Bytecoin in a Nutshell

by coin in a nutshell in this video I’m going to talk about the key features of by coin so first of all to start off a quick quiz so it’s by coin based off bitcoins so is it a fork of Bitcoin and does it have a major portion of its code based off bitcoins code more on that in a second so first of all let’s talk about the key features of by coin what this coin is all about by coin is all about private transactions anonymous technology and it was one of the first stars first anonymous coins out there it started all the way back in 2012 so it has a long history there are a total of 184 billion by coins out there on the market and it’s actually based on proof-of-work money and it’s mined every two minutes so first of all let’s talk about this privacy focus because you know a few people might ask your bitcoins already private you know it’s it’s it’s already private there’s a lot of features why why do I need more privacy features on it well let’s just talk about one key feature of Bitcoin which is that Bitcoin does not match the wallet to the user so it doesn’t so even though I can find out and wallet address I don’t know who owns that wallet so that’s one key feature of Bitcoin that’s where it’s private but there’s one problem where if you send money from one wall to another wallet you’re going to review your wallet and use it and you can actually track exactly what goes on in your another person’s wallet so for example I have a kind of a donation box down below and if you do that you can actually if you look at it and copy and paste that onto a Bitcoin tracking site you can actually view all the donations that go into that box you can view where that comes from you can view how much is donated you can also view where and when I take out my bitcoins so that’s actually a lot of information and that’s actually not very good for private enterprises for example so Bitcoin does have a focus on private enterprises and it does try to protect the privacy the sender it protects how much is being sent and that’s a very very key important feature in this coin you know with private corporations there’s a lot of reasons for doing this for example if your Apple so for hypothetically if Apple use Bitcoin then one problem might be that if Apple starts paying with Bitcoin to a manufacturer you can actually trace that payment you can trace exactly how much is being paid you can kind of kind of maybe from that you can guess who’s being paid and maybe can guess what parts being paid those all these might actually be private and confidential trade secrets that might be revealed by transaction history so that’s no good if your enterprise and using Bitcoin and with that with white coin that was no longer a problem because when you send off with transactions on by coin it does protect your identity so it protects the wallet ID and also protects the amount being sent so it gives to a kind of a very strong layer of privacy with regards to sending coins you do see other coins based off this kind of these concepts and these there are challenges to this technology from one euro and from Z cash but the cash use is a different algorithm so I’ll talk about that later okay let’s move on to mining so my coin can be mined by i proof-of-work mining and blocks are generated every two minutes so there’s a very fast transaction time and very fast confirmation time so this is actually faster than Bitcoin it uses an algorithm called crypto note and this algorithm is resistant to ethic technology so the idea behind it is that it can be mined between GPU and CPU which is what normal people have and then you’re going to have it in a more better distribution that what you have on with Bitcoin right now pick when you’re seeing a few major major block mining companies using all the sophisticated Bitcoin only mining equipment called asacs and they’re going to take a large portion of market and with that bring problem with occlusion and Trust to with by coin it is more decentralized and in that way it is more fair moving on our bike lane is not actually based on Bitcoin technology it is actually based on a technology called crypto note so crypto note is actually not based off Bitcoin it’s completely new and there’s special terms for example the term omission is created and used in by coin and Manero other successful criminal coins include mineral digital note and even pebble coin – going to so there are other coins using crypto no technology there’s one no I do want to say about crypto note which is that monaural did discover a critical block related to crypto node which allows a hacker to create lots of currencies magically out of apron err that bug was patched for mineral and also for black coin I’ll do a little bit more of an article about this and there’s a lot of like kind of fear spreading over this issue so I do want you guys to know that such things exist but I do want you guys to know that it’s also being fixed for both mineral and for by coin has been confirmed by both development team guys if you guys have any questions about why coins do leave them below I would love to answer them thank you guys so much for watching and supporting my channel I will do more about my arrow I’m going to do more about waves going to do more about crypto note so if you guys don’t want to miss that remember to subscribe to my channel and like this video thank you guys so much for watching see you next time

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