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.
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.
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.