BCNXMR
Bytecoin / Monero
crypto

Bytecoin is a privacy-focused peer-to-peer cryptocurrency implementation of CryptoNote. Ring signatures are the primary feature of CryptoNote that offers transactional privacy. Ring signatures allow any member of a given group of network participants to sign an executed transaction, and the identify of which participant signed is kept anonymous since anyone in a group of nodes could have signed. Transactions are then propagated outside the group of authorized potential signers for confirmation by the rest of the network and addition to the blockchain. Bytecoin blocks are added every 120 seconds, on average, and mining difficulty adjusts after every block. The network achieves consensus via CryptoNote, a privacy-oriented proof of work (PoW) algorithm. CryptoNote is distinct from Bitcoin's SHA256 PoW algorithm in that CryptoNote offers more feature flexibility, smoother token emission via mining, and aims for a lighter data storage lift by network nodes.