According to CNBC, around $1.1B of cryptocurrency was stolen just in first half of 2018. Cybercriminals try to exploit the weakest points in the crypto ecosystem and often find those points in cryptocurrency wallets.
The long awaited Amethyst release marks the start of a new stage of Bytecoin development. The Bytecoin development team has overhauled the platform following a long period of testing and refinement. Here is an extended technical description of the changes that were made, compiled by the Bytecoin devs.
There is no denying that blockchain gateway is a complex technical enterprise that puts together several independent systems. In this article we will give a more detailed description of how the proposed system may work.
The Bytecoin Team has always looked to explore new avenues of technology. New developments and innovations can bring exciting and sometimes unexpected results when mixed with standing technology. This time the Team has introduced Auditable Wallets, a development they see as an important milestone in augmenting Bytecoin’s presence and transcending the given limitations of a single blockchain. One of the most prominent use cases for Auditable Wallets is the Blockchain Gateway.
A system is generally easy to use if it is easy to understand. Consequently, it is easy to understand if it is simple, and simplicity does not always equal security. With the development of the Amethyst Release, the Bytecoin Devs have chosen a design that has been tested by the industry and is familiar to users - mnemonics.
The Team will present the result of a project that has been a long time in the making --- Auditable coins.
Making an anonymous and untraceable cryptocurrency is, by no means, an easy task; blockchain is by default a public system. This is why Bytecoin developers were prompted to use unconventional methods to achieve anonymity: ring signatures to facilitate that anonymity and untraceable addresses to facilitate unlinkability. In this article, we want to examine these systems and describe what the upcoming changes to consensus regarding anonymity are all about.
A hardfork is necessary when there are changes that are impossible to make backward-compatible with the old version.
Usually when developers implement new features, they design the data structure - the structure of the transaction or the block - so that both old and new versions of the software can interact with it: new versions of the software take advantage of the new functionality and old versions can interact with the data the regular way. With some releases, though, the data structure has to be changed significantly, so a hardfork is necessary. Here is a description of what will happen and the terminology related to it.
For the past several months the Bytecoin Team has been working on a series of very important features and innovations in the Bytecoin software. A lot of work has been done and now it is possible to put the release dates of these features on the timeline. Here is the Roadmap for the Bytecoin project for the end of 2018 - the beginning of 2019
The Bytecoin Team has released v3.3.1, which brings the latest features announced for the hardfork. Users can now take advantage of the fully-dynamic fees, and Bytecoin integrators are provided with several useful API improvements.