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Bytecoin was created in 2012 as an anonymous cryptocurrency. The distinguishing feature of this coin is that it uses CryptoNote technology to hide users’ transactions and personalities. Due to this advanced tool, Bytecoin was called “an absolutely anonymous coin”. Ring signatures and one-time addresses make CryptoNote one of the most powerful encrypting technologies in today’s world of digital money.
The other thing to consider about Bytecoin is that it was not crafted as Bitcoin’s fork like many users believe. The Bytecoin’s code was written from the ground up. This fact is important because there are two currencies with similar names: Bytecoins (BTE) and Bytecoin (BCN). The first one is Bitcoin’s fork, while the second one is an alternative cryptocurrency.
The longest transaction time within Bytecoin’s network is two minutes. The payment requires some time for cryptographic operations, but in general your international transactions will be processed as fast as your Internet connection allows.
Your account information can be accessed only in case you reveal it someone yourself. You are the only person who has an access to the personal data you provide to the service.
User’s funds and information are under protection of the latest cryptographic algorithms and are very difficult to hack. As the developers say, hacking the Bytecoin’s network takes too much energy and time or a supercomputer. Therefore, it doesn’t make any sense for hackers to do so.
In general, Bytecoin’s principle of work is similar to any other cryptocurrency. The coins are transmitted from one address to another and the network checks whether the coins you are trying to send belong to you. Due to the fact that Bytecoin is anonymous, the network doesn’t reach your personal information to confirm the operation but verifies your individual signature. The technology of ring signature is characterized by a cooperation of group members. Every member has a personal signature that determines his presence as a part of a group and helps the network adjust the authenticity of transactions every user makes.
All transactions that need processing are placed into a block. Blocks are formed in accordance with special rules and require computational power to be completed. These complicated calculations protect the network from any interruptions and illegal actions. Every solved task adds a new block to the chain. It takes 2 minutes to create a block and check if it is authentic. Once the information is confirmed, a receiver gets the coins.