Bytecoin is an open-sourced, private and untraceable cryptocurrency that was started in 2012.
Bytecoin is the first coin that implemented CryptoNote technology as a default aspect to build a project. Launched in 2012, Bytecoin was widely spread in the Dark Net as one of the popular available methods for payment. The main thing that separates Bytecoin from most of the other coins is total anonymity – as soon as your transaction appears on a blockchain, your address can’t be viewed by anyone.
Bytecoin is the forefather of all of the anonymous cryptocurrencies based on CryptoNote technology. Here’s a list of the tech features and specifications Bytecoin has:
A Ring signature is a special type of digital signature that can be created by someone from a group of users, but it is unknown who exactly the signer is. Imagine a letter that is signed by a group of 10 people. You know that one of them signed the letter, but there’s no way to identify who it actually was (you may only guess). This introduces the untraceability property, which means that for any Bytecoin payment there is a number of equal probable senders.
Unlinkable transactions make the Bytecoin blockchain resistant to being scanned, which means it’s possible to see the details of a user’s transaction, but no one will know the sender or the recipient.
With stealth addresses it’s not possible to know the sender and the recipient because of the outputs associated with certain addresses, moreover, it’s impossible to know who belongs to a certain output.
The complexity of the features above makes Bytecoin absolutely unique.