Bytecoin (cryptocurrency)

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BYTECOIN (BCN)
Bytecoin logo.svg
Original author(s) PACIFIC_SKYLINE, AMJUAREZ and others.
Initial release2014
Written inС++
Platform Windows, Mac, Linux, FreeBSD
Type Payment system
Website bytecoin.org
Forks tree for CryptoNote coins. February, 2016 Forks-tree-fixed.png
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]

Ticker symbol abbreviation used to uniquely identify publicly traded shares or cryptocurrencies

A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker tape of a ticker tape machine.

Cryptocurrency digital medium of exchange

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

CryptoNote is an application layer protocol that aims to solve the problems outlined in Bitcoin Core, the protocol behind Bitcoin.. The protocol powers several decentralized privacy-oriented cryptocurrencies

Contents

History

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]

Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Monero uses a Proof of Work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.

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

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 ]

An Advanced Encryption Standard instruction set is now integrated into many processors. The purpose of the instruction set is to improve the speed of applications performing encryption and decryption using Advanced Encryption Standard (AES). They are often implemented as instructions implementing a single round of AES along with a special version for the last round which has a slightly different method.

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 ]

Java (programming language) Object-oriented programming language

Java is a general-purpose computer-programming language that is concurrent, class-based, object-oriented, and specifically designed to have as few implementation dependencies as possible. It is intended to let application developers "write once, run anywhere" (WORA), meaning that compiled Java code can run on all platforms that support Java without the need for recompilation. Java applications are typically compiled to "bytecode" that can run on any Java virtual machine (JVM) regardless of the underlying computer architecture. The language derives much of its original features from SmallTalk, with a syntax similar to C and C++, but it has fewer low-level facilities than either of them. As of 2016, Java was one of the most popular programming languages in use, particularly for client-server web applications, with a reported 9 million developers.

C++ general purpose high-level programming language

C++ is a general-purpose programming language that was developed by Bjarne Stroustrup as an extension of the C language, or "C with Classes". It has imperative, object-oriented and generic programming features, while also providing facilities for low-level memory manipulation. It is almost always implemented as a compiled language, and many vendors provide C++ compilers, including the Free Software Foundation, Microsoft, Intel, and IBM, so it is available on many platforms.

Blockchain distributed data store for digital transactions

A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

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 CryptoNote blockchain analysis ambiguity.gif
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

  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.
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