Bytecoin opinions
Summary:
So far,2 of opinions have been recorded for Bytecoin. These opinions are not investment recommendations but the community's perspective on Bytecoin. Please do not make a purchase decision based on these Bytecoin opinions.
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Bytecoin opinion #2
In the case of the Bytecoin (BCN) published since 2012, one can speak of a "Privacy Coin" here, as this involves a high degree of anonymity in transmission. Transactions cannot be traced by the CryptNote protocol via their block chain such as Bitcoin. Thus, the amount of the transaction and the credit balance of a wallet cannot be determined from the outside. Here a ring signature is used as a hash algorithm. Furthermore, the block chain has been designed as a complete decentralised network.
Bytecoin also focuses on deflation, which means that the coins themselves should become more expensive over time.
Some online shops accept ByteCoin as payment method.
The maximum capitalisation is 184.470 billion coins. Like Bitcoin, this coin is a PoW (Proof of Work) system. You can participate in the PoW with the wallet developed by Bytecoin. Alternatively, the mining portal "Minergate", for example, offers special miner frameworks that are specialised in ByteCoin mining.
Bytecoin opinion #1
For me, Bytecoin is one of the first steps in blockchain programming.
Bytecoin (BCN) was founded in 2012 and describes itself as a private, decentralized cryptocurrency with open source code. The main goal of the project is to enable fast, anonymous and untraceable transactions. Bytecoin claims to be the first project to implement CryptoNote technology. Its security is reportedly based on the use of ring signatures to protect a sender's identity and unlinkable addresses to prevent blockchain analysis. Bytecoin claims to have a 2 minute blocking time and adaptive parameters designed to make mining easier. Recent additions to Bytecoin technology include auditable wallets, which reportedly enable secure, publicly observable deposits, and blockchain gateways, which allow Bytecoin blockchain to be connected to other blockchains.
Is there anything new coming from Bytecoin? No, I don't think so, but here the project at least has enough capital to continue to exist. Open source isn't always just garbage. You can't earn money with Bytecoin, but you can learn a lot.