At the moment, the price of Bytecoin is $ 0.00004302 per token. In the last 24 hours, the price has increased by +5.84%%.
Bytecoin (BCN) is the first cryptocurrency crafted with CryptoNote technology. It encourages users to conduct highly anonymous money transfers via the CryptoNote algorithm. This algorithm relies on CryptoNote ring signatures to make sure transactions maintain anonymity, meaning any group member can endorse a message, but the group's potential signers remain indistinguishable from each other.
While outbound transactions stay untraceable, the protocol doesn't hide incoming payments which makes it possible to ascertain one's income. However, each recipient gets unique one-time addresses drawn from their public key using a variation of the Diffie-Hellman exchange protocol. Only the receiver can redeem funds sent to these addresses, and linking these payments is not possible.
Bytecoin was birthed back in 2012, rendering it among the earliest developed cryptocurrencies. However, until recently, the identity of the team behind Bytecoin was cloaked in anonymity. Now, they have launched several communication channels, eased some layers of anonymity, and even created local community structures.
Bytecoin primarily functions as a peer-to-peer (p2p) payment system, making it akin to Bitcoin in its use cases. Its uniqueness, however, is clear in its approach to fixing the favoritism displayed by Bitcoin's Proof-of-Work (PoW) consensus algorithm towards miners with powerful GPU and ASIC machines over CPU miners.
Bytecoin instituted the Egalitarian Proof-of-Work (PoW) algorithm, which employs a version of 'scrypt', a proof-of-work function akin to Bitcoin's 'hashcash'. Scrypt is not memory constrained and allows for the creation of CPU mining rigs, offering a solution that bridges the mining gap between GPU and CPU miners.
Bytecoin has faced its share of challenges since its inception in July 2012. The project saw fragmentation due to multiple independent teams working without proper coordination, leading to numerous forks and variations of the coin.
In July 2017, the elements behind Bytecoin decided on an image makeover and committed to enhanced community transparency. Although their identity maintains some level of anonymity, the commitment to privacy has seen the team refocus efforts towards refining their project code with a planned release date for a new public API.
Bytecoin BCN can be purchased on the TradeOgre, HitBTC exchanges currently available. Remember to apply caution while trading crypto, utilize secure platforms, and never invest more than you can afford to lose. As always, maintaining proper security hygiene is necessary when conducting transactions in the cryptosphere.
In terms of Bytecoin's availability, the total supply is capped at 184.1B tokens, of which 184.0B are in current circulation.
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