People are usually familiar with Bitcoin and feel that all other types of cryptocurrencies are fake, but that is not the case.
Bytecoin or BNC is a cryptocurrency launched first in 2012 using the CryptoNote protocol. It is an old-generation cryptocurrency which focuses on anonymity and privacy of the users.
Bytecoin is a decentralized cryptocurrency and was launched in 2012 to fill out the gaps in Bitcoin. It uses CryptoNote which is an open-source application layer protocol. It is easily mined with the help of GPUs rather than ASICs miners.
The Bytecoin network provides instant private transactions facility and these transactions are completely untraceable.
Advantages of Bytecoin
Bytecoin does not have any hard-coded constraints which results in a flexible blockchain. Bytecoin can adapt to different capabilities and states of the network and generates a block in every 120 seconds as compared to the 10 minutes of the Bitcoin.
As the emission of the Bytecoin is limited to 184.47 billion BNC, they are getting more and more expensive. Their emission is decreasing making them more valuable. The decrease rate of Bytecoin is slow which saves the cryptocurrency from economic shock.
Bytecoin open emission
Bytecoin emission is an open process and anyone can join the network to become a miner. The miner has to employ computing powers to process transactions.
Bytecoin protects the identity of the user so that the other users cannot assess the financial data of others but have to complete the transaction in 120 seconds (2 minutes) with cryptographic protection.
Unlike the normal blockchain where your receipts can be viewed by anyone, Bytecoin keeps all the transactions done by the participant, private. This is achieved by Bytecoin by providing its users with one-time addresses for every transaction derived from the user’s public key.
This makes the transactions unlikable and makes this currency completely private.
The ring signature is used by Bytecoin to sign a particular transaction on behalf of the group which results in an anonymous and robust payments method.
Thus, Bytecoin is an old-generation cryptocurrency which is not a scam but rather a cryptocurrency made to fill out the gaps in Bitcoin.