CryptoNote-Based Bytecoin Turns 3, Plans to Implement Colored Coins & Smart Contracts

July 4 marks the third anniversary of Bytecoin, the world’s first CryptoNote-based cryptocurrency. The Bytecoin team has unveiled an expanded roadmap detailing their future plans for the coin.


Bytecoin is the first CryptoNote-based cryptocurrency that enables absolutely anonymous transactions via ring signatures and one-time keys. Unlike Bitcoin, it offers certain unique properties such as smooth block reward, difficulty adjustment and ASIC resistance. (GPU mining provides efficiency of the same magnitude as CPU mining.)

Bytecoin capitalization has been increasing steadily. Its market capitalization at moment stands at US$5,800,000, with an average daily volume (in 30 days) of US$7,500.

The Bytecoin platform allows for implementing colored coins and smart contracts by means of the network itself, without any add-ons. “The work on these functions is already in process,” Bytecoin developer Joseph Lin told CoinTelegraph. “The upcoming releases will include wallet improvements, block explorer high-level API, aliases and more.”

The Road Ahead

The generation of Bytecoin’s first block coincided with America’s Independence Day on July 4, 2012. Now the development team has prepared an updated roadmap revealing their plans for Bytecoin in the near future. Additionally, the team has started working on colored coins, which will later serve

Read more ... source: Cointelegraph