Introduction to ByteCoin:
Bytecoin (BCN) was the first implementation of the CryptoNote protocol launched in July 2012. Cryptonote Protocol basically is an application layer implementation written from scratch inspired from BitCoin (BTC).
Well, we're no strangers from BitCoin, but now, most of you folks will not be aware of AltCoin. AltCoins are basically other crypto-currencies inspired/forked from BitCoin.
The specifications of BCN (ByteCoin) are :
- It can be mined with CPU-only PoW algorithm CryptoNight.
- Block time: 120 seconds (2 minutes).
- One coin is divisible down to 8 decimal places.
- There are around 184.46 billion BCN coins.
It is said to have the following features :
- True anonymity & data protection
- Untraceable payments uses ring signature
- Unlinkable transactions with random data by the sender
- Blockchain analysis resistant
"Well, too much theory! Tell me how do I mine this"
Debian Users can run this small snippet for installation:
sudo apt-get update && wget https://minergate.com/download/deb-cli -O minergate-cli.deb && sudo dpkg -i minergate-cli.deb
To start miner (4 cores for BCN) use this command:
minergate-cli -user <YOUR@EMAIL.KAPPA> -bcn 4
Download ByteCoin Wallet from Here and setup a wallet.
It takes around 30Gigs of Network Sync to prepare the wallet.
Now to answer the question, why ByteCoin out of all available crypto-currencies?
The answer is real simple.
Anonymity and Fractional Calculations. At the time of writing this blog entry, around 300 BCN's make a Dollar. That's a convinient calculation, if you ask me.
Other currencies normally involve way too much fractional mathmatics and are too cumbersome to handle.