Bytes Crypto: Is it a good investment?
Bytecoin, or Bytes crypto, was launched in 2012, promising complete decentralisation and privacy. It offered an open-source code through which anyone could contribute to the network. Besides, it allowed users to enjoy higher efficiency at a nominal cost.
The network’s untraceability is one of the standout points. It can be ideal for users who want to remain anonymous while making trades. Though it is an old and promising network, its Bytecoin has not progressed in the market.
In this article, we will investigate Bytes crypto (BCN) and its future as an investment.
Bytes crypto network explained
Nicolas van Saberhagen introduced the BCN blockchain intending to solve some significant problems with existing blockchains. A key feature of most cryptocurrencies is their transparency. However, this results in making the users’ data public. This is where the BCN network comes in.
It eliminated this issue with the use of CryptoNote technology and ring signatures. This allowed the platform to make transactions untraceable. Besides, it also adds to the unlinkability by offering users a different address for each transaction. Apart from that, it does not compromise on decentralisation and efficiency either. Its flexible mechanism allows readjustment of block difficulty. It is the reason the network needs only 120 seconds to generate a new block.
On the other hand, its ecosystem involves several other blockchain companies. These include reputed exchanges, mining pools, multi-wallets, news agencies, merchants, and other tools. With all these attributes, it is a pretty handy platform for users who want to keep their anonymity and enjoy a standard platform’s features.
Bytecoin is the native token of the platform. It is used for network maintenance and governance. Here are some prominent features of the token:
Decentralisation Bytes crypto offers complete decentralisation. It is a network spreading all over the globe with a large number of nodes, and all its users share governance rights, which are facilitated by Bytecoin.
Untraceable and unlinkable transactions Transactions in Bytes crypto are untraceable and unlinkable, keeping the users anonymous. It leverages the CryptoNight mining algorithm, which allows it to maintain secrecy. Ring signatures for verifying transactions ensure that the sender's identity remains hidden.
Meanwhile, one-time addresses eliminate the risk of linking users to the transaction. That’s why the users who prioritise their privacy can choose this network.
Adaptive parameters and scalability Adaptive parameters are another feature that differentiates this BCN from the likes of Bitcoin. Its code is not rigid and can be adjusted as per the requirements. So, if there is a change in hash rates, it can modify the block-generating difficulty.
Efficiency and lower cost The coin not only allows decentralisation and untraceability but can also give you impeccable efficiency. Because of the CryptoNote technology and ring signatures, it can instantly process transactions. Moreover, it only takes around two minutes to add a block. The costs are also minimal in comparison to most cryptocurrencies.
Is Bytecoin a good investment?
It is a privacy-oriented platform that offers various use cases. Atypical of the earliest cryptocurrency projects, it was among the first to introduce untraceability. However, with time, many other similar projects like Monero took shape. Bytecoin was left behind because of a lack of innovation.
That’s why this coin is not a likeable choice for investors. Its current value is only $0.000024, with a market cap of $4,402,170. CoinMarketCap shows quite a low ROI, which is down by 63.79%. There is also not much activity on the network since 2019. This does not play well for its position in the market. Therefore, it might not appear to be an ideal investment option.
Author: Wasay Ali
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