What Is Bytecoin (BCN)?

Bytecoin (BCN) is a decentralized and private cryptocurrency with an open-source code that aims to allow anyone to contribute to the Bytecoin network’s development. The network aims to ensure efficient operation with minimal cost allowing reduced fees benefiting the end user. The protocol believes in improving the existing financial system and designing and implementing the new ones. Bytecoin platform provides an alternative to the individuals who wish to keep their finance private as it seeks to promote privacy and security.

In addition, the network envisions developing a new and efficient financial system providing the same functions as the existing ones at a reduced cost for the users. The platform aims to have the following governing principles for this project:

• Self-regulation - The network provides self-control for the costs required in the operation of the currency. This approach allows the system to determine the optimal stage when operating efficiency is the highest.

• Openness - The network encourages any user to use the currency and participate in system development as well.

• Egalitarianism - The network protocol is designed in a way that both specialized and nonspecialized computers can operate on the network with equal efficiency.

The website states that the Bytecoin protocol seeks to operate on three primary technological aspects. The first one is untraceable payments, wherein Bytecoin seeks to use ring signature technology to sign a certain user's transactions on behalf of the group. As a result, a secure and entirely anonymous payment system is created. 

The second one is unlinkable transactions.  In a traditional blockchain, anyone may see the payment users have received and calculate the income. Thus, Bytecoin seeks to mitigate this risk by offering users with several, one-time addresses based on their public key. This prevents transactions from being linked.

Lastly, there is scalable blockchain. Bytecoin is a cryptosystem that does not have any hard-coded restrictions. It seeks to produce a flexible blockchain that responds to the condition and capacity of the network and generates a block every two minutes.

Furthermore, the network has BCN as the native utility token. BCN is the first completely untraceable token created using the Cryptonote protocol, a technology that is designed to provide innovative privacy features. BCN is the primary currency of exchange on the Bytecoin ecosystem, allowing users to trade in partnered exchanges, mining pools, and merchants.

History of Bytecoin (BCN)

The Bytecoin network was launched on July 4, 2012. Jenny Goldberg serves as the chief marketing officer for the Bytecoin network. The other team members include Gabriel Carranza serving as partnership manager, Harry Ullaman as communications specialist, Ngoc Thach Ho as blockchain engineer, and more.

BCN has a maximum total supply of 184,470,000,000 tokens.