Revision 841463141 of "Bytecoin (cryptocurrency)" on enwiki

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{{Infobox software
| title = BYTECOIN (BCN)
| logo = Bytecoin logo.svg
| author = PACIFIC_SKYLINE, AMJUAREZ and others.<ref>{{Cite web|url=https://bytecoin.org/teto-team/|title=Teto-Team|website=Bytecoin: private secure financial system|language=en|access-date=2017-10-12}}</ref>
| released = 2014
| programming language = С++
| platform = Windows, Mac, Linux, FreeBSD
| genre = Payment system
| website = [https://bytecoin.org bytecoin.org]
}}
[[File:Forks-tree-fixed.png|thumb|Forks tree for CryptoNote coins. February, 2016]]'''Bytecoin''' ([[ticker symbol]] BCN<ref>{{Cite web|url=https://cryptgap.com/coins/184|title=Bytecoin|website=Cryptgap: Cryptocurrency Reviews|language=en|access-date=2018-03-12}}</ref>) is the first [[cryptocurrency]] based on the [[CryptoNote]] technology with an [[open source]] code designed for anonymous cash settlement. BCN protects the user's privacy with impassive and anonymous transactions.<ref>{{Cite web|url=https://bytecoin.org/info/|title=What is Bytecoin?|publisher=Bytecoin: private secure financial system|access-date=2017-10-12}}</ref>

This is a completely independent currency, developing separately from [[Bitcoin]] and its [[fork|forks]]. The basis for the creation of Bytecoin was the unique [[CryptoNote]] technology.

== History ==
Bytecoin (BCN) was released to the public on March 2014.

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++]]. As of 2015, Bytecoin has been forked more than 25 times. Bytecoin [[blockchain]] contains additional information not directly related to remittances: several blocks include the geographical coordinates of universities, educational institutions among other buildings.

On March 31, 2015, Bytecoin developers announced their [[road map]] for several future releases. Among others, the following improvements were mentioned:<ref>{{Cite web|url=https://www.cryptomarkets.in/viewtopic.php?f=2&t=14|title=Crypto Markets - Best Place to Discuss About Cryptos, Exchanges & Miners.|website=www.cryptomarkets.in|language=en-gb|access-date=2017-10-12}}</ref>
* payment gateway capable of receiving and sending thousands transactions simultaneously
* desktop [[GUI]] wallet software (released few weeks later in April 2015)
* several [[API]] layers for integration with other software
* [[blockchain]]-based aliases system
* [[blockchain]]-based assets
* [[smart contracts]] with embedded turing-complete language<ref>{{Cite news|url=https://www.finder.com/bytecoin|title=Understanding Bytecoin (BCN) - a fully anonymous altcoin {{!}} finder.com|last=christerpangindian|date=2017-10-04|work=finder US|access-date=2017-10-12|language=en-US}}</ref>

== Features ==
Bytecoin is an open source software. Crypto currency 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 instruction set|AES command system for x86 microprocessors]] and a large amount of memory, which makes mining on the [[GPU]] less efficient than for Bitcoin.<ref>{{Cite news|url=https://www.cryptocoinsnews.com/bytecoin-original-anonymous-cryptocurrency-jumps-250-comeback/|title=Bytecoin: The Original Anonymous Cryptocurrency Jumps 250% in Comeback|date=2017-05-18|work=CryptoCoinsNews|access-date=2017-10-12|language=en-US}}</ref>

It uses the unique [[CryptoNight]] algorithm. The essence of the algorithm is in the ring signature, which provides the maximum program anonymity for today. 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.
[[File:CryptoNote_blockchain_analysis_ambiguity.gif|thumb|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|plausible deniability]] in the event of a capture.
<ref>{{Cite web|url=http://weuse.cash/2016/06/09/btc-xmr-zcash/|title=On Fungibility, Bitcoin, Monero and why ZCash is a bad idea. – We Use Cash|publisher=weuse.cash|access-date=2017-10-12}}</ref>

Bytecoin advertises itself as a completely anonymous altcoin. Bytecoin offers the following features:
* Unlimited instant payments globally: the Bytecoin network works as fast as the Internet. Confirmation is required for payment and Bytecoin transactions are processed in about 2 minutes.
* Security: Bytecoin "protects the user's money with secure and modern cryptographic algorithms" which "can not be hacked."{{cn|date=October 2017}} The creators of Bytecoin agree that breaking a cryptocurrency in the form of what is known as a 51% attack or [https://en.bitcoin.it/wiki/Majority_attack majority attack], will require a lot of expensive electricity and the computing power of supercomputers.
* Secure personal data: Bytecoin states that "it is absolutely impossible to obtain information about your financial transactions and the balance of your wallet" if you do not want to disclose your data. Only the user can manage data that partners and third parties can see.<ref>{{Cite news|url=https://elbrusinvest.ru/kriptovalyuta-bytecoin-bcn|title=Что такое криптовалюта Bytecoin (BCN) простыми словами?|date=2017-08-16|access-date=2017-10-12|language=ru-RU}}</ref><ref>{{Cite web|url=https://bytecoin.org/info/|title=What is Bytecoin?|publisher=Bytecoin: private secure financial system|access-date=2017-10-12}}</ref>

== See also ==
* [[OpenBazaar]] - peer-to-peer decentralized trade protocol

== Notes ==
{{Reflist}}

== References ==
* [https://bytecoin.org/ Official site]

* [https://github.com/amjuarez/bytecoin The source code for Bytecoin]&nbsp;on&nbsp;[[GitHub|Github]]
{{Cryptocurrencies|Bytecoin=}}

[[Category:Cryptocurrencies]]
[[Category:Alternative currencies]]
[[Category:Currency introduced in 2012]]
{{DEFAULTSORT:Bytecoin (cryptocurrency)}}
[[Category:Open-source software hosting facilities]]
[[Category:Crypto-anarchists]]
[[Category:Computer-related introductions in 2012]]