Bytecoin in a Nutshell

Boxmining

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Description

💪Donations: Bitcoin : 13EvsPm3YhiCPGksQQdvQUFtsbF8FoU6Cz Ethereum: https://etherscan.io/address/0x58d98516363D2A5f93CE6aB4A4a909599C3EEC3a DASH: XcAREQEEunvv6rJza9LKDzdyjZ1BwBN2iK Litecoin: LXeXUr2H...

💪Donations: Bitcoin : 13EvsPm3YhiCPGksQQdvQUFtsbF8FoU6Cz Ethereum: https://etherscan.io/address/0x58d98516363D2A5f93CE6aB4A4a909599C3EEC3a DASH: XcAREQEEunvv6rJza9LKDzdyjZ1BwBN2iK Litecoin: LXeXUr2Hr3ePgHb9aDjr4QdqA4DPXoTarU NEM: ND6WRNN2W2AZLON65EGI3Y46M4TWP3HNKSB4BGW2 Decred: DsgsSqYF2oSZ5MJeoqiEMyeJdWhdvWk8A4s Exchanges: CoinBase: https://www.coinbase.com/join/590c3a1c8bfa31012ffacf87 Poloniex: https://poloniex.com Wallets: Windows: http://exodus.io USB wallet: https://www.ledgerwallet.com/r/428b ♨️Social: http://boxmining.com Steemit: https://steemit.com/@boxmining Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining

AI Analysis

Bytecoin is a fascinating cryptocurrency that focuses heavily on privacy and anonymous transactions, making it one of the original privacy coins, launched all the way back in 2012. Unlike Bitcoin, it's built on entirely different technology called CryptoNote, designed to offer a robust layer of privacy by protecting sender identity and transaction amounts, which is especially crucial for businesses. It also aims for a more decentralized mining environment by being resistant to specialized mining hardware.

Here's a deeper dive into what makes Bytecoin tick:

* What is Bytecoin? It's a cryptocurrency launched in 2012, one of the first to truly focus on anonymous transactions and privacy. There are a whopping 184 billion Bytecoins in circulation, and it uses a proof-of-work mining system with new blocks generated every two minutes, making for quick transaction confirmations.

* The Crucial Privacy Focus: You might think Bitcoin is private, but it has a big caveat: while it doesn't directly link a wallet to a person, every transaction is publicly recorded. This means if you know a wallet address (like a donation address), you can track every payment going in and out, seeing amounts and exact timings. This is a massive issue for private enterprises, because if a company like Apple hypothetically used Bitcoin, their transaction history could reveal sensitive trade secrets like payments to manufacturers, parts being purchased, and even potential new product lines. Bytecoin solves this by protecting both the wallet ID (sender's identity) and the amount being sent, offering a much stronger layer of privacy for every transaction. Other privacy coins like Monero and Zcash also tackle this, though Zcash uses a different algorithm.

* Mining and Decentralization: Bytecoin uses proof-of-work mining, similar to Bitcoin, but with a much faster block generation time of just two minutes. This means faster transaction confirmations, which is pretty neat. It uses an algorithm called CryptoNote, which is specifically designed to be resistant to ASIC (Application-Specific Integrated Circuit) technology. ASICs are specialized, powerful computers that dominate Bitcoin mining, leading to a few large mining companies controlling a significant portion of the network. This can raise concerns about centralization and trust. Bytecoin's ASIC resistance means it can be mined efficiently using standard GPUs and CPUs (what most normal people have), leading to a more distributed and, in my opinion, fairer mining landscape.

Built on CryptoNote, Not Bitcoin: Contrary to what some might assume, Bytecoin is not* a fork of Bitcoin or based on its code at all. It's built on a completely separate and new technology called CryptoNote. This framework introduces unique terms like "emission" for how coins are created. Other successful cryptocurrencies also built on CryptoNote include Monero, Digital Note, and even Pebble Coin. The presenter also mentioned Dash Coin in this context, although it's worth noting Dash uses a different privacy mechanism (CoinJoin) and isn't typically classified as a CryptoNote coin in the same way Monero is.

* Addressing a Critical Bug: An important point to be aware of is that Monero, another CryptoNote coin, discovered a critical bug related to the CryptoNote technology. This bug would have allowed a hacker to magically create new currency out of thin air, which is a major security flaw. However, it's crucial to know that this bug was swiftly patched for both Monero and Bytecoin. The development teams for both coins confirmed the fix. While there might have been some "fear spreading" around this issue, it's reassuring to know that the vulnerability was identified and resolved.

* Key Takeaways and Future Insights: Bytecoin's strong focus on privacy, especially for enterprise-level transactions, sets it apart. Its commitment to decentralized mining through ASIC resistance also presents a compelling alternative to Bitcoin's current mining landscape. If you're interested in the nuances of privacy coins and the CryptoNote technology, Bytecoin offers a great starting point for understanding these concepts. The presenter also hinted at more content coming soon on Monero, Waves, and CryptoNote in general, suggesting there's a lot more to explore in this space.

