ByteCoin (BCN) is an open, decentralized cryptocurrency that seeks to replace the functions of fiat currencies. The digital currency enables safe and secure transactions around the globe. It also offers the convenience of fee-free money. It is based on CryptoNote technology and distinct from both the Bitcoin and Ethereum Blockchains.
BCN cryptocurrency is best suited for people who wish to keep their financial activity private, given that privacy and security come naturally while using the ByteCoin network. Transactions carried out on the ByteCoin network are untraceable and don’t require any additional fees. Anyone interested can join the network and help in BCN mining.
History of ByteCoin
ByteCoin cryptocurrency became operational on July 4, 2012. Since its launch, it has undergone several improvements, most of which resulted in the integration of new features. An update in 2013 resulted in the rewriting of CryptoNote using C++.
In 2015, ByteCoin developers announced a roadmap for several future releases. Among the improvements that the team has been working on are a payment gateway, capable of sending and receiving thousands of transactions simultaneously, and a Blockchain-based aliases system, as well as smart contracts.
How Does Bytecoin Work?
Being an Open Source software, ByteCoin uses the principle of Proof-of-Work. This principal addresses one of the biggest problems associated with Bitcoin’s open Blockchain philosophy. Whenever a person sends crypto coins to another person, it is common practice for all their addresses to be stored on the Blockchain as part of the transaction with the use of Bitcoin.
When a user sends another person some cryptocurrency, a transaction is created containing the wallet addresses of the sender and the recipient. A collection of these transactions is normally verified by miners and transmitted to all users of the cryptocurrency as a block and stored in a Bitcoin Blockchain.
If someone knows the public addresses of the people sending Bitcoins, they can know how many transactions they made. ByteCoin addresses the openness dilemma for privacy seekers by wrapping addresses using a rig signature algorithm called CryptoNote. With the algorithm, it is impossible to trace where transactions originated, thus making ByteCoin Blockchain extremely private.
Transactions on the ByteCoin network usually are carried out every 120 seconds as miners provide cryptographic protection of transactions and personal data.
The reliability of ByteCoin is defined by the total computational power of computers in a network; the greater the processing power, the more reliable the network is.
How to Mine ByteCoin
ByteCoin solo mining is simple as it entails downloading the BCN simple wallet and daemon. Once the download page is opened, it should synchronize with the ByteCoin Blockchain download.
Once it is done synchronizing, you can open up the simple wallet and create a wallet file. In the daemon, run ‘start mining your wallet address’ command, to start the mining process.
While it is simple to start BCN solo mining, it is not profitable compared to pool mining, since it can take ages to come up with one block. Pool mining, on the other hand, can be done on a number of pooling websites. ByteCoin GPU mining is a little bit tedious depending on the graphics units you use.
Since its launch, BCN coin value has been rising steadily putting it in direct competition with other leading and widely used cryptocurrencies. However, its market cap is still a shadow of Bitcoin and Ethereum.