(BCN) Bytecoin News

Bytecoin is an open-source decentralized cryptocurrency based on CryptoNote technology designed to allow completely untraceable transactions.

Bytecoin is very similar to Monero in that it uses ring signatures to mix different outputs of similar value into each transaction, making it incredibly difficult to determine where the funds originated. The transaction is finalized on the blockchain as valid — but the information about who transacted and how much was sent is not recorded.

Unlike using a bank or payment processor, Bytecoin transactions do not need to pass through a centralized intermediary to reach finality. Instead, these transactions are carried out in a peer-to-peer fashion — preventing the network from being censored or subverted.