Bytecoin

Bytecoin is a private, decentralized cryptocurrency with open source code that allows everyone to take part in the Bytecoin network development. It is a cryptocurrency that focuses on privacy of transacitons.
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Price
Basic
Initial release:
2012-05-01
Hash function:
cryptonight
Smart Contract Support:
No
Consensus Mechanism:
Proof of Work
Development Community:
Community
Bytecoin101

What is Bytecoin

Bytecoin is one of the earlier cryptocurrencies that has been invented. Its first release could be dated back to 2012. It shares a lot of common features with Bitcoin and is also a payment focused cryptocurrency.

Bytecoin is a private, decentralized cryptocurrency with open source code that allows everyone to take part in the Bytecoin network development. It is a cryptocurrency that focuses on privacy of transacitons.

 

How does Bytecoin work?

Bytecoin uses CryptoNote to keep your transaction untraceable. All transactions uses an one-time public key and hence makes them untraceable. Bytecoin also uses the ring-signature mechanism to mix your signature with others when making a transaction, making transactions unlinkable.

Unlike Bitcoin, Bytecoin uses a slightly different version of consensus mechanism known as the Egalitarian Proof-of-Work (PoW). Its average blocktime is faster at 2mins per block, compared to 10mins per block for Bitcoin. Bitcoin’s mining rewards are halved about every 4 years. Bytecoin decreases the block reward with each block.

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