an issuer is engaging in its own capabilities. It is an open process that employs the computing powers of all network members. Mining in the network results in creating new money those servers as a reward for users that employ their computing power in order to process transactions.
- Fee-free instant payments: Bytecoin network works as fast as the internet. The payments require cryptographic confirmation and will take time to process as payments are completed. These claims transactions are processed in few minutes.
- Security: Bytecoin protects user’s money with the most reliable and modern cryptographic algorithms which are impossible to hack.
- Safe private data: The user can manage information with business partners and the third party to check. Bytecoin is claimed impossible to fetch information about the financial operations and wallet balance.