Bytecoin (BCN) –As months go by, more approaches are deployed for the blockchain technology.
It should be recalled that the pioneer blockchain known as Bitcoin suffered scalability issues. At the moment, there have been improvements to that respect. Platforms such as EOS and Ethereum are making their marks to that effect.
The blockchain is reputed for decentralization and security. With the coming of digital currencies and its mining as well, the platform had since turned into a marketplace. Trading, mining/creation of cryptographic currencies had held sway all these while. As it stands today, these currencies are being used as exchanges just like their fiat counterparts.
The blockchain had been the platform for processing and trading of cryptocurrencies. Payments through the platform are transparent, and this implies that a user’s transactions can be traced through the immutable ledger.
That status quo is being distorted. The coming of BCN changed the whole scenario, and now, there’s a new ball game to decentralized payments especially through the blockchain. Bytecoin aims at making transactions secure and yet, untraceable.
Is Bytecoin (BCN) Feasible?
There might have been no need for Bytecoin to come into the picture but a critical insight into existing payment solutions through the blockchain shows that Bytecoin is needed.
Though the blockchain is secured and disburses its operations, there is still a tendency for a hack. Perhaps that was why Bytecoin opted to make a clean breast of the situation. Bytecoin aims at making its transactions private and still secure.
Bytecoin borrowed a leaf from Cryptonote. Attacks are predominant on blockchains, but this cannot affect the workings of Bytecoin as the platform is adequately protected.
CryptoNote: Bytecoin’s Backbone
CryptoNote is the leading technology behind the creation and success story of Bytecoin. Realizing the potentiality of a hack on users’ data in the course of a transaction, CryptoNote sought to do thing differently.
It functions the same way as Bitcoin but added an extra protection layer which is the privatization of user’s data. Transactions processed through this can be seen on its platform, but the problem lies in identifying who issued and received such transactions. Hence, CryptoNote birthed a new way of transacting cryptocurrencies.
A Working Product
Coming back to BCN, what we have here is a great product that will serve long-term uses. It was the first cryptographic currency to adopt CryptoNote for its functionality. Bytecoin hides the profile of its users but still validates such transactions. When it comes to its mining, Bytecoin uses a whole new consensus algorithm – Cryptonight.
Programming and Platform
The blockchain had since patterned itself after traditional cyber platforms. To get acceptance and for more use cases, it allowed its development through programming languages that we are used to.
Bytecoin also bought the idea. Its platform is written using the C++ programming language. Coming to the platform, Bytecoin can be used on Linux, FreeBSD, Mac and Windows platforms. The implication here is its mining can be done using your smartphone.
Bytecoin is an excellent cryptographic currency that has users’ interest as its watchword. During mining, there are usually attacks as a result of high computation ratio. Typically, about 51% hash power is available at this time, and such does not augur well for mining.
BCN, therefore, deployed a cryptographic algorithm that’ll protect the platform during mining and also protect user’s data and wallet.
What I love about Bytecoin is its transparency. It uses an open source code that comes in handy during transactions. Transactions are faster than Bitcoin and probably other blockchain platforms. Bytecoin processes its transactions in about 2 minutes.
We’re coming back again to the algorithm. Bytecoin’s consensus algorithm is quite different from the popular Proof-of-Stake (PoS) and other algorithms used by other by other platforms. Bytecoin is explicitly using the ring and signature algorithms to actualize anonymity of its users. Later on, transactional obfuscation was added.
With these algorithms in place, transactions on the platform are anonymous, and in the event of a problem in transactions, users can easily detach themselves since their identity is not made available.
Bottom Line – Pros and Cons
Bytecoin is a great platform and should be considered. Haven been in existence since 2012 and attained widespread popularity in the early quarters of 2014; there leaves no doubt to its functionality.
On one part, it makes transactions better and protects users’ wallets and personal information from hack. On the other part, it does not augur well for transparent deals. A user might initiate an unverified transaction and get away with it because of the anonymity in the platform.
The submission here is in favor of Bytecoin. Putting its algorithms that facilitate mining and its prospect of bringing absolute security to the platform, it is pertinent that it gets adopted. Bytecoin is the first cryptographic currency to identify with CryptoNote.
Either way it is viewed from, Bytecoin (BCN) is entirely different from what was obtainable from other cryptocurrencies. Perhaps, it might have just set the pace for future cryptocurrencies and decentralized transactions to follow.
Image and Video Credit: YouTube