Presentation and definition of the crypto-currency Bytecoin (BCN)
- Name of the crypto-currency : Bytecoin
- Abbreviation : BCN
- Where to buy Bytecoin ? Binance
- Creation Date : July 2012
- White paper of Bytecoin
- Web Site of Bytecoin
The crypto-currency Bytecoin
Bytecoin is the first crypto-currency based on the technology of CryptoNote. It was launched in 2012 and is based on an open-source code. Bytecoin has been established to enable secure transactions and anonymous, via a decentralized network. It is a virtual currency that is totally independent of Bitcoin and its forks.
The instruction set AES
Bytecoin uses the consensus Proof of Work (“Proof of work”, in opposition to the “Proof of stake” which is the “proof of stake”) for the validation of blocks. The algorithm for mining Bytecoins is quite different to traditional processes, since it is based on the instruction set AES, which is an extension of the instruction set of the x86-architecture microprocessors from AMD and Intel. Users GPU will therefore be less effective in undermining it.
The advanced algorithm CryptoNote can provide anonymity in transactions, thanks to the “ring signature”. It is a “signature circle” or “ring” that allows a user to append an electronic signature to be anonymous, by a circle.
Bytecoin is defined as an altcoin totally anonymous. It allows international payments instant and unlimited. The validation of a transaction is carried out in two minutes. Bytecoin also guarantees a high level of security of transactions thanks to its advanced algorithms and high-performance. The network also offers a protection of personal data and ensures that it is totally impossible to get information on the transactions and on the balance of the Wallet.