What Is Bytecoin?
Bytecoin was started in the year of 2012 and had a notable launch due to the fact that it was the first
cryptocurrency ever to use Cryptonote technology. It was released with open source code and
differentiation point lies in it its design for anonymity.
The virtual asset was launched on the date of July 4, 2012 and its original authors were,
PACIFIC_SKYLINE, AMJUAREZ and others.
What is the main differentiation factor of Bytecoin?
The Cryptonote algorithm is what differentiates Bytecoin significantly, the utilization of this
algorithm opened up a way for users to gain in various ways.
First, the specific algorithm allowed for a better mining process.
Then the algorithm allows for a medley of interesting highlights:
- Untraceable payments
- Unlinkable transaction
- Double- spending proof
- Blockchain Analysis resistance
- Smooth Emissions
- Egalitarian Proof of Work
In the aspect of untraceable payments, there is a foregoing of the ordinary digital signature and the
implementation of the Ring signature. The Ring signature is a more sophisticated process, this
process could require several different public keys for verification. In the Ring Signature, a group of
individuals will possess their own secret key and public key. Allowing for everyone to realize that a
specific signer is legitimate and is a member of the group.
This allows for the aspect of untraceability, the signer uses an individual secret key but is hard to
trace from an identity perspective. A verifier would only know that one of the people in the group was
involved in the transaction but won’t know which exact one.
An example is that John, George, Ringo, Pete, Paul and Stuart have public keys that will match a similar ring
signature but one would not be able to determine which one was involved as the signer.
Unlinkable Transactions follow the similar aspect outlined above, the aspect of the private key is
what allows for the necessary external confusion via public keys. Then, the creation of multiple
unique one time keys allows for the blurring of incoming transactions.
Double Spending Proof – A modification of the “Traceable ring signature”; allows for the
elimination of double spending. How? Through linking all the exterior and surface level addresses,
the public addresses, ultimately, to the private key. They are able to do this with a method called key
Blockchain Analysis Resistance also comes about from the design of cryptonote. CryptoNote is
designed to mitigate the risks associated with key re-usage and one-input- to-one- output tracing.
Every address for a payment is a unique one-time key, derived from both the sender’s and the
Egalitarian Proof of Work – This aspect is another reason why many are attracted to digital coins
that have the cryptonote implementation. More are able to mine and contribute to the system
without having to expend excess resources. This is ensured through a simple voting system, where
users are able to vote for the right order of transactions, enabling new features and more. To make it
democratic, everyone must have equal voting rights, and this is why it must be accessible via general
and regular PC’s.
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