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What is Bytecoin
Bytecoin was the first Altcoin based on the CryptoNote algorithm. The transactions are both untraceable and unlinkable to each other due to the technology. Each transaction uses a unique public key for this purpose. This eliminates the problem of reusing addresses and thus reduces the traceability of transactions.Bytecoins have a maximum supply of 184.47 billion BCN. As with Bitcoin, the emission is therefore limited. However, the number of coins is significantly higher in comparison (21 million BTC vs. 184 million BCN). It is also important to know that 99 percent of all Bytecoin have already been mined (as of October 2018).
Bytecoin (BCN) is a crypto currency focused on privacy and anonymity that was developed by an anonymous team of founders in 2012. Bytecoin was then developed to address the weaknesses and problems of Bitcoin. Above all, the lack of privacy and anonymity should be realized by the Bytecoin.
While all Bitcoin transactions are public and only pseudoanonymous, i.e. the blockchain can be used to track transaction amounts, addresses and account balances, Bytecoin is a crypto currency that uses CryptoNote ring signatures to perform transactions completely anonymously. This means that neither the transaction amount nor the sender, recipient or account balance of a BCN address can be traced if you do not have the private key.
Author : Jake Simmons