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A new experimental briefing format, in which one crypto currency or a token is considered in detail, the price of which was subject to considerable volatility.

Feedback: @ontofractal
Brief information

Ticker: BCN
The first transaction according to the explorer: 2012 - 07 - 04

Price:

    Weighted average for May 8 - $ 0.019
    Weighted average for May 7 - $ 0.007
    Growth - 271%

Trading volume: $ 631.4
Market capitalization: $ 1.2 billion
Number of exchanges to be traded: 8
Number of pairs: 6
Short description

Bytecoin is a private, decentralized crypto currency. A distinctive feature of the crypto currency is the absence of commissions for transactions.

Bytecoin was the first digital currency to implement the CryptoNote protocol. Moreover, Monero is the forte of ByteCoin.

Bytecoin blocking contains additional information not directly related to transactions: several blocks include the geographical coordinates of universities, educational institutions among other buildings. Blocks created since August 11, 2012, contain quotes from Cyphernomicon, Neuromancer William Gibson and other authors.
Characteristics

Transactions: All transactions are protected by cryptographic algorithms, so no one can determine who the sender is, the recipient, and also what the amount is.

Deflation: the number of tokens is limited to 184.47 billion, are issued every 120 seconds, and the amount of their emissions falls with time.

Issue: Classic PoW Mining
Technological features

Algorithm: CryptoNote PoW
Block creation time: 120 seconds
The fee for the block decreases according to the formula:

* BaseReward = (MSupply-A) / 218,

MSupply = (264 - 1) indivisible units
A is the number of already generated tokens *

One token can be divided into 8 parts
Total number of tokens: 184.47 billion

Bytecoin uses the CryptoNote algorithm.

CryptoNote is a technology that allows you to create completely anonymous and egalitarian (CPU mining) crypto-currencies.



Protocol Properties
Ring signature: payments that can not be tracked

When verifying conventional cryptographic transactions using signatures, you need the public key of the person who signs the transaction. This is a mandatory condition that confirms that the user owns the corresponding secret key. Ring signatures use several different keys.

The idea is that there is a certain group of individuals, each of which owns its private and public keys. The user who signs the transaction needs one single private key, but the verifier can not determine the user who signed it. For example, if you sign a transaction with public keys of Alice, Bob and Carol, then the verifier can not determine who exactly from this group sent the transaction.
One-time keys for one-time addresses: preventing transaction tracking

Usually, if an address is published, everyone can view all incoming transactions. To prevent tracking, you must create hundreds of keys and send them in a safe and private way to payers. This creates a number of problems. CryptoNote automatically generates a set of one-time unique one-time keys for one-time addresses from one public key for each p2p payment. This is implemented by modifying the Diffie-Hellman protocol.
Proof of double flow

Completely anonymous signatures will allow you to spend the same funds many times, which, of course, is incompatible with the principles of the payment system. CryptoNote uses a modified version of the "tracked ring signatures". This property limits the anonymity of the person who signs the transaction: if he creates more than one transaction using the same private key, then these signatures will be linked to each other, which will show a double use of funds. To maintain this connectivity, CryptoNote uses a special token created by the user at the time of the signature, a "key image".

In the implementation of this marker in 2017, a bug was found that would allow a double spend.
Adapted limits

The protocol developers believe that any decentralized payment system should not depend on the decision of users or their small group. Each limit (for example, block size or minimum commission) must be recalculated in accordance with the previous state of the system.

CryptoNote uses the following parameters, which are automatically adjusted for each block:

    Complexity: The main idea of ​​the algorithm is the summation of the complexity of all the work that the node performed over the last 720 blocks and dividing it by the time it spent to achieve this. The measure of this work is the corresponding value of complexity for each block.

    Maximum block size: MN is the median value for the last number of N blocks. The maximum block size is then 2 * MN.

Slip emission

The maximum number of tokens is calculated by the formula:
MSupply = 264 - 1 atomic units

In CryptoNote use the following formula:
BaseReward = (MSupply - A) >> 18,
A is the number of already generated tokens

Egalitarian PoW

CryptoNote uses built-in CPU instructions that are complex and / or expensive for implementation in special purpose devices (ASICs).
Events that could affect the price increase

    May 7 ByteCoin started bargaining at Binance
    the recent launch of Airdrop Company, which will last from April 30 to May 20

May 8, the network was rebooted, so many transactions were delayed, the synchronization of the nodes also lagged behind. The team is working to fix this problem.