Transcript

Bitcoin in a nutshell. In this video I'm going to talk about the key features of Bitcoin. So first of all to start off a quick quiz. So is Bitcoin based off Bitcoin? So is it a fork of Bitcoin and does it have a major portion of its code based off Bitcoin's code? More on that in a second. So first of all let's talk about the key features of Bitcoin and what this coin is all about. Bitcoin is all about private transactions, anonymous technology and it was one of the first start first anonymous c...

Bitcoin in a nutshell. In this video I'm going to talk about the key features of Bitcoin. So first of all to start off a quick quiz. So is Bitcoin based off Bitcoin? So is it a fork of Bitcoin and does it have a major portion of its code based off Bitcoin's code? More on that in a second. So first of all let's talk about the key features of Bitcoin and what this coin is all about. Bitcoin is all about private transactions, anonymous technology and it was one of the first start first anonymous coins out there. It started all the way back in 2012 so it has a long history. There are a total of 184 billion bytecoins out there on the market and it's actually based on proof-of-work mining and it's mined every two minutes. So first of all let's talk about this privacy focus because you know a few people might ask you know Bitcoin's already private you know it's it's it's already private there's a lot of features why why do I need more privacy features on it? Well let's just talk about one key feature of Bitcoin which is that Bitcoin does not match the wallet to the user. So it doesn't so even though I can find out a wallet address I don't know who owns a wallet so that's one key feature of Bitcoin that's where it's private but there's one problem where if you send money from one wallet to another wallet you're gonna review your wallet and user and you can actually track exactly what goes on in your another person's wallet. So for example I have a kind of a donation box on below and if you do that you can actually if you look at it and copy and paste that onto a Bitcoin tracking site you can actually view all the donations that go into that box you can view where that comes from you can view how much is donated you can also view where and when I take out my bitcoins so that's actually a lot of information and that's actually not very good for private enterprises for example so Bitcoin does have a focus on private enterprises and it does try to protect the privacy of the sender it protects how much is being sent and that's a very very key important feature in this coin you know with private corporations there's a lot of reasons for doing this for example if you're Apple so for hypothetically if Apple use Bitcoin then one problem might be that if Apple starts paying with Bitcoin to a manufacturer you can actually trace that payment you can trace exactly how much is being paid you can try to kind of maybe from that I can guess who's being paid and maybe can guess what parts being paid so all these might actually be private and confidential trade secrets that might be revealed by transaction history so that's no good if your enterprise and using Bitcoin and with that with by coin that was no longer a problem because when you send off transactions on by coin it does protect your identity so it protects the wallet ID and also protects the amount being sent so it gives to kind of like a very strong layer of privacy with regards to sending coins you do see other coins based off this kind of these concepts and these there are challenges to this technology from Monero and from Zcash but Zcash uses a different algorithm so I'll talk about that later okay let's move on to mining so by coin can be mine by proof of work mining and blocks are generated every two minutes so there's a very fast transaction time and very fast confirmation time so this is actually faster than Bitcoin it uses an algorithm called crypto note and this algorithm is resistant to ASIC technology so the idea behind that is that it can be mined between GPU and CPU which is what normal people have and then you're gonna have it in a more better distribution than what you have on with Bitcoin right now Bitcoin you're seeing a few major major mining companies using all the sophisticated Bitcoin only mining equipment called ASICs and they're gonna take a large portion of market and with that brings problem with occlusion and trust with Bitcoin it is more decentralized and in that way it is more fair moving on Bitcoin is not actually based on Bitcoin technology it is actually based on a technology called crypto note so crypto note is actually not based off Bitcoin it's completely new and there's special terms for example the term emission is created and used in Bitcoin and Monero Monero other successful crypto note coins include Monero digital note and even pebble coin dash coin too so there are other coins using crypto note technology there is one no I do want to say about crypto note which is that Monero did discover a critical bug related to crypto note which allows a hacker to create lots of currencies magically out of the thin air that that bug was patched for Monero and also for the Bitcoin I'll do a little bit more of Bitcoin I'll do a little bit more of an article about this and there's a lot of like kind of fear spreading over this issue so I do want you guys to know that such things exist but I do want you guys to know that it's also been fixed for both Monero and for Bitcoin has been confirmed by both development teams guys if you guys have any questions about Bitcoin do leave them below I would love to answer them thank you guys so much for watching and supporting my channel I will do more about Monero I'm going to do more about waves I'm going to do more about crypto note so if you guys don't want to miss that remember to subscribe to my channel and like this video thanks you guys so much for watching see you next time