Today marks an important day in the development of Bytecoin - we are releasing Bytecoin Gateway, a technical platform venturing Bytecoin into the Ethereum blockchain. We are enthusiastic about the project and hope you are as excited as we are.
Bytecoin Gateway is a technology that bridges the Bytecoin blockchain with the Ethereum blockchain. It is made up of two components: the Bytecoin auditable wallet that holds BCN deposits and the Ethereum smart-contract that emits and puts into circulation a corresponding amount of tokens we have called BCN20. The technology is completely transparent: users are welcome to examine the publicly displayed ERC-20 smart contract online. BCN-wise, users can download the auditable wallet from the gateway dashboard and examine it in Bytecoin Desktop. The auditable wallet is a view-only wallet implemented in accordance with Bytecoin’s technology specifics by the Bytecoin devs.
BCN20 is designed to be a catalyst of further Bytecoin development. It does the following:
- Facilitates cross-chain expansion
BCN20 is Bytecoin’s venture into other blockchains. We have long evaluated the smart-contract options out there and have decided to first implement bridging functionality with Ethereum. Traditional BCN is a stand-alone technological solution that requires comprehensive integration when listing. ERC-20 tokens are part of a platform that is already available at virtually any crypto exchange, wallet, or integrator;
- Amplifies Bytecoin’s presence in the crypto domain and increases liquidity
There is no denying that liquidity is the most important characteristic of any traded asset. BCN20 is a potential liquidity augmenter for Bytecoin. By venturing into other blockchains we are increasing the number of places BCN can be accepted and the number of paths it can take;
- Increases trading convenience
We have long envisioned our supporters using a Bytecoin asset to buy food or access services. We feel that with BCN20 that can be easily accomplished.
On the left widget the users can see the total circulating supply of the BCN20 token as well as the most recent operations with the smart contract. On the right widget one can observe the BCN auditable wallet balance as well as the most recent transfers to it in real-time.
It is worth noting that BCN20 is a token on the Ethereum blockchain and hence does not inherit Bytecoin’s anonymity and unlinkability. If one is looking for anonymous value transfers, they should use traditional BCN. In addition, BCN20 is now in its preliminary distribution stage and will only become available to a mass audience later. We ask our users to subscribe to our newsletter at the bottom of the page to stay updated on the subject.
We have also added a dedicated FAQ section and contact form and encourage everyone to forward us any and all arising requests and questions. We are excited to see Bytecoin Gateway come to life and welcome everyone to share this experience with us and take advantage of this new instrument.
The Bytecoin Devs