BitBay BAY to Bytecoin BCN Exchange

Crypto Pair Details: BAY to BCN

BitBay BAY

BitBay is a free, decentralized marketplace for buying and selling goods and services on the blockchain. You can connect directly with peers and transact without the need for a middleman like Amazon, eBay, or Craigslist. Transactions are secure and anonymous. They’re also guaranteed by escrow. The project aims to be the new standard for eCommerce, allowing individuals to trade one-to-one at scale. As a result, BitBay claims it will revolutionize global trade. It’s seemingly a great solution for other niche applications as well, where groups of people aren’t served by existing marketplaces. In the beginning, BitBay got off to a rocky start. In 2014, the original founders raised capital in bad faith and quickly abandoned the project after fundraising, leaving the lead developer holding the bag. It seemed like BitBay was finished, but the developer continued working on the project out of a sense of duty to the original investors, without access to the capital raised in the fundraising round. The BAY token is the transactional token in the marketplace. You use it to buy and sell, and it can also participate in freezes, escrow, bets, swaps, etc. The token itself operates like Bitcoin and is secured by the network. Although you can use BAY for transactions, you don’t have to. You do, however, have to use BAY if you’d like to take part in token staking. BAY’s price cratered after the original founders left and stayed low until March 2017 when it took off. It has been through several cycles of bull and bear runs, with a max price over 30 cents in January 2018 before retreating to its current value. BitBay supports all kinds of privacy and security measures. It’s easy to create a multisignature wallet for added security. There are integrations for Tor and other proxies that help anonymize your connection to the marketplace. An on-screen keyboard allows for password or key entry without using your keyboard and being susceptible to keylogging. Additionally, you can create images with your private key embedded, so that finding a stored key is more difficult for a hacker. The marketplace also has functionality for time locking contracts and swapping currencies. This enables all kinds of cross-chain transactions and financial implements. The time lock and other smart contract elements make it possible to create bets, escrow, futures and options trades, or any number of other financial transactions. The idea and implementation by BitBay, of a decentralized marketplace and trading platform is brilliant and shows further promise of expansion.The rocky beginning of the cryptocurrency and its subsequent comeback as a promising platform indicate that the developers are in it for the long haul and don’t plan on abandoning the platform after all these years.

Bytecoin BCN

Bytecoin is the first cryptocurrency created with CryptoNote technology. Bytecoin allows users to make absolutely anonymous money transfers through the CryptoNote algorithm. CryptoNote uses CryptoNote ring signatures to provide anonymous transactions and allows you to sign a message on behalf of a group. The signature only proves the message was created by someone from the group, but all the possible signers are indistinguishable from each other. Even if outgoing transactions are untraceable, everyone may still be able to see the payments received and thus determine one's income. By using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addresses derived from his single public key. After funds are sent to these addresses they can only be redeemed by the receiver; and it would be impossible to cross-link these payments. As a primarily peer-to-peer (p2p) payment system, Bytecoin has many of the same use-cases as Bitcoin. Created in 2012, Bytecoin is one of the earliest developed cryptocurrencies. Until recently, the team behind the coin has kept themselves anonymous. Now, though, they’ve opened up multiple communication channels, removed some layers of anonymity, and even built several local communities. Bitcoin’s PoW consensus algorithm heavily favors miners that use powerful GPU and ASIC machines over those trying to mine with CPUs. This causes the network to centralize around the more powerful miners. Bytecoin attempts to close the gap between these two classes of miners with a new algorithm, Egalitarian Proof-of-Work (PoW). Egalitarian PoW uses a version of skrypt, a proof of work function similar to the hashcash function used by Bitcoin. The difference between the two is that scrypt isn’t memory bound. Because of this, you can produce highly efficient CPU mining rigs. GPUs will always be about 10 times more effective, though. The Bytecoin project has been fairly fractured since its inception in July 2012. Previously, several isolated teams worked on the project without seemingly communicating with each other. This led to numerous forks and versions of the coin. In July 2017, the team decided to change their image and provide more transparency to the community. The team still remains pseudo-anonymous by only providing names and headshots on their webpage – no bios or social media links. But, it’s tough to expect more from a project that’s focused on privacy. The team has been busy at work refactoring their code and are planning to release a new public API on February 6, 2018. They’ll also be entering the Asian, Middle East, and African markets throughout 2018.

SOURCE: COINGECKO

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