Bytecoin (BCN)

What is Bytecoin (BCN)?

Bytecoin (BCN) is known as a P2P network. The goal of the project is to improve Blockchain protocols by focusing on security, scalability, and transaction speed.

Bytecoin mission is to protect user privacy with anonymous payment transactions. As a result, payment transactions across the country are also guaranteed by Bytecoin to be safe and secure for users without any fees.

Highlights of Bytecoin

Bytecoin is a next generation cryptocurrency and the first coin created by CryptoNote technology. All transactions on Bytecoin are traceable and completely anonymous. Therefore, Bytecoin possesses a number of outstanding advantages: Module code base, powerful Bytecoin API, Multisignature.

Module codebase

Through the Module codebase, Bytecoin can help users build their applications easily and efficiently. The codebase is designed with the most modern standards on the market.

Powerful Bytecoin API

Bytecoin API system is extremely flexible, powerful and has a variety of features for user needs. Through the high-level API, users can access the core functions of Bytecoin. For example, APIs can seamlessly integrate payment solutions or build open apps for users' own wallets.

Multisignature

The Bytecoin API gives users access to Multisignature functionality. This requires several parties to the transaction to release the escrow. At the same time, Multisignature also enables the creation of native escrow services, platform wallets as well as other complex remittance related services.

Bytecoin Ecosystem

How Bytecoin Works

As can be seen, Bytecoin transactions work similarly to other cryptocurrencies. The biggest highlight is that BCN coin possesses very high anonymity.

Each computer in the Bytecoin network will receive instructions from the system. The computers then check if the 1 BCN in transit really belongs to the user. Because of the anonymity of the BCN coin, the network will not be able to tell from the start who transferred the BCN. The system will check the Signature suitability and the non-access to any personal data.

Next, the computers in Bytecoin will classify the transactions to be processed into 1 block. Each computer represents a block pattern of transactions to protect the network from transaction tampering. Eventually, the computers on the network will find the correct block structure and add it to the Blockchain.

Each block in the Bytecoin network will take approximately 120 seconds to complete. During this time, the system will check the authenticity of the entire transaction and process it. The seller is the person who owns your BCN.

Bytecoin issuance process

Issuing BCN coins is an open process, using the computing power of all network members. Any user can participate in the issuance of BCN coin as well as the Bytecoin network.

All cryptocurrency transactions in the Bytecoin network are done in 120 seconds. Miners need to ensure that their transactions are processed correctly and provide personal cryptographic protection. However, miners cannot access users' financial data. Because, Bytecoin always protects the identity of the receiver and the sender, hiding the amount transferred.

Miners will receive a bounty of around 65,000 BCN/120 seconds. This approach allows them to issue new coins as well as zero-fee transaction payments.

Reduced Bytecoin issuance

Over time, the price of the Bytecoin coin gradually became more expensive. Because, the issuance is limited to 184.47 billion BCN. The number of releases per 120 seconds is also slightly reduced. As a result, BCN increases in value and exchange rate. Meanwhile, other cryptocurrencies that plummeted per block experienced a decrease in network power, and Bytecoin issuance was slower to protect the coin from economic shocks.

Roadmap

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