Recent network performance updates

In its latest release Bytecoin has introduced a number of updates including multi-signatures and various usability improvemenets. However, the most hardcore work has been done with the underlying modules that directly affect the network performance. Most of the changes have been made with the strategic vision as they redefine the way the network will behave in 10-years' time. Here is the brief overview of the updates:

1. The block reward scheme has been adjusted in order to secure long-term stable performance of Bytecoin when the miners' reward is dependent on the transaction fees rather than the block reward. It was adjusted in order to keep the miners motivated as well as prevent from block size abuse.

2. Newly introduced dynamic maximum block size limit takes the adjusting CryptoNote's parameters to the whole new level. On the one hand, the block size limit is crucial to prevent blockchain flooding. The block size limit is now automatically increased every year to account for the user base and the network growth thereby providing a transparent and secure way to ensure the network scalability.

3. Due to a number of requests from users, we have significantly increased the sum, which can be easily transferred through the simplewallet. In case your transaction is not included into the block, it will be automatically excluded from the transaction pools within 24 hours and safely returned back to your wallet.

Along with the multisigs this set of updates represents our strategic vision for the Bytecoin. We are committed to providing the sustainability of Bytecoin in the long run by both making it more flexible and giving ways for the new services and businesses to emerge.

We're ready to answer your questions in the technical thread.

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Usability updates explained

Bytecoin has introduced a number of usability updates in its latest release. Our team is working hard to provide you with the most convenient and reliable way to anonymously transfer your funds. Among the new features you may find the following:

1. Bytecoin team has further updated its unique blockchain storage. Based on this optimization, the daemon RAM consumption has been further decreased from 900 MB to 500 MB. Comparing to all other CryptoNote currencies where the whole blockchain is stored in the memory and may take up to several GBs, Bytecoin is much more accessible even on low-end computers and virtual servers.

2. Wallet refresh is now much faster due to the interaction protocol update and the synchronization with the daemon being performed in parallel threads. This update is most appealing to the new users, which have never refreshed their wallets before. The speed increase is roughly 100 times.

3. The default transaction fee has been reduced from 10 to 0.01 bytecoins, which made the transfers 1000 times cheaper.

4. In the meantime, users are able to influence the transacton speed through a higher fee. The higher the fee you provide, the faster the transaction is included into the block template.

5. New transfer command format for payment_id and fee. The payment id is indicated after "-p" argument, while fee should be placed after "-f". The new command format is as follows:

transfer <mixin_count> <address> <amount> [-p payment_id] [-f fee]
transfer 10 27sfd...kHfjnW 10000 -p cfrsgE...fdss -f 0.1

Further updates are coming soon, so stay tuned and check back for other Bytecoin's updates that will be covered later today.

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Major Bytecoin update on 8/13/2014

Bytecoin is going to have a major update on 08/13/2014. The upcoming features include:

- Multi-signatures
- Updated block reward scheme
- Daemon RAM consumption is optimized
- Faster wallet refresh
- Transaction priority based on tx fee
- Transactions are returned from tx pools after 24 hours
- Dynamic maximum block size limit
- Reduced default transaction fee
- Various network health updates

Multi-signatures is an essential strategic upgrade of Bytecoin that allows for sophisticated payment scenarios to be processed. This is the next significant step for the whole CryptoNote technology that will make Bytecoin excel in the cryptocurrency world.

Simply put, multi-signatures imply that the transaction cannot be sent unless all the private key holders have signed it. It is applicable to the number of use cases, e.g...

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Happy 2nd Anniversary

New era is coming

Thank you all for being here today to give us the chance to talk about where we are, what we've done and what we're going to do. Today is Bytecoin's 2nd Anniversary and we are delighted by this fact no less than anybody else.

Many things have happened since July 4, 2012. There were ups and downs, critical bugs and successful solutions, unexpected network attacks and dazing hashrate shoot-ups due to new user's influx. Once we've almost gave up on Bytecoin but luckily reason have prevailed and we decided to go on. We want to thank everybody who's helped us realize the potential importance of Bytecoin to cryptocurrencies' system and development of modern financial markets. Today it gives us a great deal of joy to reflect on what we have accomplished in the last two years. Without resorting to lengthy narrative let's just take a look at an illustration (at the bottom of the page) depicting the timeline of Bytecoin development.

We are very proud of what's been done, but it is only the beginning. So much remains to be accomplished. And frankly saying it will always be a work in progress. There will hardly be a time when our mission can be brought to a close. Our main concern in the past years was to bring the technology as close to perfection as possible. Now we are shaping our strategy around two key points...

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Fundraising reminder

Fundraising in order to support important initiatives is still goes on at oelk72ntcrvzljfo.onion.

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