Cryptocurrency market has been developing drastically, bringing more and more innovations to explore. The Bytecoin team understands the importance of keeping a finger on the pulse, thus we give you an insight into the great things that kept our team busy around the clock for quite a long time.
As you know, the growing popularity of tokens has resulted in top ten token market capitalization value overgrowing $1.4 billion. Evolving the trend, the Bytecoin team has broken ground on developing a wallet-integrated solution that would allow anyone to create their own Bytecoin based token.
Smart Contracts are mentioned more and more frequently on the Internet. Banks issue investment advice and publish research, journalists write articles describing the hi-tech future, and opinion leaders share their forecasts about when Smart Contracts are going to turn the world around.
The forecasts, as it often happens, are too optimistic, and the possible effect that Smart Contracts will have on people's lives is exaggerated. Should we keep going deeper into this field and keep track of development and adoption of Smart Contracts?
Bytecoin Team's view: Yes, we certainly should. Despite the fact that Smart Contracts cannot reform our world as much as some activists believe, they will have a niche in the world economy: Increase reliability of the contracts, reduce the role of the State in economy and automate many routine processes.
In order to improve the world, Smart Contracts should be implemented smartly. To do this, we need to start with some non-utopic capabilities of Smart Contracts, but approaching them from their limitations.
You might celebrate Christmas with your family at home. Or you might be coding for the whole night. Or have a nice party with friends. Or argue with the spirits of the Past, the Present and the Future. It does not matter if you do celebrate Christmas, Solstice or Kwanzaa, never mind any of them or summarize another fading year.
Strict traditions and canons become less and less valuable in the modern global multicultural society.
Bytecoin Team consists of many different people, whose ideas and preferences are quite diverse. Therefore, we are not going to hold on to one feast. We feel that tomorrow is a special day, and we want to congratulate you with it.
As a team, we feel that summarizing our achievements in the year 2015 and telling you about our plans would be the best way of celebration...
In Bytecoin Wallet 1.0.8 release Bytecoin team have introduced the very first implementation of ABISprotocol created by Odinn. ABISprotocol proposes a micro-donation feature that allows for partially donating user's mining revenue or a portion of a transaction to charity. Please make sure to read the blog post written by Odinn himself, 'A Greater Giving Potential: Introducing Micro-Donations in Bytecoin', to find out more about the idea behind ABISprotocol.
Today's blog post is dedicated to the technical side of the implementation and will mainly cover the percentage of a transaction part of the update. During the setup process you can set maximum percentage of a transaction to be donated. On average, donation will be lower than the specified percentage. Why? Let's have a look into the how the donation part of the transaction is being constructed first...
Aggregate addresses (or multi-addresses) is the new scheme for efficient bulk processing of CryptoNote transactions. It was introduced in Bytecoin 1.0.6 to improve experience of e-commerce services that accept Bytecoin and other CryptoNote currencies.
Today Bytecoin Team has released the whitepaper that defines the aggregate addresses scheme: Aggregate Addresses in CryptoNote: Towards Efficient Privacy". It is available in the new section of the website devoted to Bytecoin and CryptoNote technical documentation...
In 1.0.6 release we've updated our e-commerce solution, Bytecoin RPC Wallet, and introduced a new feature called aggregate multi-addresses. In short, this feature provides services with a possibility to create a branch of addresses to easily differentiate users.
Aggregate multi-addresses is the solution that enhances privacy of Bytecoin financial system, yet providing a significantly improved experience for e-commerce. It facilitates web wallets operation, upgrades Bytecoin integration and deposits and reduces server resources required for maintaining dozens of users' keys...
In Bytecoin 1.0.5 release we have introduced network-wide real-time transaction synchronization that allows every Bytecoin node to have the same unconfirmed transactions list (transaction pool). Any node will instantly synchronize with all nodes it is connected to, i.e. it will receive their transaction pools upon connection. This is yet another step towards building a user-friendly, broad ecosystem for Bytecoin.
To clear any confusion - we've planned to release network-wide real-time transaction synchronization in version 1.0.6 but rescheduled it for an earlier date. You can find out more about changes in the roadmap on the Bytecoin Roadmap page.
This Saturday, on the 4th of July, two important events happen for the Bytecoin Team. Despite the fact that not all Bytecoin team members are U.S. citizens, we will give proper respect to this country and the day this country became Independent. Another important event is that Bytecoin will be 3 years old.
We wanted to summarize the three-year-long development of Bytecoin, but summarizing is 20th centuryish. Our product belongs to the 21st, so we are going to look forward, and instead of talking about the past we will talk about the future.
The purpose of the wallet is to provide the user with convenient tools to use Bytecoin financial system. Still, the concept of 'convenient' differs significantly between the users. We had to choose if we were going to make a multipurpose compromise solution, or a solid basis for many future solutions.
We chose the second way. On this basis, we have built a series of tools that would satisfy different users. In this post we are going to describe the advantages of such an approach and provide a summary of solutions we have already released.
In Bytecoin Reference Client release version 1.0.3 we have rolled out Bytecoin high-level API that is capable of providing top-notch tools for GUI developers. This update is a crucial prerequisite for Bytecoin Wallet, as it allows to run a native Bytecoin network inside any application. It acts as a showcase for INode and IWallet interfaces and allows 3rd party developers to focus on making their product without the necessity to understand complex CryptoNote cryptography.
