Bytecoin (BCN) Cryptocurrency Review – The Project
Bytecoin (BCN) Cryptocurrency Review – The Project! Bytecoin’s roadmap for the future is clear. While work on the anonymity of the cryptocurrency remains at the forefront of the development team’s priorities, Bytecoin aims to introduce more features in the future, including a more lightweight wallet (for smartphones, for example) and a scripting language that allows users to create smart contracts.
Created in 2012, Bytecoin is one of the earliest developed cryptocurrencies. Until recently, the team behind the coin has kept themselves anonymous. Now, though, they’ve opened up multiple communication channels, removed some layers of anonymity, and even built several local communities. Bytecoin is an untraceable cryptocurrency that uses CryptoNote ring signatures to provide anonymous transactions.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
As of September 2017, some merchants and online service providers have started accepting BCN as payment alongside more common cryptocurrencies, but the vast majority of users are early adopters and traders.
Bytecoin is based on CryptoNote to keep your transactions untraceable and unlinkable. Each transaction uses a one-time public key even if there are multiple transactions with the same recipient.
Just like other altcoins, sending Bytecoin requires both you and the recipient of BCN to own a Bytecoin wallet. Once you have the wallet installed, sending BCN is the same as other altcoins because the algorithm for anonymity works behind the scenes.
Bytecoin is one of the oldest blockchain projects and one of the first to focus on privacy for the end-user. As governments continue to be more involved with the crypto space, the interest in privacy coins like Bytecoin will most likely continue to increase.