Bytecoin is known as a pioneer in Crypto Note technology, also being famous by its ability to act as an ultimately private coin. The factor of ultimate privacy lies in the ability of Bytecoin to provide untraceable and non-linkable transactions of value to its users.
Moreover, Bytecoin is slowly but surely entering the Asian market with a focus on Japan and South Korea, which is said to be one of the main centers of blockchain technology enthusiasts. Running since 2012 as one of the first cryptocurrencies to be issued, and definitely representing the first privacy coin to utilize crypto technology, Bytecoin is still ranked among the 30 top coins on the list of among over 2,000 different ICOs.
However, at the beginning of 2018, 6 years after BCN was released as an official ICO, some members of the community that counts around 20,000 of active users to this date, have noticed that the Github repository of Bytecoin is technically inactive, stating that there are no obvious use cases of BCN as well as that there are no new updates or new projects.
Since then, Bytecoin dev team got back to an active maintaining of the network, so here is what’s new at BCN during the last 9 months.
Bytecoin and the 2018 Hard Fork: Update 3.3 Released
A bit over a month ago, Bytecoin team announced a hard fork called version 3.3 to take place on August 31st. Welcoming the last quarter of the current year and embracing new changes, the dev team behind BCN updated the community back at the time of the hard fork release on the upcoming changes that the new update should bring to new BCN users.
The adoption of the new hard fork was practically easy and simple as the new update didn’t require any system re-syncing on the users’ end, requiring only the backing of BCN digital wallets.
The new version of Bytecoin delivered as a hard fork brought some changes to the network, in form of dynamic fees and 60 additional improvements and bug fixes.
Previously, before the fork that took place at the beginning of Q4, the fees taken for validating transactions were calculated proportionally in accordance with the amount of the payment, never going lower than the amount of 0.01 BCN.
With the new update 3.3, the described margin is being lowered, that way allowing for more dynamic fees.
Moreover, the team has updated the system to repair the bugs in the system and bring around 60 improvements to BCN users.
The described improvements include the JSON commands, bug fixes regarding public methods, and more updates altogether making the system of BCN more efficient and reliable, alongside with creating a better performing ecosystem.
Long way before the update, Bytecoin allowed for the double spending of coins, which was marked as a technical fiasco, still visible in its market capitalization, also being a part of a price pump on Binance back in May with going up by 600% in the course of only several hours.
Additionally, the community reported several bugs regarding the syncing of the BCN wallet, while the team was urged to repair these issues and apply the fixes as promised in the roadmap of Bytecoin.
Bytecoin Entering the Asian Market: Targeting Japan and South Korea
At the end of September, BCN got more exposure to the Asian market with the announcement of getting listed on Gato.io. Additionally, the currency is trying to penetrate the Asian market, which is said to be one of the centers of blockchain technology, specifically referring to South Korea.
After applying fixes on the wallet and fixing errors with syncing and showing transaction information, the team updated the wallets to match the market in Japan and South Korea by adding the languages of these countries into the system of the renewed BCN wallets.
While with Gato.io, Bytecoin has become more available to the Chinese market, making it easier for investors from this country to get to their BCN units and take advantage of the Crypto Note driven privacy with untraceable and non-linkable wallet addresses, the team is set to increase the adoption of BCN as well.
The adoption of BCN is said to be advocated through the web wallet of Bytecoin, as it allows BCN users to invest in this currency with directly purchasing it with Bitcoin (BTC) and Ethereum (ETH).
Although BCN was involved in several price pump dramas as well as getting caught up in inactivity of the Bytecoin dev team, the currency still holds a great potential as a pioneer among privacy coins.