Humankind evolved in such a way that people have been learning to perform everyday tasks more and more efficiently, reasonable competition between old and new ways being the basis for the evolution. We know positively that there is space for improvements in any modern area of activity, including finances.
The goal of any financial system is to ensure efficient operation of a currency with minimal costs. Said operation allows for reducing fees, benefitting the end users. We believe that improving existing financial systems, as well as designing and implementing new ones that would serve the same goals even more efficiently is a necessity.
Our mission is to develop a new financial system, more efficient than the existing ones, i.e. providing all the same functions at less cost for the users. We have selected the following governing principles for this project:
The basis for our financial system is a decentralized network that provides self-control for the costs required in the operation of the currency. Such an approach allows the Bytecoin financial system to determine the optimal state when operating efficiency is the highest.
The Bytecoin network is developed as an open one. It means that anyone who joins it not only uses the currency, but participates in supporting the system as well.
The network protocol is developed in such a way that both specialized and non-specialized computers would show congruent efficiency when operating on the network.
The detailed description of Bytecoin network operation principles can be found here.