What is Bytecoin (BCN)?
Bytecoin is an open decentralized blockchain network in which everyone can participate, and / where privacy and secure transactions are central. The cryptocurrency on the Bytecoin platform is also called Bytecoin, and is therefore also described with the abbreviation BCN to make a distinction.
The BCN crytocurrency uses the Proof-of-Work (PoW) consensus algorithm from CryptoNote / CryptoNight. Every 2 minutes a new block is generated on the Bytecoin blockchain, with a variable BCN emission which is limited to 184.87 billion units.
Bytecoin was launched in 2012 and therefore has a number of years of experience in the cryptocurrency market. The degree of privacy as well as the (almost) free transaction costs are a strong advantage of BCN, but the crypto currency still has a number of strong disadvantages.
A very large part of the total BCN tokens edition, more than 80%, was issued (mined) within 2 years after the launch of Bytecoin. These approximately 150 billion BCN are probably in the hands of a small group of people, so that the Bytecoin exchange rate can be strongly influenced when the owners of large quantities of BCN start trading in Bytecoins.