What is Bytecent (BYC)?
Future of BYC Cryptocurrency and know how to buy BYC

#1 - What is Bytecent

Bytecent is one of the older class of cryptocurrencies, witnessing some pretty rapid commercial adoption. It claims to be the first peer-to-peer rewards network in the world, thanks to its blockchain technology, which we’ll discuss below.

Bytecent: The Basics

  1. Bytecent is a peer-to-peer rewards network using blockchain technology which lets its users earn rewards through various ways. The Bytecent cryptocurrency is denoted by the symbol BYC. Its total supply is 33 million BYC tokens.
  2. BYC was launched by Komcore on 23 November 2014. It was launched without an Initial Token Sale.
  3. It uses a combination of  Proof of Mining & Proof of Work technology that finds & verifies prime numbers which begin with n & are followed by 6 more consecutive prime numbers which are of the form n, n+4, n+6, n+10, n+12, and n+16.

#2 - Bytecent Technology

  1. Bytecent uses Proof of Work technology for finding & verifying “prime numbers” by locating dense clusters of these numbers. Blocks are decoded by hashing the block contents to create a target number. This helps in locating the prime chain which is greater than the target number. This method of finding prime numbers mines BYC coins without the Graphics Processing Unit (GPU) & Application-Specific Integrated Circuit ( ASIC) miners.
  2. Its Proof of Miner mining system prevents the manipulation of the mining process by employing captcha technology. So, all miners periodically enter a human-readable captcha code in every 60 minutes to continue their mining without any disruption.

Bytecent Partnership

  1. Bytecent has partnered with multiple companies & merchants from public and private corporations that utilize our platform and technology.
  2. Komcore has partnered with Avanquest to offer instant cash rewards through AQ Rewards app. The flexibility & security feature of Bytecent’s blockchain is used by the app to reward users.

How to earn Bytecents/ BYC

  1. Bytecent rewards can be earned either by installing Bytecent software or by installing apps or by shopping on the Bytecent-enabled websites by processing a transaction or a block.
  2. Earning Bytecent can be a little tedious so, it may take a few hours & a few days 9 depending on your computer’s speed) as around 1440 - 2050 Bytecent tokens are generated every day.
  3. Bytecent software can be downloaded on the Windows compatible PC, with their CPU’s power to support the maintenance of the Bytecent network. Miners earn rewards on the basis of their contribution to the Bytecent network.
  4. Users can earn rewards in the form of BYC coins by installing apps or shopping at Bytecent-enabled websites that rewards end users with cash for fun tasks.

Features

  1. Portability: Bytecent’s network is compatible with different platforms & in different locations on the same site. This lets users redeem their rewards on multiple websites safely.
  2. There is no limit on the accumulation and spending of BYC as there is no expiry of these coins & users are not penalised for not spending their BYC coins.
  3. Flexibility: Bytecent users can spend BYC coins wherever and however they want to as Bytecent does not command the use.
  4. Privacy: Users’ do not require any personal information to receive rewards as users need free Bytecent wallet and a unique Bytecent address only to complete the transaction. This also secures the platform against information theft.
  5. Users can continue mining for more than 60 minutes without enteringcaptcha code if they store a stipulated amount of coins in the Bytecent wallet. For eg., if you want to extend your mining for 60 minutes then store 25 Bytecents & 600 Bytecents for a 24 hour extension.
  6. The current price, total volume, and demand for Bytecents determines the number of coins required to extend mining time without feeding the captcha code in every 60 minutes.

 

#3 - How to Buy and Store Bytecent?

How to buy Bytecent / How to buy BYC

The Bytecent coin is available to trade only on Bittrex.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the Bytecent cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for BYC. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the BYC crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

Bytecent Storage

Bytecent can be stored Bytecent wallets. BYC coins can also be stored in MyEtherWallet.

Ideally, wallet users should delete the keys from their mining systems so as to prevent the theft of their Bytecent by the hackers.

 

#4 - What is the future of Bytecent?

Also Read: Complete Analysis of Bytecent | Live Bytecent (BYC) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $801,846 USD.

With fast transaction speed, flexibility, and security of blockchain technology, Bytecent is set for a strong and long run in the markets. Priced at around $0.6 in July’17, it rose with rapid pace to touch over $3.0 in January ’18.

Many analysts suggest it will eventually grow to $1.78 by 2023 as its adoption increases.

Date

Open*

High

Low

Close**

Volume

Market Cap

Jul 01, 2018

0.390394

0.411744

0.388094

0.398394

1,340

858,317

Jun 01, 2018

0.535202

0.576657

0.526295

0.550831

2,870

1,152,900

May 01, 2018

0.763939

0.768605

0.724872

0.768605

7,068

1,610,930

Mar 01, 2018

0.864924

0.961906

0.858187

0.932586

13,088

1,745,170

 

#5 - How is Bytecent different from other cryptocurrencies?

As discussed earlier, Bytecent has multiple standout features making it unique from most other cryptocurrencies.

  1. Bytecent points can be redeemed on multiple websites which accept BYC. It does not restrict users to a particular website.
  2. BYC coins can be converted into Bitcoin, cash and gift cards easily unlike on other reward platforms. Users can choose any of these options to spend BYC & can even earn cash rewards instantly.
  3. BYC coins can be mines using your very own PC as mining is done via CPU & not GPUs or by ASIC miners. Miners do not need any investment in infrastructure or special hardware for mining.
  4. The coins are not locked for usage unlike in blockchains using Proof of Stake technology.
  5. The network enhances user engagement & conversion rate using tools for translating casual browsers into long-term engaged users & generates higher revenue as customers are incentivised for repurchases.

 

#6 - Should you invest in Bytecent/ invest in BYC?

  1. Bytecent can be mined using a very basic computer/laptop. It offers a unique reward system which can lure crypto enthusiasts to adopt the technology. This can fuel its adoption rate.
  2. Both consumers & companies can use Bytecent’s network to capitalize on the rise in its value while earning rewards for mining. This can trigger BYC coin’s demand & push for
  3. This currency can be used to integrate the blockchain enthusiasts with mainstream consumers to capitalize on any rise in Bytecent value triggered by accelerated demand.
  4. It can be a juicy investment for crypto enthusiasts as it has good long-term potential & is undervalued, but may continue to face stiff competition from other cryptocurrencies.
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