So, how darkness can be the darkness? One of my first cryptocoins was Bytecoin, investigating it was the first thing anyone would do, the interesting thing about this coin is that it preserves the original roots, the essence of “decentralization”, a currency not governed by anyone, but used by all, without government monitoring or bank checks, a currency that brings mining home, where you and I can mine in “normal” computers leaving the centralized monopoly of large mining companies in industrialized countries.
It is the first coin that uses the algorithm “cryptonight” (ASIC resistant) to be preserved among the first 30 most important coins according to coinmarketcap.com and has an interesting story that leaves more unknown than answers, many certain other lies but a great legend.
If you search in google about the myths of Bytecoin you will find that said currency began in 2012 inside of the deep web in a rather strange place in which was accessed through Thor (.onion web).
Here the first “.onion style” deep web site: https://bytecoin.org/old/ (Beware of the noisy annoying “Atari style” background music).
Other legends commented that this currency was used to launder dollars through illegitimate transactions, true or not according to coinmarketcap.com in its supposed “obscure times” of its alleged birth until 2017 the volume ranged from $ 5,000 USD up to $ 17,000 USD, I think to be an illegitimate currency its volume was extremely low.
2017 achieved quite well, partly because of the gold rush that helped all cryptocoins, raising its volume to records of up to $ 63,518,000 USD on May 22, 2017.
The essence of Satoshi Nakamoto in his conception of virtual currency applies in Bytecoin and Cryptonote with the following quotes:
- “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
- “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.”
- “A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990’s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.”
- Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years.
CryptoNote is an application layer protocol that powers several decentralized privacy oriented digital currencies. Conceptually, it is an evolution of ideas behind bitcoin: both are similar in some ways yet different in many others.
The main difference between the two technologies is that bitcoin (and most digital currencies) is less opaque than CryptoNote-based currencies due to the latter’s blockchain being almost anonymous, contrary to non-Cryptonote blockchains. CryptoNote currencies use a distributed public ledger that records all balances and transactions of its in-built currency like bitcoin. Unlike bitcoin, CryptoNote’s transactions cannot be followed through the blockchain in a way that reveals who sent or received coins. The approximate amount of a transaction can be known, but the origin, destination, or actual amount cannot be learned. The only information available is that the actual amount was lower than the displayed amount. The only people with access to the whole set of data about a transaction are the sender or receiver of the transaction and the person who possesses one or both secret keys. Wikipedia
You can read the full project here: https://cryptonote.org/
I think that in essence, Bytecoin is a sleeping dragon, is the currency with which many may be surprised, but its security is an essence with which Satoshi Nakamoto would be proud, as he promises that every transaction is safe and private. Keeping its position within the first positions is important, and its volume is very hight, exceeds the million from one day to another. I think investing in something that takes several years to develop like Bytecoin is much safer than investing in some ICOs that can become SCAMS.
Bytecoin will be surprised us, but in a more stable and less volatile way.
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