What is Bytecoin (BCN)?
Bytecoin is a private and decentralized cryptocurrency platform established in 2012. The platform's major objective is to make quick, anonymous, and untraceable transactions possible. Besides, Bytecoin is among the first projects to implement CryptoNote technology.
Bytecoin uses ring signatures to achieve high security for the transactions on the platform. The platform also offers a short transaction time of 2 minutes. Moreover, it has adaptive parameters, which makes token mining easy. The platform also has its own products like Auditable Wallets, which enable secure and transparent deposits. Besides, there's also Blockchain Gateways, which is a means of connecting Bytecoin’s blockchain with other blockchain networks and products.
Bytecoin network eliminates the problem of address reuse by ensuring that each transaction utilizes a one-time public key. This feature decreases the traceability of transactions. The network also uses the aforementioned ring signatures to secure the connection between users and transactions. With this model, one member of a group (each member has their own private key) signs the transactions digitally. However, an outside observer can't determine the user who signed the transaction.
The network uses an egalitarian Proof-of-Work consensus mechanism called “CryptoNight.” This algorithm is designed to resist ASIC mining and make GPU and CPU equally efficient. The protocol maintains a consistent block rate by changing the mining difficulty as the network hash rate increases and decreases after each block. This mechanism protects the blockchain from “freezing up” even when the system traffic experiences a sharp variation in the number of miners.
BCN is a native token of the Bytecoin platform. It is one of the oldest digital assets. Bytecoin crypto assets are decentralized and untraceable. Its transactions and addresses are also unlinkable. You can view the current BCN price on the live Bytecoin price chart featured above.
Use Cases of Bytecoin
Bytecoin token is used by people who want to make payments without revealing their identities. The majority of the largest virtual currencies have publicly available blockchain networks. Such networks may not be very appropriate for individuals and corporate users who would like to keep their information safe and private at all times.
If you plan to acquire Bytecoin, don't forget that the BCN price might fluctuate due to the volatility of the market. Thus, make a thorough Bytecoin price analysis before making any purchasing or trading decisions.
Who Founded Bytecoin?
Bytecoin was founded in 2018. However, the founders of the project are anonymous.
Tokenomics of Bytecoin
Bytecoin has a maximum supply of 184.46 billion BCN. A fixed supply prevents the creation of excess tokens, which could affect the BCN price. The tokens are divisible down to eight decimal places, making them efficient for payments.
