Bytecoin BCN to Chainlink LINK Exchange

Crypto Pair Details: BCN to LINK

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.

Chainlink LINK

ChainLink is a decentralized oracle service, the first of its kind. When Ethereum went live in 2015, it revolutionized what blockchain could bring to enterprise solution and traditional business. Blockchain was no longer just a medium for new age financial transaction, confined to Bitcoin’s potential to disrupt traditional currency exchange. With Ethereum powered smart contracts, Vitalik Buterin opened up a Pandora’s Box of use cases for blockchain technology. Problem is, per their design, smart contracts can only manage data on the blockchain. Their potential, the ability to provide tamperproof, decentralized applications for uses the world over, is still largely untapped, as many of the smart contract programs built on Ethereum lack a bridge to the real world industries they’re trying to improve. ChainLink’s first component consists of on-chain contracts deployed on Ethereum’s blockchain. These oracle contracts process the data requests of users looking to take advantage of the network’s oracle services. If a user or entity wants access to off-chain data, they submit a user contract (or requesting contract) to ChainLink’s network, and the blockchain processes these requests into their own contracts. These contracts are responsible for matching the requesting contract up with the appropriate oracles. The contracts include a reputation contract, an order-matching contract, and an aggregating contract. The first of these, the reputation contract, is exactly as it sounds: it checks an oracle provider’s track record to verify its integrity. In turn, the order-matching contract logs the user contract’s service level agreement on the network and collects bids from responsible oracle providers. Finally, the aggregating contract accumulates the collective data of the chosen oracles and balances them to find the most accurate result. Unfortunately, the ChainLink team does not offer a roadmap, but a testnet of ChainLink’s services should come sometime within Q1 of 2018. Generally, the project’s general lack of marketing and concrete updates have frustrated community members in the past. Sergey Nazarov, the project’s CEO, is known for a quiet community presence that favors of behind-the-scenes work on ChainLink. The team may not hype their project much, but for what it’s worth, they sacrifice brand marketing in favor of product development–and some community members find this focus to be refreshing. For instance, they’ve established an oracle with Swift Bank, and have a few quiet partnerships with zepplin_os and Request Network. Chainlink has the potential to connect smart contracts with the outside world. It may allow parties to smart contracts to be able to receive external inputs that prove performance and create payment outputs that end users want to receive, such as bank payments. This has the potential to allow smart contract to mimic the vast majority of financial agreements currently available in the market. With the ChainLink Network, anyone can securely provide smart contracts with access to key external data and any other API capabilities, in exchange for financial reward. Although it remains to be seen how the incentive system will operate, there is potential for rewards similar to those available for crypto miners to be available to Node Operators that provide useful data to the Chainlink network.' Check out CoinBureau for the complete review on Chainlink.

SOURCE: COINGECKO

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