Bytecoin: anonymity at its best

Bytecoin (BCN) was developed two years ago in the underground of the dark web and was designed to offer truly anonymous financial transactions. Since then Bytecoin developers have made significant updates and community has had the chance to appreciate its full potential.

Bytecoin, CryptoNote, anonymity

The CryptoNote protocol is something that holds the whole idea of Bytecoin together. It was developed in conjunction with Bytecoin in July of 2012. Those who see the need for freedom from financial surveillance 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 scheme makes it possible to sign a message on behalf of a group. While the fact of transaction taking place is clear, nobody will 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.

Since Bytecoin is open-source, it allows developers to work on top of the protocol, which makes development to be community oriented. The core developers have recently made improvements to the API, allowing anyone to make modifications at their own discretion.

Bytecoin and its forks rely on PoW mining, using the CryptoNight algorithm and are therefore ASIC and GPU resistant. Those who want more information on specifics and links can go to the BCN Reddit page or their Bitcointalk discussion.

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Published: 26-07-2014 00:08
Author: Alex1983 (News maker for Bytecoin)
Category: Publications / Пресс-релизы
Tags: Bytecoin, CryptoNote

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