What is Bytecoin (BCN)? Complete focus on the virtual currency BCN (details)

In this article, I will introduce to you about a cryptocurrency called Bytecoin (BCN). Follow me the article!

Bytecoin is a peer-to-peer network. It was created with the purpose of improving the blockchain protocol by focusing on security, scalability, and transaction speed.

What is Bytecoin outstanding?

It can be said that the CryptoNote technology is the most outstanding feature of Bytecoin.

Bytecoin is developed based on the CryptoNote protocol to make users' transactions more secure and free.

Besides, Bytecoin uses different public keys for each user's transaction. This avoids reuse of addresses such as private keys, reducing traceability of transactions.

To eliminate the possibility of linking between transactions and participants, Bytecoin uses ring signatures.

In ring signatures, users' deposit addresses are mixed with other addresses to avoid hacking.

What is Bytecoin (BCN)?

Bytecoin (BCN) is the official cryptocurrency in Bytecoin's Blockchain. Released through mining rather than conducting an ICO.

Bytecoin is implemented based on the CryptoNote protocol.

On July 4, 2012, Bytecoin (BCN) was officially launched.

Basic information about Bytecoin (BCN)

  • Blockchain: CryptoNote
  • Consensus: Proof of Work
  • Token type: Coin, Mineable
  • Block time: 120 seconds
  • Total Supply: 184,066,827,285 BCN
  • Circulating Supply: 184,470,000,000 BCN

Token Generation Event

Bytecoin does not conduct an ICO, instead BCN will be mined by mining. The first block of Bytecoin was mined on July 4, 2012.

After nearly 9 years of exploitation, the number of exploits is at ~ 99.8%, with an inflation rate of 0.03% per year. The rewards for miners will decrease through each block instead of 4 years like Bitcoin.

The formula for calculating the reward is as follows:

  • BaseReward = (MSupply - A) / 2 ^ 18
  • In which: MSupply = (2 ^ 64 - 1) BCN, A is the number of BCN previously created.

Unfortunately, because Bytecoin (BCN) was born so long, most BCN have been on the market (~ 99.8%). Not worth your investment in mining.

Bytecoin (BCN) exchange rate today

What is Bytecoin (BCN) used for?

Bytecoin (BCN) is used for the following purposes:

Gas fees

BCN is used to pay transaction fees within the Bytecoin network.

Details of how to calculate the fee I do not see in the whitepaper of the project.

Rewards

BCN is used as a reward for miners to help the network operate more stable and secure.

The calculation of the reward mentioned above.

Payment

Users can use BCN to pay for services with partners such as Payza, Hearza, HearFirst, Coinstop, Dukley hotel & resort, MonoVM ...

How to mine Bytecoin (BCN)?

Bytecoin uses the PoW algorithm, so you can mine BCN through Mining.

Currently, there are two common ways to mine Bytecoin (BCN):

Solo Mining Bytecoin: Download the software on Bytecoin's website to your computer. Sync with the Bytecoin network and start mining. However, this method will not bring high profits and take much time.

Pool Mining Bytecoin: In this way, you use CPU, GPU to join the pool mining network to exploit. Some mining pools allow you to mine BCN: Miningpool.guru, Minergate, Bytecoin-pool.org, Eobot.

Information on how to participate and download software to participate in mining, you can refer to the link below of the project: https://bytecoin.org/blog/guide-how-to-mine-bytecoin-on-windows

Bytecoin storage wallet (BCN)

Because Bytecoin (BCN) runs on their own platform, you can store BCN on the official wallet issued by Bytecoin - Bytecoin Wallet.

Currently, there are three forms to store on Bytecoin Wallet. You can go to the project website to download: https://bytecoin.org/downloads

  • Web Wallet
  • Mobile Wallet
  • Bytecoin Desktop

Besides, BCN can also be stored in third-party wallets: Bitladon, Cryptonator, Freewallet.

In addition, you can store BCN on the wallets of BCN wallets for trading convenience.

Bytecoin trading support floor (BCN)

After nearly 9 years of launching, currently BCN coin is ranked 86 on Coinmarketcap and is traded on many large and small exchanges.

The average total trading volume in the past 30 days reached more than 30 thousand dollars. This shows that BCN's liquidity is too poor at the moment.

BCN is currently the most traded on HitBTC with nearly 90% of the total trading volume.

Maybe you are interested in: What is liquidity? How to check the liquidity of any coin

The future of Bytecoin (BCN)

As I mentioned above, 99.8% of the BCN has been mined up to now. Therefore, factors that can impact the price of BCN will depend on the number of current users.

If the number of users using BCN to pay for services increases, the demand for BCN purchases will increase sharply. This will positively impact the price of BCN.

However, the question here is how to increase the number of people using BCN?

While the number of partners accepting BCN payments is still very low and no partners are large. For a project that has been launched for nearly 9 years is hard to accept.

Besides, BCN was also delisted from Binance more than 2 years ago. This affects liquidity and access to Bytecoin's users.

Should you invest in Bytecoin (BCN)?

I believe that you have also grasped the basic and necessary information about the Bytecoin (BCN) after reading this paragraph.

I will note some main ideas for you to easily make investment decisions.

Roadmap

Roadmap of the project stopped updating in October 2019. Since then, the project has not had any important announcement for the roadmap for 2020 and the future.

Products

Apart from Bytecoin Wallet, Bytecoin still has no large products for users.

Coin

BCN is a mining coin used for the following purposes: gas fees, rewards, payments.

summary

Hopefully, my last article helped you have a better overview of the Bytecoin project as well as the BCN coin.

And what do you think of the coin after this article? Please share your opinion in the comment section or in Coin98 Finance.

Hello and see you in the following article!