However, this update was not dealing with the core only: we have released a GUI Wallet, which is a big step towards users. Not only does it allow to use Bytecoin with more pleasure, but demonstrates convenience of new API libraries that allow to concentrate on developing applications.
We were looking at the best solutions only during wallet development. Our goal was to select the best that was created before us while keeping specific Bytecoin features.
Bitcoin-Qt was selected as a basis, being one of the most popular yet easy-to-use wallets. We did not stop here, though. We liked the NXT Wallet's elegant design, and Hive showed us the way to be user-friendly...
Today is Bytecoin Anniversary by programmers' calendar. If I had 10 lamps that would light up to show the day of Bytecoin's existence, today all of them would be lit, and tomorrow I would have to add another one. The lamps' counting, naturally, starts with zero, our team's - with one.
We have been working on Bytecoin for more than three years. Bytecoin is 1024 days old now. Our understanding of what we have created has been increasing over time. Starting at the point, when we understood Bytecoin as completely anonymous and egalitarian currency, we have come to realise that Bytecoin is actually a global financial system that allows for creating financial tools of any level of complexity inside itself.
Inventions take society to a higher level on the one hand, but put it to the lower level on the other. Inventor can, no matter how good his intentions would be, contribute to the society's retrogression.
We can move faster thanks to automobiles, but we walk less. We can complete more tasks thanks to fast food, but we became less healthy. We are more connected to the world thanks to the Internet, but we communicate less with people around us...
The Bytecoin team has released a fundamentally new GUI wallet, featuring modern design, intuitive interface, and high speed of operations in Bytecoin system. Bytecoin Wallet is available in versions for all major OS and allows new users to start working with Bytecoin swiftly.
Bytecoin Wallet is the second part of Bytecoin v.1.0.3 release. Earlier this week Bytecoin Reference Client has been updated to introduce new high and low-level API. These APIs give smart access to Bytecoin engine and allow third party developers to focus on building their own applications and services according to their business requirements.
Bytecoin Wallet and API libraries together represent an updated Bytecoin technology that allows both users and developers to shape and improve Bytecoin ecosystem, and take part in it in a simple and comfortable way.
Share your thoughts with us! We invite you to download and test Bytecoin Wallet. Your feedback is valuable for us and will affect usability and upcoming features.
Bytecoin Wallet: Overview
A lot of work has been done on refactoring Bytecoin Core's source code. This process started with the version 0.8.11, which had Bytecoin high-level API interface declared for the first time. The newly released Bytecoin Reference Client v.1.0.3 is the next significant updated for the Bytecoin Core.
Here I will explain what has been happening under the Bytecoin's hood and what our technology vision is. This description is crucial to understand Bytecoin's roadmap and the necessity to pursue its vector.
The v.1.0.3 release notes focus on the following updates:
- In-process INode implementation for applications
- Low-level ITransaction API interface for ordinary and multisig transactions
- Simplewallet migration to high-level API (namely, INode plus IWallet)
- Instant transaction notifications for in-process INode
Purpose of this update
V.1.0.3 is an important milestone on the way to standardize various components' access to Bytecoin network. It is also a requirement for Bytecoin GUI Wallet, which is coming out later this week...
Today we celebrate traditional Bytecoin's Kiloversary, which marks a new period of existence of this cryptocurrency. In connection to this, we have prepared a few substantial updates, the first of which will be released tomorrow, on the 1001st day of Bytecoin's existence.
We are making considerable efforts to help in building the New Economy, and doing our best to make the world of tomorrow differ from the world of today. Such grand task as changing the economical paradigm requires assistance not only from cryptographers and programmers, but from specialists in social fields, like economists, lawyers and sociologists, as well. These people are the ones who mostly help in creating a cryptocurrency not for itself, but cryptocurrency for other people, for the world.
The presence of large number of teams and ideas that they implement increases possibility for the new economy to be really new. It means that it would not be the 20th century economy + the Internet, but brand new Economy: a system that has never existed before, the one that creates new patterns for people interaction in virtual reality.
And we are making our own contribution to this new economy. A reliable cryptocurrency is a must, but it is not enough. After developing the Bytecoin Core we moved our focus to creating the add-ons that would be convenient for users and businessmen, for all those who will create the New Economy by becoming a part of it!
Bytecoin has been updated to v.1.0.2, which includes the following features:
- Transaction history for simplewallet and Wallet JSON RPC
- Reset command for simplewallet and Wallet JSON RPC
- Various simplewallet improvements
The "reset" command is a handful tool in case you would like to resynchronize your wallet's data from scratch. This command was introduced to avoid deleting the wallet.bin file in case the re-synchronization is required.
The transaction history can be obtained through "list_transfers" command in simplewallet or "get_transfers" method in Wallet RPC. It returns the information regarding all incoming and outgoing transactions. The method provides an easy way for the users or services to recheck all the wallet's operations.
You may learn more about these new features on Bytecoin Wiki: new simplewallet commands and their outputs, new Wallet JSON RPC methods.
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.
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.
Bytecoin is going to have a major update on 08/13/2014. The upcoming features include:
- 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...
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...
Fundraising in order to support important initiatives is still goes on at oelk72ntcrvzljfo.onion.