Bytecoin

TUESDAY 27TH MAY 2014

I set out to find 10 genuinely useful digital currencies to support that might become major players in future commerce and trade.

Disappointingly, it’s difficult just to find 10 altcoins that aren’t blatant premine /instamine/ fastmine pump and dump scams, never mind 10 coins that genuinely improve on bitcoin.

COINS WHICH DO MAKE A GENUINE ATTEMPT:

ANONYMOUS COINS

The only obvious feature that could improve upon bitcoin is Anonymity > Pseudonymity.

Here’s a closer look at some of the anonymous coins.

1 – Monero

Was forked from Bytecoin, and was not premined.

It uses Greg Mawell endorsed Cryptonote, which is the “ring signature” tech behind bytecoin.

“I wouldn’t be surprised if none of the current implementations of it are around in ten years though: Bitcoin emerged at a surprisingly mature state, the BCN/MRO/FTM stuff isn’t yet anywhere near as mature. But certantly darkcoin is totally uninteresting compared to this stuff. They’re also free of the trusted initialization challenges zerocash has” – Greg Maxwell

 

2 – Bytecoin

It’s a little disappointing to see how much ZeroCash is hyped compared to Bytecoin (https://bytecoin.org/), since the former is still vaporware while the latter is something real that you can go use right now.

If you’re looking to compare ZeroCash with competing technology, the comparison point should be Bytecoin. It’s also an altcoin (lame, because metcalf’s law applies— dividing up the cryptocurrency network effect is harmfful to all), but unlike ZeroCash it isn’t just a proposal— its an actual functioning system already – Greg Maxwell

 

Bytecoin is a ground up rewrite (for better or worse) blockchain cryptocurrency which uses a pretty boring schnorr-like ring signature in an _very_ clever way to achieve strong privacy. The ring signature its using has been peer reviewed, though the partial uncloaking technique they use to prevent double spending is a novel application.

The privacy achieved by Bytecoin is better than any existing-in-production privacy tools (e.g. CoinJoin) and also as good as or better than every theoretical system I’ve heard proposed except for Zerocash. Relative to ZeroCash, Bytecoin exists today and has simpler cryptographic assumptions, better performance for signers, and no requirement for trusted initialization. Because it doesn’t mask values its anonymity set is potentially smaller, though the implementation does some clever denomination tricks to reduce the harm of value transparencyGreg Maxwell

Unfortunately Bytecoin was premined. – Lee Banfield

 

TUESDAY 27TH MAY 2014

It’s certantly better to see things like ZeroCash and Bytecoin being worked on… I’m really skeptical about the wisdom of splitting up the crypto-currency adoption network effect just to introduce some new transaction features. But certantly doing it with substantive new features is way better than just-another-worthless-clone – Greg Maxwell

 

TUESDAY 1ST JULY 2014

CryptoNote Technology

CryptoNote is an open-source technology that allows the creation of  supposedly anonymous cryptocurrencies.

CryptoNote currency market caps:

Bytecoin $8,201,000

Monero $4,4270,000

Boolberry $470,000

duckNote $67,000

Lee Banfield

 

Tuesday 22nd July 2014

CryptoNote Currencies

CryptoNote is an open-source technology that allows the creation of  supposedly anonymous cryptocurrencies

 

Review of CryptoNote Whitepaper

A mathematician’s review (paid by the Monero team) of the CryptoNote whitepaper and tech. http://monero.cc/downloads/whitepaper_review.pdf

Kristov Atlas

 

CryptoNote Currency Market Caps

Bytecoin

1st July: $8,200,000

21st July: $3,900,000

-52%

 

Monero

1st July: $4,400,000

21st July: $6,500,000

+48%

 

Boolberry

1st July: $470,000

21st July: $260,000

-45%

 

duckNote

1st July:  $67,000

21st July: $112,000

+67%

Lee Banfield

 

