Bytecoin (cryptocurrency)

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BYTECOIN (BCN)
Bytecoin logo.svg
Original author(s)PACIFIC_SKYLINE, AMJUAREZ and others.
Initial release2014
Written inС++
PlatformWindows, Mac, Linux, FreeBSD
TypePayment system
Websitebytecoin.org
Forks tree for CryptoNote coins. February, 2016

Bytecoin (ticker symbol BCN 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.

This is a completely independent currency, developing separately from Bitcoin and its forks. The basis for the creation of Bytecoin was the unique CryptoNote technology.

History[edit]

The identities of the Bytecoin (BCN) developers are not known. Bytecoin was released to the public on March 2014. Developers of the cryptocurrency had faked its discovery in 2014[citation needed], claiming it was up and running from 2012. The dated signatures in the whitepaper were later proven to be fake.[1] By the time the 'discovery' took place, a little over 80% of Bytecoin's maximum supply had already been mined.[citation needed]

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[edit]

Bytecoin is an open source software. Cryptocurrency uses the principle of Proof-of-work ("Proof of work performance").

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.[citation needed]

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.

Transactional obfuscation in the CryptoNote protocol

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.

Notes[edit]

  1. ^ "Blowing the lid off the CryptoNote/Bytecoin scam". Bitcoinalk.

References[edit]