Bytecoin uses a unique technology called CryptoNote to ensure that money transfers are guaranteed to be anonymous. To do this, it uses ring signature to verify transactions.
A user signs on behalf of a group of transactions from a pool of signers, each of which are identical to each other. Once signed, funds are sent to the recipient's one-time address generated from their public key.
Everyone can see when funds are received, making it possible to determine account balances, but public keys are obscured so the owners are protected.
Once a payment is complete, it is not possible to link payments together to see who sent money to whom.
Source: The Merkle - 1 month ago
It seems these are very tough times for Bytecoin community. Although the altcoin has always been considered to be somewhat controversial, it now seems multiple exchanges have decided to get rid of this particular altcoin altogether. OKEx is the latest to join this growing list, even though it is far from the biggest market for BCN […]
Source: The Merkle - 2 months ago
Now that all of the top cryptocurrencies are going in the red, it will be interesting to see how the altcoin markets respond. So far, there is a sea of red to content with, and Bytecoin is getting hammered all across the board. That is not completely surprising, as the cryptocurrency community has always been […]
Source: NEWSBTC - 6 months ago
FOMO Moments A rally was expected after crypto markets hit a monthly low yesterday. Traders loaded up and bought the dip and all currencies have bounced back today, however the overall sentiment is still bearish. Bitcoin held support and did not fall below $7,000, it is currently up 5.3% on the day at just over...
Source: Bitcoinist - 6 months ago
A new resource claims to have calculated “accurate” costs for launching a 51% attack against some of the largest cryptocurrencies. Hack Bytecoin for $557 51Crypto, which includes in its listings Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Monero, states the cost of a one-hour 51% attack, along with how much of the required hashing power an attacker could purchase from a standard rental service such as NiceHash. The list makes for daunting reading. Bytecoin, a CryptoNight
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