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Bytecoin (cryptocurrency)

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BYTECOIN (BCN)
Bytecoin logo.svg
Original author(s)PACIFIC_SKYLINE, AMJUAREZ and others.
Initial release2014
Repository
Written inС++
Engine
    Lua error in Module:Wd at line 1991: attempt to index local 'id' (a nil value).
PlatformWindows, Mac, Linux, FreeBSD
TypePayment system
Websitebytecoin.org
Forks tree for CryptoNote coins. February, 2016

Bytecoin (ticker symbol BCN) is the first cryptocurrency based on the CryptoNote protocol with an open source code designed for anonymous cash settlement.[1]

History[edit | edit source]

With the exception of pseudonymous developer Harry Ullman, the identities of the Bytecoin (BCN) developers are not known.[2] Bytecoin was publicly announced on March 2014, however the CryptoNote v1 whitepaper dates back to December 2012 and the original site shows the first block being mined on July 4th, 2012[3][4]. The misalignment with the public release date and claimed launch time caused members of the Bitcointalk forum to investigate further, in which some found the dated signatures in the whitepaper to be fake.[5] Riccardo Spagni, a Monero core developer said this was done to conceal a hidden premine, where by the time of public release 82% of the total supply would already be mined.[6]

On May 19th, 2017 a single user by the name p4fd ran an audit on Bytecoin checking against a disclosed vulnerability in all CryptoNote related currencies and found that 690 million BCN (est. 1 million US) had been forged prior to the patch.[7][8]

In September 2018, Bytecoin announced a partnership with Chinese exchange Gate.io.[9] One month later on October 2018, Binance announced its delisting due to falling below their quality standard.[10] Just one month after in November that year, Poloniex announced due to network instability, Bytecoin would require 2,000 block confirmations before users would be credited with the coins.[11]

Features[edit | edit source]

Bytecoin is an open source software. Cryptocurrency uses the principle of Proof-of-work ("Proof of work performance").

The algorithm for mining in Bytecoin differs in that it actively uses the AES command system for x86 microprocessors and a large amount of memory, which makes mining on the GPU less efficient than for Bitcoin.[citation needed]

Since the launch, several improvements have been made, including multi-valued transactions and several security updates. In 2013, the original implementation of CryptoNote Java was rewritten using C++.[citation needed] As of 2015, Bytecoin has been forked more than 25 times.[citation needed] Bytecoin blockchain contains additional information not directly related to remittances: several blocks include the geographical coordinates of universities, educational institutions among other buildings.[citation needed]

It uses the unique CryptoNight algorithm. The essence of the algorithm is in the ring signature, which provides anonymity. The cryptographic basis for the protocol was created by Ron Rivest, Adi Shamir and Yael Taumann in 2001, and finalized by E. Fujisaki and K. Suzuki in 2007. The EdDSA scheme proposed by the American mathematician Daniel Bernstein is used as the signature algorithm. Additional transaction obfuscation was added to this basis.

Transactional obfuscation in the CryptoNote protocol

Due to CryptoNote and the obfuscation added to the protocol, passive mixing is provided: all transactions in the system are anonymous, and all participants in the system can use plausible deniability in the event of a capture.

References[edit | edit source]

  1. "Bytecoin: The Original Anonymous Cryptocurrency Jumps 250% in Comeback". CCN. 2017-05-18. Retrieved 2018-11-18.
  2. "Will Bytecoin Eventually be the Preferred Currency for DarkNet? - An Interview with Harry Ullman of Bytecoin". CCN. 2015-06-17. Retrieved 2018-11-18.
  3. https://cryptonote.org/whitepaper_v1.pdf
  4. "Bytecoin". bytecoin.org. Retrieved 2018-11-18.
  5. "Blowing the lid off the CryptoNote/Bytecoin scam". Bitcoinalk.
  6. "Bytecoin: The Original Anonymous Cryptocurrency Jumps 250% in Comeback". CCN. 2017-05-18. Retrieved 2018-11-18.
  7. "Monero: Disclosure of a Major Bug in CryptoNote Based Currencies". getmonero.org, The Monero Project. Retrieved 2018-11-18.
  8. "Bytecoin was exploited | A touch of (in)security". shellcode.se. Retrieved 2018-11-18.
  9. Cointelegraph (2018-09-28). "Privacy-oriented Cryptocurrency Features On Chinese Exchange Gate.io". Cointelegraph. Retrieved 2018-11-18.
  10. "Binance Will Delist BCN, CHAT, ICN, TRIG". Binance. Retrieved 2018-11-18.
  11. "Poloniex Requires 2,000 Confirmations for Bytecoin Transactions". CCN. 2018-11-12. Retrieved 2018-11-18.

External Links[edit | edit source]


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