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Bytecoin

Bytecoin

Bytecoin is the first digital currency based on the CryptoNote technology.

Bytecoin is the first cryptocurrency based on the CryptoNote technology with an open source code designed for anonymous cash settlement. BCN protects the user's privacy with impassive and anonymous transactions. The basis for the creation of Bytecoin was the unique CryptoNote technology. It was launched in July, 2012.

History

The identities of the Bytecoin (BCN) developers are not known. Bytecoin was released to the public in March 2014. There was controversy around the public release due to questions around the validity of the dated signatures in the whitepaper and the fact that by the launch, over 80% of Bytecoin's maximum supply had already been mined. Since the launch, several improvements have been made, including multi-valued transactions and several security updates. In 2013, the original implementation of CryptoNote Java was rewritten using C++. As of 2015, Bytecoin has been forked more than 25 times. Bytecoin blockchain contains additional information not directly related to remittances: several blocks include the geographical coordinates of universities, educational institutions among other buildings.

Features

Bytecoin is an open source software and uses the principle of Proof-of-work.

The algorithm for mining in Bytecoin differs in that it actively uses the AES command system for x86 microprocessors and a large amount of memory, which makes mining on the GPU less efficient than for Bitcoin. It uses the unique CryptoNight algorithm. The essence of the algorithm is in the ring signature, which provides anonymity. The cryptographic basis for the protocol was created by Ron Rivest, Adi Shamir and Yael Taumann in 2001, and finalized by E. Fujisaki and K. Suzuki in 2007. The EdDSA scheme proposed by the American mathematician Daniel Bernstein is used as the signature algorithm. Additional transaction obfuscation was added to this basis.

Due to CryptoNote and the obfuscation added to the protocol, passive mixing is provided. All transactions in the system are anonymous, and all participants in the system can use plausible deniability in the event of a capture.

Timeline

People

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Related Golden topics

Afdi

Alexandre

Daniel

David Inostroza

Diego Valencia

Dimitar Correa Voutchkova

Eduardo Cerna García

Ernesto Lira

Further reading

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ByteCoin White Paper

ByteCoin Team

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