What is Bytecoin (BCN Coin)?
BCN Coin Price
What is Bytecoin? | A Quick Overview
Bytecoin is the first private untraceable cryptocurrency.
Created in 2012 this open-source, decentralized cryptocurrency is meant for global use.
The History of BCN Coin
On July 4th, 2012 BCN coin was created.
Being the first private, untraceable currency, drew a lot of attention so at the beginning, this coin proliferated.
Although, shortly after they improved their code from CryptoNote Java and rewrote it in C++.
Then by 2017, December 15th the plan was to release their untraceable tokens, which production is going to be midway through 2018.
Being an untraceable privacy coin, they keep their anonymity pretty well.
There is no “founder” or mention of someone who came up with bytecoin, but instead a group of individuals working together to improve the code and build bytecoin.
Antonio Juarez, their lead developer on Github, is not a known entity himself, but they do have a community page.
You can check out their full community here: Bytecoin Community
BCN Coin Supply
Circulating Supply - 183,694,476,322 BCN
Max Supply - 184,470,000,000 BCN
The Purpose of BCN Cryptocurrency
Bytecoin was the first privacy coin, developed to help people keep their money anonymous.
Whatever the transaction is for, bytecoin was created to allow the user to conduct that operation.
With built-in fungibility and a massive coin supply, they are aiming to make it completely untraceable.
Currently, they use CryptoNote to obfuscate the transactions.
We’ve talked about this with Monero (XMR) because monero is a fork from the original Bytecoin.
The Features of Bytecoin Cryptocurrency
Utilizing cryptonote technology is how this cryptocurrency can conduct private transactions.
Using what is called a “ring signature” the coin then transacts in complete privacy using the system below.
What are Ring Signatures and Ring Confidential Transactions?
Ring signatures were first described in a 2001 paper by academics from MIT and The Weizmann Institute.
Here’s what Moneropedia says about Ring Signatures:
“In cryptography, a ring signature is a type of digital signature that can be performed by any member of a group of users that each have keys. Therefore, a message signed with a ring signature is endorsed by someone in a particular group of people. One of the security properties of a ring signature is that it should be computationally infeasible to determine which of the group members' keys was used to produce the signature.
For instance, a ring signature could be used to provide an anonymous signature from "a high-ranking White House official," without revealing which official signed the message. Ring signatures are right for this application because the anonymity of a ring signature cannot be revoked, and because the group for a ring signature can be improvised (requires no prior setup).” (1)
By using Ring Signatures Bytecoin’s ability to hide and help obfuscate your addresses and private data keeping your wallet completely safe and private.
Now ring transactions for Monero, on the other hand, work in a similar encoded way.
Instead of sending a transaction one way, the transaction is split into multiple transactions at different values that all add up to the value being sent.
This both puts that value public, but hides it in ambiguity as you are then able to see every transaction and not know what is going where.
Modular Code Base
Using source code modules, this allows developers to build applications easily
They actively encourage coders to use their code base to build applications and help improve the overall ecosystem.
Multisignature and Powerful API
The bytecoin API provides access to multi-signature functionality.
This multisig approach makes it so multiple people or parties involved in a transaction have to sign it to release the funds.
Anyone can easily and simply integrate the API and build their own payment, mining, and wallet applications.
What Do We Think of Bytecoin
This cryptocurrency was one of the pioneers in privacy technology.
Although, we don’t hold bytecoin and aren’t watching it as closely for the future.
With their forks representing DASH and XMR, they were a great platform and base protocol to allow for the expenditure of these newer contracts.
If you liked this review and want to help support the academy donate some BCN below!
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