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Bytecoin-related Forks And Their Unique Approach To Privacy

09:00 13/11/2018
Peculiarities Of Bytecoin Forks

Introduction

 

Apart from cryptocurrencies based on similar rules and behavior principles, there are token families created on Bitcoin yet with some significant changes. Some of them are known as programing platforms, others adopt a totally new core consensus, and others again make an accent on the security improvement. One of the representatives of the last group is Bytecoin.

 

Bytecoin is a project that improves some Bitcoin's features. The developers came to a conclusion that the security system is imperfect and must be strengthened. Block time, emission rate, deflation strategy were changed as well. But the most important part is that Bytecoin is subjected to forking and has its own interesting history of forks (All facts are true as of November 2018).

 

The history of the Bytecoin project

 

Bytecoin is the first representative of the CryptoNote protocol implementation. It was presented to the public on July 4, 2012. The various improvements of Bytecoin include security updates, transaction management, and even total code changes. Moreover, Bytecoin is ASIC resistant and has ring signatures that guarantee the total anonymity of all transactions.

The history of the Bytecoin

The forking history of Bytecoin is not so impressive as Bitcoin’s one but it still includes the emergence of several coins. Some of them are still active, while others are abandoned. It is interesting that they use different types of the Proof-of-Work implementation algorithm.

 

Forking as upgrade

 

Bytecoin developers use forking as a standard way to improve their project. It is common for cryptocurrencies if the team knows what it does. For example, in April 2018, the developers announced an improvement fork that did not bring a new coin to the blockchain environment. They even made a guide for the network participants describing required actions during the forking process. The similar fork took place in September 2018.

 

It is worth noting that developers pay attention to the project community. For instance, there was an interesting case in May 2018: the mainnet suffered huge lags, and, as a result, the improvement fork was rescheduled.

 

Fork Called BitMonero

 

One of the most famous child-forks of Bytecoin is the BitMonero project. It was announced in April 2014, and unlike many other projects it is still developed. The main reason for forking (instead of a new coin implementation) was the desire of authors to inherit useful features in combination with novelties. As it is stated on the official website of BitMonero, their payments cannot be tracked, transactions are not linked to each other, the system is protected from double spending and blockchain analysis, uses its own Proof-of-Work method and supports automatic parameter setting.

Fork BitMonero

It is interesting that BitMonero eventually got its own child fork called Aeon. It appeared in June 2014, and is actively supported at the moment.

 

Other solutions were released very soon, including Dashcoin with its CryptoNite algorithm and the abandoned DarkNetCoin project.

 

Afterword

 

Bytecoin is a successful implementation of blockchain technology and a significant contribution to the blockchain environment. It shows that other security approaches might be implemented, adapted and even inherited if necessary. Different developers tried to work on the basis of the Bytecoin solution, and some of them could gain desired popularity.

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