BYTecoin cryptocurrency (BCN) – the next generation of anonymous cryptocurrency

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BYTecoin cryptocurrency (BCN) - the next generation of anonymous cryptocurrency

Bytecoin (aka BCN) is the world’s first cryptocurrency that functions using the Cryptonote algorithm. This type of virtual money is called the next generation of anonymous cryptocurrency and is done by right, since personal data is protected with 100% anonymous transactions that are not tracked. In addition, BCN is a completely independent currency, the development of which is in no way connected with Bitcoin or its branches.

Peculiarities

The creators of this type of cryptocurrency declare the following features of their product, which can be safely called competitive advantages:

  • Anonymity of transactions, which became possible thanks to the use of ring signature technology. When carrying out operations with BCN, only the fact of the transaction itself becomes known. It is impossible to find out the data of the recipient and the sender of money and their location. It is also very difficult to establish the amount of the transaction, since funds are transferred simultaneously to disposable addresses, which are several.
  • BCN has protection against double coins.
  • The system has adaptive parameters.
  • Cryptocurrency such as Bytecoin is characterized by protection for any analysis of the block chain.
  • Pow confirmation of the block is equal.
  • Due to the fact that the cost index of this cryptocurrency is constantly reduced, the buying power of BCN increases. This is caused, for the most part, by a decrease in the number of coins obtained.
  • Open code.
  • History of occurrence

    Bytecoin cryptocurrency appeared in July 2012 and for 2 years its story was covered with dark spots. There is currently an opinion that BCN was created with only one purpose – fraud. As arguments, it is given that from the moment of creation to 2014, almost no one has used Bytecoin. This could lead to the premise of these coins and, as a result, by finding developers in the hands of more than 80% of cryptocurrency. The developers themselves at this attack replied that the accusations are groundless and unfounded.

    It is likely that all these are the machinations of competitors, because Bytecoin cryptocurrency is a rather serious development that provides society with an excellent technology for conducting anonymous and in no way interconnected transactions.

    Principle of operation

    Let’s analyze the algorithm for the work of this cryptocurrency on an example. Suppose you need to pay for a reserved room at Dukley Hotel & Resort, which is located in Montenegro. The hotel is completely real and from December 2017 has been accepting BCN coins as a payment fund. You send instructions to the network: List a certain amount of cryptocurrency from your address to the hotel address. Having received this instruction, the network begins to check the relevant signatures of the sender without access to personal data. In other words, a check begins, the purpose of which is to establish the fact of belonging to coins. However, neither your balance, from nowhere, the coins have appeared in your network.

    BYTecoin cryptocurrency (BCN) - the next generation of anonymous cryptocurrency

    All transactions that need to be processed and packaged in the block, which complies with certain rules. For the correct selection of the unit form, computers working on the network function together. This allows us to exclude fake transactions. After someone’s computer has found the necessary structure of the block and added it to the blockchain, which is a database of all operations, it receives a reward.

    At the same time, other computers receive a new block that update their version of the blockchain.

    After implementing the transaction, the coins are already on the hotel account, and you can collect suitcases for relaxing in Montenegro.

    Course for 2017 and roadmap

    If we talk about this cryptocurrency in the context of 2017, then by the end of March no one was particularly interested in, and BCN coins could be purchased for $ 0.000042. However, starting on March 29, this crypt began to actively gain popularity and cost $ 0,000245 per coin. BYTECOIN reached its maximum in 2017 on May 22, when coins were traded at the rate of 0.003893 $. By mid -December, the cost of BCN dropped to 0.002733 $.

    At the end of 2017, the developers issued a roadmap for the first 2 quarters of 2018, which provided for the following positions:

  • In February, a new beta version of the API will be ready, characterized by its stability. Each user will be given the opportunity to test it and express their wishes and recommendations.
  • At the end of March, bytecoin will find new functions and change the design.
  • By June 12, all users will go to a new wallet with the latest dynamic training system.
  • Already in July a new Testnet will be released, where users will be able to test new software developments and leave their recommendations.
  • The release of this roadmap positively affected the user and the cost of the coin updated its maximum – $ 0.016988 as of January 6, 2018. To date, for one BCN give 0.007054 $.

    Technical features

    Mining algorithm Cryptonight
    Anonymity Very high
    Mining There is
    The time of creating a block 120 seconds
    Commissions 0.1 BCN, regardless of the transaction amount
    Type Proof Pow
    Tokens BCN
    Number of coins in circulation for today 183.6 billion. BCN
    The maximum possible number of coins 184.46 billion. BCN
    Capitalization for today $ 1.295,227,489
    Cost for today $ 0.0070
    Website https: // bytecoin.Org
    When starting 04.07.2012
    The main exchanges are represented Hitbtc
    Poloniex
    Cryptonator
    Coinspot
    Alcurex
    Changelly
    Stocks.Exchange

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