Bytecoin is an open-sourced decentralized cryptocurrency with untraceable payments that was started in 2012. Join us to be a contributor of a worldwide network system that predicts the future.
It focuses heaviliy on 2 popular principles in the digital world: privacy and security. The digital asset can be used as a value of exchange and has a strong focus on anonymity, allowing transactions to be truly private and untraceable by third parties.
This privacy is enabled by the implementation of ring signatures, a process which demands several private keys instead of one of two, making the transactions untraceable to a single network member.
Bytecoin is one of the first projects to do this successfully but has nevertheless been flying under the radar.
Additionally, Bytecoin makes use of a cryptographic protocol called Cryptonote, which is the foundational layer of Bytcoin’s network and is another technique for ensuring anonymity.
The cryptocurrency also employs its own version of Proof-of-Work (LINK), namely Egalitarian Proof of work . This consensus algorithm is similar to that of Bitcoin; however, it has benefits over traditional Proof-of-Work in terms of a fair and more decentralized mining distribution scheme.
Bytecoin’s Value
Bytecoin have had an amazingly expected boost when it comes to its value as this digital currency experienced an increase that went up to 375% at the beginning of December 2017, but just as the majority of digital currencies that suddenly dropped with prices, so did Bytecoin. Bitcoin wasn’t spared either, so its value went from 22.000 dollars per coin to 10.000$ per one unit. Given that Bytecoin is still a relatively small digital currency when compared with Bitcoin, and although its net worth is reaching almost 1 billion dollars, this digital coin is worth only 0.0053 dollars per one unit.
This digital currency had experienced an adverse change in price at the end of December, 30th to be precise, when it dropped -8.75%, reaching its current price of 0.0053$ per one coin.
Why You Should Watch Bytecoin ?
Bytecoin has 2 big events in August: The release of its public testnet and hard fork.
The public testnet will be released on August 17, after which users of the network can start analyzing the testnet’s performance. The testnet will allow any interested party in Bytecoin, such as retailers, merchants and investors, to scrutinize the project, start using the new code of the Bytecoin and perform test transactions on the testnet.
This testnet is a preparatory stage for the hard fork phase, after which the team is expecting large adoption cycles.
This hard fork will occur on August 31. The team has announced that this hard fork will include several minor yet valuable modifications to the Bytecoin protocol.
The main feature included in this release is the option to set dynamic transaction fees, which is an extremely valuable addition to the cryptocurrency according to the team because it can increase miner rewards and create a market price for transactions.
Bytecoin Communities
Privacy is maybe the most significant treasure anyone can have in this digital age when our personal information is almost translucent and with internet presenting the most vital information base there ever was. Having privacy is thus on the high price. Bytecoin is offering precisely that – privacy for all users and all transactions within their blockchains as they made all transactions performed within CryptoNote to be completely untraceable, that way preserving the confidentiality of Bytecoin users and their purchases. That is one of the main reasons why this digital coin is almost billion dollars worth in the total number of available coins – communities are supporting Bytecoin as it provides them with privacy and cost-effective transactions that are untraceable, and quickly and efficiently processed.
