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As Bitcoin and other popular coins start to show their cracks, privacy coins are becoming the way for crypto enthusiasts. They are a smarter way to utilize these digital assets, as privacy coins are both untraceable and entirely secure. Bytecoin is one of the earliest of these types, with a long history since its development in 2012. It is even the source of Monero, which forked from this long-running cryptocurrency.
What Is Bytecoin & How Does It Work?
Much like Bitcoin, Bytecoin allows users to make worldwide transactions. Where Bytecoin differs is that those transactions are instant and entirely private, and with no extra transaction fees. It is much more secure than other tokens, and because Bytecoin is entirely untraceable, it is an anonymous peer-to-peer users dream.
Bytecoin uses secure cryptographic algorithms, making it impossible for anyone to trace the blockchain back to the sender, alongside hiding the recipient and the amount traded. Other cryptocurrencies aren’t as secure, allowing users to trace transactions should they so desire. Bytecoin can do this by relying on the users in the network.
Users can opt their computer into the Bytecoin network, allowing it to draw power to continue processing. The more power from computers, the more reliable the network, and the more secure. Because computers are always powering it, your money and your information are always safe.
The network of computers also prevent transaction fees, since the total level of energy used is so minimum. Also, the algorithms in place should deter hackers, since getting any important information would be too much work. It is even possible to mine on a regular PC because of this.
There are around 183 billion Bytecoin Coins (BCN) in existence. As miners keep breaking blocks, rewards will decrease, and the number of BCN can only go up to 184.47 total. Privacy coins in general still haven’t hit the mainstream market, but as awareness goes up, we will likely yosee the price rise.
Bytecoin has a simple but effective roadmap in place:
Public API Beta
Starting in quarter one of 2018, the team will release a beta version of each API for all users to opt-in on. It will be available on GitHub, and any bugs or suggestions will be added in the final version.
Once the beta version has been tested, the fully finished version will release with a new transaction system, an upgraded wallet, and added features.
There will be a hardfork of the current blockchain technology, with the new fork supporting the upgraded wallet and transaction system. Users will be able to back up their old wallets into the new one.
In the latter half of 2018, the team will release a public “testnet” that allows each and every user to test any new software and leave any fixes and comments on it. This will truly bring the community into power with the project, and allow them to help shape the product as they see fit.
Bytecoin was founded in 2012, with multiple anonymous teams working on it but not communicating with one another. As a result, there were many forks and different versions of the coin. This went until July of 2017, where they decided to make some changes.
A majority of the team is still somewhat anonymous, with only a few of them revealing their names and photos. However, the plans for the project have been made very open, and the community is poised to play a very big part in the future of Bytecoin.
Because the members on the team like to stay anonymous, they don’t interact with the community much outside of blog posts and official notices. That said, the members of the community are self-sufficient and keep each other updated on the going on of Bytecoin.
Bytecoin is available on only a few makets, with HitBTC and Poloniex being the biggest of the small group. While the coin has been available for a while, it still isn’t commonly known. As awareness of privacy coins goes up, we are likely to see Bytecoin appear on places like Bittrex or Binance in the future.
The coin is mined in a similar way to Bitcoin, with users participating in mining pools which solve complex algorithms to ensure transactions go through. They are then rewarded for their efforts in BCN.
Bytecoin can be stored on their official web or desktop wallets, with a mobile wallet for Android available now and an iOS one coming soon. It works just fine, though some Reddit users report syncing issues from time to time.
What’s Next For Them
With Bytecoin being around for so long, it has a surprisingly small following. That said, their following is a strong one, and with the team refocusing their efforts on community and transparency, we are likely to see a new golden age for Bytecoin. Privacy coins are on the rise, and this token is one of the more reliable ones to invest time and money into.