What is Bytecoin (BCN)? | The first anonymous and untraceable cryptocurrency in the market
What is Bytecoin (BCN)? | The first anonymous and untraceable cryptocurrency in the market

By NassiroV | CryptoPlanet | 19 Feb 2020


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Bytecoin cryptocurrency

Bytecoin is the very first cryptocurrency based on CryptoNote technology. It was launched in 2012 and is based on open source code. Bytecoin was created to allow secure and anonymous transactions, via a decentralized network. It is a cryptocurrency completely independent of Bitcoin and its forks.

The AES instruction set

Bytecoin uses the Proof of Work consensus for block validation. The algorithm for mining Bytecoins is quite different from traditional methods since it is based on the AES instruction set, which is an extension of the x86 architecture instruction set for AMD and Intel microprocessors. GPU users will therefore be less efficient in mining.

Anonymity

The advanced CryptoNote algorithm ensures anonymity during transactions, thanks to the "ring signature". It is a "circle signature" or "ring" that allows a user to affix an anonymous electronic signature, by a circle.

Advantages

Bytecoin defines itself as a totally anonymous altcoin. It allows instant and unlimited international payments. The validation of a transaction takes two minutes. Bytecoin also guarantees a high level of transaction security, thanks to its advanced and efficient algorithms. The network also offers protection of personal data and ensures that it is completely impossible to obtain information on the transactions carried out and on the Wallet balance.


NassiroV
NassiroV

Hi, and welcome to my blogs! ​I’m Nassir, a thirty-something American/Moroccan guy who loves to travel and write, especially about Crypto world. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial.


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