The latest coin to be added to Binance is Bytecoin (BCN), which is open for deposits and will soon trade across the three native base pairs, Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
Bytecoin is actually the original anonymity-focused and private cryptocurrency, founded in 2012. It was the first coin to be built on CryptoNote’s open source technology and use it by default, by which Bytecoin inherits most of its privacy functions.
CryptoNote itself enables the creation of ‘completely anonymous, egalitarian cryptocurrencies’. All coins that use CryptoNote are completely ASIC-resistant.
Bytecoin differentiates itself from other privacy-focused cryptocurrencies through a combination of three key features, ring signatures, unlinkable transactions and wallet addresses that are permanently hidden (stealth addresses).
Ring signatures are implemented by Bytecoin in order to scramble the senders address. Public addresses can be shared between multiple members of a group, and they are also used sign transactions. This verifies the validity of a particular transaction but also makes it impossible to determine exactly who initiated it.
Bytecoin’s unlinkable transaction technology means that it is possible to view details of a particular transaction, but it is also impossible to pinpoint the sender or receiver of that transaction.