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Bytecoin Coin is the crypto currency of the Bytecoin network. Bytecoin Coin currently has a market capital of 450 million US dollars, of which 8.8 million US dollars are traded daily. Bytecoin's goal is to serve the crypto currency efficiently at minimal cost. To this end, they focus on three values: self-regulation, openness and equality. The crypto currency has existed since 2012.
Bytecoin Network
The network realizes the value of self-regulation through a decentralized network, as with many crypto currencies. Anyone interested in developing the crypto currency can join this network. All users need is the Bytecoin Wallet. It can easily be downloaded from the provider's website. The Bytecoin network is open because it is based on open source technology.
This has the advantage that anyone interested in programming, blockchain and crypto technology in general can become a developer at Bytecoin. Egalitarian, i.e. based on an equal basis, the network is controlled by the network protocol. It allows both specialized and unspecified computers to work efficiently on the same network. Bytecoin is one of the first networks based on CryptoNote.
The CryptoNote simple explanation
CryptoNote is an application layer protocol. The protocol is the driving force behind digital crypto currencies, which are mainly known for their international, uncomplicated, decentralized and anonymous use. There are some differences between the CryptoNote protocol and the Bitcoin protocol. Compared to Bitcoin, the CryptoNote protocol is less permeable.
First and foremost, transactions cannot be tracked on the Bytecoin block chain. Information such as the sender or receiver of coins, but also the exact amount transferred, cannot be recorded.
The only information that is given is whether the transaction is higher or lower than the amount displayed. Both sender and receiver have sole access to this information as participants. In Bitcoin's public blockchain, on the other hand, anyone can collect the information described.
The egalitarian proof of work
The egalitarian proof of work is an algorithm that works with a voting system. Every computer in the network needs the same voting rights. Thus all users are equal, nobody is privileged. Users vote on the correct order of transactions, an honest value distribution and new functions within the protocol.
The algorithm combines GPU and CPU mining. This allows a greater diversity of miners to mine via the protocol and facilitates the distribution of Bytecoin coins. Currently, 65,000 BCN can be generated per 120 seconds. Transactions in Bytecoin are free of charge and have a high degree of anonymity, as shown above.
Conclusion
The crypto currency Bytecoin guarantees users a high degree of anonymity. Bytecoin works with a non-public blockchain. Compared to Bitcoin, only the sender and recipient can view information about the transaction. Bytecoin ensures this by using the CryptoNote protocol and the egalitarian proof of work. This enables toll-free transactions. Interested developers can join the open source system of the crypto currency at any time.