Bytecoin - egalitarian mining and absolute privacy

Hello everybody here!

I’ve stumbled upon this forum recently, and see some discussion about Bitcoin and non-Bitcoin technologies.

Has anyone heard of Bytecoin? It’s the first cryptocurrency, based on the CryptoNote protocol, and it provides super privacy (thanks to advanced cryptography, and in particular ring signatures). It was also designed to have egalitarian mining, which means that there are no ASICS that can mine better and GPU mining has no advantage over CPU mining.

Official site: https://bytecoin.org/

Specifications
Proof-of-work algorithm: CryptoNight
Block time: 120 seconds
Difficulty retarget: each block
Block reward retarget: each block according to the formula:
BaseReward = (MSupply - A)/218
where MSupply = (264 - 1) atomic units and ‘A’ is amount of already generated coins
Divisible up to: 108 units
Total coins: 18,446,744,073,709,551,616 atomic units (~ 184.47 billion BCN)

Has anyone heard of/mined Bytecoin?

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Hi and welcome Alby.

I haven’t heard of Bytecoin or their specific Proof of Work algo.

The SAFE Project uses Proof of Resource which allows folk to exchange their unused computing resources to earn Safecoin. Folk that build popular applications are also rewarded with Safecoin…by the network directly…crazy good.

Conversely, Proof of Work is a massive waste of computing resources.

Did you know that it costs US$ 300 Million, just to sustain the security of the Bitcoin network every year? You have to wonder where that money comes from…it’s being sucked out of the economy somewhere.

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300 million? :neutral_face: Nope, never thought it’s that huge.

Bytecoin has a different algo, still needs the same computing resources as Bitcoin. So I guess it’s a special niche for the SAFE project to be seized.

I’m gonna get a grasp of “Proof of Resource” once I’m home, thanks very much for pointing out!

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This one goes for those who got interested:

Bytecoin Team has updated Bytecoin to version 1.0.5. The following features have been introduced:

Bytecoin Reference Client

  1. Real-time transactions pool synchronization is a solution, which guarantees that all network nodes have similar unconfirmed transactions lists. As soon as one node receives user’s transaction, it ensures that this transaction is included into transactions pools of all nodes. Therefore, every miner will have a complete unconfirmed transactions list. Read more in our blog post that covers the solution.

  2. New network library with network code operating significantly faster than the existing solution. It allows for increased stability of data exchange between the nodes in runtime. We are planning to release this library as a stand-alone project so that any p2p app developer can use utilize it.

  3. Block Explorer high-level API has been added to our APIs. With its help, developers will be able to create services that obtain data directly from the blockchain. We’ve used this interface to integrate Block Explorer into the Wallet.

  4. A new method “list_transfers” has been introduced in Bytcoin RPC Wallet allowing to receive all incoming transactions regardless of their payment_id.

Bytecoin Wallet

  1. In-wallet integrated miner and block explorer. These features turn Wallet into an integral ‘control center’ allowing to receive and send transactions, mine BCN using any pool, and navigate inside in-app block explorer.

Download Bytecoin

Are you interested in the SAFE Network?

Sure, both with NXT and Bytecoin. I will be happy to tell about this community to other crypto communities that I’m being a proponent of.

If my post doesn’t meet requirements of this forum, it will be deleted immediately.

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Nice to hear Alby, because this project is light years beyond any other crypto project out there.

I must say I still haven’t cracked Proof of Resource, so I’m trying systemdocs now.

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So you say you’ve got x GB of storage to share with the network…prove it by making it available consistently. Take it offline and your node will be deemed unreliable and subsequently down ranked and non preferred as a storage location.

It’s pretty simple, allot space to the network…keep it online and you have as much chance of being rewarded as the big guys (almost)

It is within the scope of this project to farm on mobile devices also…once the issues with battery drain are sorted. Eventually, even the teeniest of storage devices (like IOT) will participate on the network and those guys are powered up 24/7 so your competing with them also.

Guys here are working with Rasberry Pi like devices drawing 5w, in combination with a tiny solar panel/battery to run a node…it’s all about storage availability and not so much size. If you have a massive Hard Disk, your better off by partitioning and running multiple instances of the software, which has the added benefit of making the network more robust (more nodes)

Later on in the Project life, computation will become important and will be an additional factor in the proof of a resource. Big science projects (like DNA sequencing) will be able to do their number crunching across the network and this demand will influence the value of SAFE Coin also.

This has a whiff of spam about it. Alby, I would hate to think you are taking advantage of our moderators’ good nature.

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RE: The egalitarian mining
The crypto-currencies are not egalitarian. They put in competitive disadvantage all the people that are not top cryptanalysts. This is discrimination and is not egalitarian.
RE: The proof of work
Is the greatest economic nonsense ever existed online & offline. It makes no economic sense - to waste the energy resources of the planet in order to create some virtual reality. The proof should be proof of value, and the crypto-currency should be backed-up by real value - something that is of value to the whole planet … like for example recycling CO2 for less energy than could be produced by burning fossil fuels.

Like secure transactions?

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Not exactly.
As payment of goods & services - money is a measure of value;
as repayment of debt - money is a measure of value;
as a medium of exchange - money is a measure of value;
as an unit of account - money is a measure of value
as a store of value - money is a measure of value.
It is metrics of value all the time and it should have that value all the time … incl. onto the moment of initial printing.
The idea of Modern Money Mechanics for someone to establish a debt (the loanee) and for somebody else to rob him upon establishing that (the Bank, for example) and to start somehow possessing the money secured by a debt of another person is a road to nowhere.
If you don’t have the value to provide that to the society - you should not have the money … it is that simple … and the GPU mining has nothing to do with all that.
As far as the secure transactions are concerned, when you exchange a banknote with the seller when buying s.th. offline who is ‘securing the transaction’ - nobody. It is zero cost security of transaction and the online vakhanalia with the money exchange should be around that cost approximately. Otherwise it becomes finance for its sake, for the sake of multiplying and reproducing itself … to infinity and that is not the economic sense of finance in any understanding of the economy.