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Overview of Bytecoin
Bytecoin is the pioneer CryptoNote-based cryptocurrency with an open source code. Its fundamental design is meant for anonymous cash settlement. User privacy is protected by anonymous transactions.
Bytecoin developed independent from Bitcoin and its forks. This ensures immediate private transactions are provided globally by the network. Additionally, they are totally untraceable.
User anonymity is guaranteed by secure cryptographic algorithms which mean that no one can identify the sender, the recipient or the amount of money that was transferred. Mining is the means by which new coin is generated and it serves as a reward for users who employ their computing power for the purpose of processing transactions.
Transactions are carried out at a frequency of 120 seconds. Miners make sure that transactions are correctly processed. This provides cryptographic protection of all transactions and personal data even from miners.
Founder: Pacific_Skyline, Amjuarez
Release Date: July 4, 2012