When you think of privacy cryptocurrencies, you may think of currently hyped-up projects such as Monero (XMR) or Zcash (ZEC). But what about the original privacy coin?
What was it, and is it still up and running? What’s it worth today? Does it have a future, or goals? We answer all those questions and more in this article, plus we do an interview with one of the team members of Bytecoin.
What is Bytecoin?
Created way back in July of 2012, Bytecoin was the first cryptocurrency to make use of the CryptoNote algorithm. CryptoNote is what gives Bytecoin it’s privacy features that are based on ring signatures. Bytecoin was so unique and interesting that many popular projects today are Bytecoin forks.
Monero (XMR) is for example, a fork of Bytecoin. Another highly popular blockchain, Dash, is surprisingly also a fork of Bytecoin. Indeed, Bytecoin is the granddaddy of many billions of dollars of cryptocurrency value.
The CryptoNote algorithm was also designed to not only offer security, but to provide ASIC resistance. Today, Bytecoin can be mined by anyone with a standard computer.
Value on the rise
Image via Fotolia
This year, Bytecoin saw the largest uptick in value that is has ever seen. Prices have gone from many fractions of a cent, to now around half a cent after a slight cooldown period. This still represents several magnitudes of gain in value. Bytecoin temporarily hit a high of $0.015 each during a sudden spike earlier this month.
As Bytecoin offers many individual cryptocurrency units (183 billion BCN, according to coinmarketcap.com), the total market cap is over $1.1 billion.
We wanted to know more about Bytecoin, where it is today, and where it’s going in the future. So we spoke with Jenny Goldberg who is the community manager at Bytecoin. Jenny was very gracious and gave us this thought-provoking interview.
Our interview with Jenny Goldberg of the Bytecoin team
Robert DeVoe, Coin Bureau:
Is Bytecoin currently under active development, or are there any marketing or outreach programs running at the moment?
Jenny Goldberg, Bytecoin: Yes, indeed. We’re now in the active development of absolutely new software which has shown itself to be the most stable, the fastest, and the easiest to use, even for a beginner.
On February 6th the new public API beta release will come out, which will speed up all the processes connected with setting up, integrating BCN as a payment method, etc. Then, the hardfork, planned for June 12th, which will improve network stability and bring a lot of useful features to BCN (including dynamic fees and other updates etc.).
On the marketing side we’re now deeply focused on the Asian market for the 1st Quarter. We’ve already connected with some major players there and are waiting for some new integrations/partnerships as well. We have also prepared some special events to bring more information about Bytecoin to the Asian market.
Moreover, we’re going to give more attention to the Middle Eastern market and spread the word about Bytecoin there. The decision to enter these new markets was made because of the huge potential for cryptocurrencies to develop in these regions.
It’s known that the Asian market is deeply involved in crypto and the Middle East has some whales as well so there is plenty of room for BCN growth in both of these areas.
RD: Are there any specific technical or economic advantages that Bytecoin offers that other privacy-centric currencies do not?
JG: Again, yes. Bytecoin is one of the fastest methods to send your coins in an anonymous way. It usually takes up to 2 minutes for the transaction to appear on the blockchain. Another example that differentiates BCN from the other privacy-centric coins is that it offers the lowest transaction fees available.
Lastly is that currently Bytecoin is not as widely spread on the crypto market as other coins, which gives us a huge opportunity for growth as soon as we will get listed on some potential major exchange platforms.
RD: What are some of the major use cases for Bytecoin that are currently being available?
JG: Bytecoin has increased its number of use cases by making a number of new partnerships. Now you’re able to book a room at a luxury resort in Montenegro (https://www.dukleyhotels.com/), buy a bottle of French wine (http://domainedecromey.com/), wash your car, buy domain names, and a variety of other products without showing your identity, which gives you absolute freedom regarding your finances.
RD: What do you foresee for the future of Bytecoin?
JG: Nowadays there’s a high demand on staying anonymous, and untraceable payments are the key to the next generation of cryptocurrency. As soon as Bytecoin will reach new markets, it’ll be able to be chosen for mainstream adoption. In our vision, Bytecoin has a huge potential for growth. Bytecoin is already in the Top-30 [regarding] all cryptocurrencies, however, reaching new markets and making new partnership will lead us to absolutely new heights.
RD: If someone was to say that Bytecoin was on the decline, how would you respond to, or refute that idea?
JG: So, there are many different [points] which can refute that idea. Firstly, Bytecoin has increased its value by almost 7 times in the last half of the year, which shows the real trust among crypto investors in BCN. Secondly, the whole team is working hard to improve the image of BCN, and the amount of updates we have released is a direct reflection of our work.
Thirdly, we’ve already made a great deal of partnerships and we’re going to make ever more with some major players in the crypto market. There is a strong strategy in the development of our coin and 2018 is really going to be the year of Bytecoin.
RD: I read on Wikipedia that back in 2015, smart contracts were added to the road map. Has there been any progress on this?
JG: At the beginning of 2017 there was an idea of implementing technology which was quite similar to smart contracts to Bytecoin’s blockchain. We’ve conducted several tests and the proof of conception has shown that it’s quite difficult to make the proper procedure of integration.
The main aim of this implementation was to allow everyone to build and provide an ICO on Bytecoin’s blockchain, however, we have no right to give our users a product which has many risks of being unsuccessful.
That’s why we’ve decided to return to it at a later date and plan to put all of our current efforts into the development of the current software to make it the best, most reliable, and trusted in the whole crypto world.
At first glance, Bytecoin may seem like it’s on its last legs, or that it is a forgotten cryptocurrency. But what we learned from our interview demonstrates quite the contrary. Bytecoin seems to be alive and well, and is gearing up for what could be a major resurgence in the near future.
Will they succeed?
Only time will tell. However, seeing as they already have a market value of over $1 billion, one could argue that they are already nearing the summit of success. Now it’s just a matter of spreading the word and recruiting more believers.