In watching the cryptocurrency market lately, you may have seen the veritably meteoric rise of Bytecoin, out of nowhere. On Tuesday, it in fact, had gained 77.78% in 24 hours as of 4:36 PM EST.
With its place now being in the top 20, most crypto investors have to have seen it. Perhaps due to its relative newness, however, it still appears that many in the space are unfamiliar with exactly what Bytecoin is.
A quick look at Bytecoin’s website reveals almost immediately that it is targeting its offering to customers in a particularly strong pitch. Featuring prominently in the description of “Bytecoin for Customers,” is the word “radically,” which is used to describe the principles that Bytecoin operates on.
Judging by the entire section being full of bold statements related to Bytecoin’s security and speed, among other factors, it’s clear that this crypto-team isn’t pulling any punches.
On the subject of security, Bytecoin is stated to simply be, “resistant to hacks.” Furthermore, the team even goes so far as to say that it is “impossible” to crack the algorithms that run Bytecoin.
Upon looking at this, the logical place to go next is to a description of exactly what these algorithms are. The primary algorithm that runs Bytecoin is the Cryptonight algorithm. What’s important to know about Cryptonight, especially if you’re familiar with the industry, is that Monero was using it before their ASIC-related controversy.
Monero has since pivoted away from Cryptonight in response to specialized ASIC computers being created to solve it.
In the case of Bytecoin, they are not completely dependent on Cryptonight. Bytecoin works with multiple algorithms that appear to achieve consensus in succession. In that way, if one fails, they all fall and the transaction is rejected. Still, it’s important to remember that Cryptonight is the basis for this consensus with everything else existing as add-ons.
Bytecoin’s anonymity is related to its consensus and its security in that they all seem to depend on ring signatures. If you don’t know, this basically means that every transaction is signed by the sender and then signed by multiple random nodes on the network. All of the keys used to sign the transactions are melded together and therefore, it’s nearly impossible to ascertain exactly who sent the transaction. Still, it’s a bit over the top that Bytecoin says that it is “impossible” to crack their transactions.
In looking back at the coin itself, Bytecoin’s website states that its coin burn or its decrease in emission rate over time, means that it will only go up in value. Again, using general statements like “will only go up in value,” is misleading. Even Bitcoin see-saws in value, consistently, as the coin supply that it produces, continues to decrease. Even so, it’s clear that Bytecoin’s marketing is on point, especially if their customers are mainly new to the space.
The last feature to discuss is quite possibly the most important of them all. Bytecoin can be mined on almost any computer, with specifics being floated around like only a few megabytes of storage space being needed to do so. Here, until proven otherwise is where the coin’s true utility lies. Up until now, there hasn’t been a reliable cryptocurrency that can be mined on any computer.
For Bytecoin to continue its shot to the moon, the word needs to get out about its utility for the average crypto fan and that word needs to be backed up by technical data. This has been a brief look into Bytecoin and a lot more interesting information exists on it, in the white paper alone. Now would be the perfect time to go out there and discover exactly what that is.