In its latest announcement on 5th December, Bytecoin gave an update on the development of its untraceable tokens. In the announcement, the company explained the advantages and the disadvantages for someone to own or trade in the untraceable tokens. The goals of the developers of the altcoin seek to achieve are convenience, simplicity, and reliability. The developers believe that these basic ideas when put together will set new standards of initializing and participation for an ICO.
The ability to be untraceable is the main difference between Bytecoin-based tokens and the high-performing Ethereum-based. According to Bytecoin, the only parties who will know about a purchase or selling transaction are the persons doing it and no one else. This makes it almost unnecessary to hide one’s identity while participating in an ICO. The programming of the token will secure your identity.
The growth of Bytecoin
The acronym for the currency is BCN. It was launched in July 2012. It is different from the ever-growing Bitcoin cash and several other leading cryptocurrencies in that it is based on the CryptoNote technology. It has an open source code which is designed for anonymous cash settlement. The investors’ privacy is protected with impassive and anonymous transactions. There are many ICOs which have happened in 2017 and this is what persuaded Bytecoin to invest heavily in the development of the untraceable tokens. However, this will mean monumental amount of changes are necessary to the altcoin’s core.
Publicity around Bytecoin
Even though this altcoin is seen as a pioneer in the usage of CryptoNote in the Cryptocurrency market, there are allegations which the developers of the altcoin have never been able to fully answer. No one seems to doubt the mathematics behind the CryptoNote and the way it works. Just like the Monero based cryptonote technology, the one used by this altcoin is solid. Bytecoin has difficulty proving that it isn’t a cryptocurrency hiding behind Bitcoin’s good name and is exploiting public’s interest in the market.
Unlike popular newcomer cryptocurrencies of 2017, no one seems to have ever heard of Bytecoin for years after it says it was started. Even though the developers say it was operating in the underworld market for two years, no one had ever entered ‘Bytecoin’ on the Tor. This combined with the fact that there is a lot of vagueness surrounding the identity of the developers makes the currency a rather not popular cryptocurrency.
The performance of Bytecoin
Since its launch, the price of the currency had never touched the $0.0007 mark until early 2017. This was a good year for the alternative coin. In May this year, the market capitalization of the coin reached an all high of $780 million dollars. The price was at an all high of $0.00426. For the rest of the year, the currency has been oscillating between $0.001 and $0.002.
What future does Bytecoin have?
The performance of Bytecoin in 2017 was definitely very good despite the price dropping from the all-time high of $0.004. The current global cryptocurrency movement is definitely going to sweep it higher. However, after all has been said and done, the question which will linger in the air is how Bytecoin will clear the air about the asked questions and whether the answers will influence the crypto’s price.