Bytecoin (BCN) is an alternative iteration of a cryptocurrency coin built on Cryptonote technology. This course will mostly focus on Cryptonote and the positive aspects of Bytecoin. Bytecoin’s inception came from Bitcoin’s problems. It was claimed to be started as early as 2012.
- It is the top 19th coin on Coinmarketcap.com as of May 23, 2018
- It is built on Open Source technologies
- It uses Cryptonote technology and Ring signatures.
The most notable of these problems include Bitcoin’s increasingly centralized mining. By infusing ASIC resistant technology in its design, Bytecoin circumvents the creation of “mining farms” like in Bitcoin which is increasingly becoming centralized.
Those who already have a large amount of capital to purchase Bitcoin mining equipment set these farms up in places with cheap energy such as in China and some parts of the rich Nordic countries. In effect, the idea of having a truly peer to peer model has been circumvented. How can you have a global decentralized currency that is controlled by a few miners with a lot of mining equipment?
Another focus of Bytecoin is privacy. Bitcoin is pseudonymous. It is entirely possible to track users and some security firms working with the government have capitalized on this. Tracking transaction ownership and pinning it down to an individual user is no-trivial matter in Bytecoin. We would be discussing the technology the cryptocurrency uses later on.
Though it is not required, it would be helpful for the student to have some background knowledge on the following:
Disclaimers and Disclosures
Neither the author of the course or the website is affiliated in any way to the cryptocurrency discussed. This course is for educational purposes only and is not meant as investment advice. It is highly recommended that the student approach this concern in a purely educational manner. Do your own research. Google is your friend and take a look at what the community is saying. Don’t take anybody’s word for what they’re saying. Don’t trust – Verify.
- Lectures 9
- Quizzes 1
- Duration 2 hours
- Skill level All levels
- Language English
- Students 211
- Assessments Yes