Thursday 14th August 2014

Cryptonote Coins

The technically best anon coins (so, CryptoNotes; ie Monero) are really the only interesting alts (cuz Bitcoin will nvr do that) – Dan McArdle

CryptoNote is getting crowded. Now at least 12 coins implementing CryptoNote: https://cryptonote.org/coins/ – Kristov Atlas

 

Monday 29th September 2014

Attack on CryptoNote Coins Threatened. Deadline Passes with No Attack Occuring

In a thread BCX started on September 17  he stated that he had no need or desire to attack Monero, but in the same breath claimed that he had found several specific exploits in CryptoNote (and thus Monero), one of which was a “coin killer”, and that he had the resources and ability to execute the attack at any time.

In the first reply on the same thread, Monero core developer “tacotime” asked of BCX, “Can you disclose this vulnerability privately to us so we can fix it?”, to which BCX never responded directly. As the thread progressed, BCX stopped posting while Monero core developer smooth and well known forum member, TheFascistMind (previously known as Anonymint), began discussing the potential nature of the exploit. 

BCX went on to state that he had successfully sandboxed and tested a “very lethal” Time Warp attack, and claimed it was deployable. He concluded by stating that no one should hold too much in Monero because there are many open vectors for attack.

More speculation from the forums generated yet another rumor that the attack would simply be a 51% attack, concurrent with DDoS (in attempt to take down other pools so the attacker can quickly gain a large portion of the network hashrate, or take down exchanges).

BCX’s postponed deadline has now also passed and no attack has occurred. He stated in the bitcointalk thread that the symptoms of a timewarp attack can take several days to manifest, but the price has held above 0.0033 for several hours now and it is now strongly suspected that this was a scare campaign to acquire cheap coins and no attack is going to occur.

The developers continue to work on medium term fixes so that regardless of if/when the attack happens, they will be ready (innovative checkpointing is the proposal atm).  Also, deposits and withdrawals remain frozen on Poloniex and most major exchanges, however trading is still active and BTC deposits are working properly – Chandler & Adam Wyatt

* BCX had reached his goal. He had planned to bring the XMR price down with his exploit bullshit to buy in as cheaply as possible and got what he wanted – neverminer77

* Hype gets more results than actual attacks sometimes. For me, I view FUD attacks as buying opportunities – generalizethis

 

Thursday 9th October 2014

CryptoNote Coins

EXpress said that he would take Poloniex, a popular crypto-currency exchange, down with a ddos attack – and he successfully did shortly after making the claim. As a result, everyone participating in the discussion and aware of this problem became increasingly worried when he went on to further threaten to perform a 51% attack on Monero last Saturday.

Fortunately for all CryptoNote users, this time it looks like BitcoinEXpress was bluffing. Monero was not attacked and all CryptoNote coins safely live on to prosper for those that would like to use them, without exposing any ring signatures – Barbie Bitcoin

 

Saturday 2nd July 2016

CryptoNote Coins

CryptoNote is an open-source technology that allows the creation of supposedly anonymous cryptocurrencies.

CryptoNote coins are generally regarded as the most advanced in the privacy area (at least until ZCash is launched).

In July 2014 Bytecoin was number 1 ($8.2mill market cap), almost double the value of 2nd place Monero ($4.4mill market cap).

Over the last couple of years Monero has performed very well compared to the premined Bytecoin scam and is now the number 1 CryptoNote coin with a market cap of $19mill compared to Bytecoin’s $7.4mill.

Unfortunately there are suspicions of scams surrounding many of the CryptoNote coins (although not Monero).

 

Bytecoin

As the original CryptoNote coin Bytecoin is technically interesting, but disqualified because of the premine scam.

There’s no reason to invest in Bytecoin over Monero.

 

CONCLUSION FOR CURRENCY COINS

Disqualified Coins:

Dash

Bytecoin

DigitalNote

 

Legitimate Coins:

Litecoin

Monero

Lee Banfield, July 2016 Report: The Most Legitimate Altcoins

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