While Bitcoin (BTC) is introducing people all over the world to the power of cryptocurrency, it is not without its flaws, like the potential of double spend attacks and overt blockchain transparency. Many erroneously believe that Bitcoin is anonymous, when in fact; all BTC transactions can be traced to its blockchain. Those who want more from their cryptocurrency should meet Bytecoin (BCN), a double spend resistant and truly anonymous cryptocurrency.
Bytecoin’s History, Specifications, and Dark Web Origin
Bytecoin was developed two years ago in the abyss of the dark web, where lurking requires the protection of Tor, and was designed to offer truly private financial transactions. Bytecoin developers have made significant updates recently and an all out marketing program is set to begin. Those who want to take a “byte” out of big brother’s worldwide surveillance state should equip themselves with the BCN required to do so.
While a number of coins, most notably Darkcoin, Boolberry, Monero and even DuckNote have captured the spotlight during the anonymous coin movement throughout the month of June 2014, and the last three use the same CryptoNote protocol as BCN. Darkcoin on the other hand doesn’t offer the privacy that most assume, as Darksend is not fully implemented yet. In other words, expect BCN to gain even more traction and appeal to those who are looking for a cryptocurrency that allows anonymous transactions, as it is the originator of such. It is worth mentioning that Bytecoin is the first implementation of CN technology to have ever entered the world of cryptocurrencies. As other anonymous coins to fall by the side, BCN has the developers and marketing team to push it to the top.
Bytecoin’s Core – CryptoNote
In order to get an idea for the potential of BCN, first we need to obtain an understanding of the CryptoNote protocol. The CryptoNote protocol was developed in conjunction with Bytecoin in July of 2012. The CryptoNote protocol aims to further decentralize coins and resist mass surveillance. As world authorities continue to herd the masses into an all seeing, all knowing state, CryptoNote places a giant kink in their plans. Those who see the need for freedom can use the technology offered by CryptoNote and take part in automatic, decentralized, anonymous financial transactions.
The CryptoNote protocol offers untraceable payments by utilizing ring signature technology. This allows one to sign a message on behalf of a group. While observers will be able to see that a group experienced a transfer, they won’t be able to pinpoint the transfer to a specific individual.
The CryptoNote protocol also offers unlinkable transactions. Payments are split up between multiple one-time addresses that can only be received by the person who has the correct public key. In other words, observers won’t be able to determine the amount of a transfer in total.
CryptoNote coins, like BCN, are resistant to blockchain analysis. Those who try to make sense of BCN transfers would be confronted with a number of hurdles along their way, as non-repeating, one time addresses with mixed keys in ring signatures would lead them astray.
Mining Bytecoin, and other coins based on CryptoNote, rely on PoW mining, using the CryptoNight algorithm. Therefore, this currency is fair to individual miners, as it is ASIC resistant. There are wallets for Windows, Linux and Mac users. Those who want more information on specifics and links can go to the BCN official website or their community website.
The Bytecoin Development Team and Evolution of the CyptoNote System
Since Bytecoin is completely decentralized and open-source, it allows developers to work on top of the protocol, allowing development to be community oriented, rather than privatized. The core developers have recently made improvements to the API, allowing anyone to make modifications as desired. For example, with the most recent update, a multi-signature feature has become available to the Bytecoin users.
While a truly anonymous cryptocurrency is necessary in this world, the development team and the updated marketing strategy for Bytecoin is what caught my interest the most. BCN will gain acceptance among people who are looking for anonymous features, if they are aware of what BCN offers.
The core Bytecoin development team is ten strong and all of its participants are experts in their respective field. At least 7 of the 10 have a Master’s Degree or PhD in fields ranging from Computer Science, Mathematics, Applied Mathematics, Management, Computational Science and Engineering with a PhD. in Chemistry, and Information Management. Out of the remaining 3, one is a self taught programmer, another has a bachelors in economics, and the final member’s education is unknown, as he keeps his personal information private. These degrees come from multiple, highly regarded universities around the world, including Harvard, MIT, and Oxford.
Beyond that Bytecoin, stands out from the other cryptocurrencies on the market is because it has been around for over two years, which is eons in the cryptocurrency field. BCN has gone through its growing pains and is now ready to be adopted by those who are looking for an automatic, anonymous payment option.
Bytecoin is looking for community involvement. In other words, the success of BCN depends directly on the people who are using and developing the BCN protocol. Freedom fighters and those who want to stand up against big brother surveillance states around the world can remain one step ahead of them by using BCN to conduct financial transactions.
The BCN community is also giving back to organizations that promote free speech, privacy and educational groups. BCN supports the Khan Academy, the Tor project and the Machine Intelligence Research Institute.
At the time of this writing, BCN is number 12 on CoinMarketCap, an amazing feat for a coin with very little promotion over the last two years. The Bytecoin community has decided that 2014 is the year for active promotion and the development of a user-friendly interface. Expect that market exposure will greatly increase the value of BCN over the next couple of years.
Since most cryptocurrency users rate anonymous transactions in high regard, pairing them up with BCN would be a match made in heaven. Those who are just being introduced to cryptocurrency for the first time should be able to use BCN without previous experience in the field after user-friendly improvements are made to the wallet interface. The truth is that most people don’t know much about BCN at the current time, but that is about to change.
Where Can I Purchase Bytecoins?
Those who are interested in the features that Bytecoin offers can start mining it with their CPU or purchase it on Poloniex, or Hitbtc, two popular cryptocurrency exchange site. Expect Bytecoin to expand to other big name cryptocurrency exchanges, such as Cryptsy, in the near future.
Bytecoin has grown up over the last two years, and offers one important feature that Bitcoin can’t match. Plain and simple, Bytecoin offers truly anonymous financial transactions. The BCN marketing effort has just begun, giving investors and everyday users a reason to jump on board. Those who are looking to keep the peering eyes of governments out of their business will naturally pair up with Bytecoin, effectively allowing freedom to reign.