The recent downtrend of the crypto verse did not stop the digital coins to dream big. In fact, most of them want to take a long jump from where they are situated now. While struggling hard to make up for the green, all of the cryptocurrencies are trying hard to bring something new for their loyal users as they cannot afford to lose their trust at the minimum. Quite a lot of technology are up for the cryptocurrencies among which most of them are centred around publicity. Smart contracts and public deposits are a good example. Team Bytecoin had been efficient enough to observe the blockchain technology trends and create its own unique one.
Bytecoin has the most preferred feature of anonymity at the very core of its technology which can be made use in the public domain. Bytecoin is now about to announce the much-awaited result of a project that has been long in the making, called Auditable coins. It has been launched with a modified cryptographic scheme which does not compromise the anonymity of the Bytecoin users and permits them to give view-only wallet access to the selected users. It is to be noted that the high-anonymity ring signatures for ordinary coins do not give permissions to anyone except the wallet owner to provide them with the information about which coin was spent. Contrarily, users could send regular coins with any anonymity value which brought with it a certain amount of uncertainty in selecting which coins could be used for merging or blending with the other coins. A minimum anonymity value of 3 regular coins was decided upon along with the introduction of the Auditable coins particularly for public technology applications.
Auditable coins have Auditable wallets backed up as the technology behind them. The balance of the host wallet is visible to whoever holding the Auditable view-only wallet but cannot get hold of the funds. At the same time, it is purposely made impossible for any third party from getting any kind of information regarding the expenditure of a coin. For the time being, Bytecoin has released them in a limited form in the current beta release only for the specially Auditable addresses.
With its recent launches and highly developed features, Bytecoin is trading at $96,835,937, priced at 0.00526 and a circulating supply of 184,066,828,814. Considering the current downtrodden market condition, it has recorded a loss of 12.40% in the last seven days which had been tried to be compensated upon with 2.17% in the last one day.
The new Auditable wallets bestow their new ‘security guarantee’, that is, it is not possible to spend Auditable coins from the host wallet without making the procedure visible to the Auditable wallet. This makes up for the high-security, zero-trust applications. Also, it poses for the Auditable wallets to become useful for several applications like:
- Public deposits
- Crowdfunding deposits
The beta Amethyst release has prompted a Stagenet hardfork. This took place on the 12th of December. The software is now available in the Stagenet along with the new technological features. It can be downloaded in different versions as per the device used. A handy mobile wallet version is also available.
Bytecoin integration engineer Max Hasselhoff states:
“We envision many uses for this new technology including, but not limited to, charity organisations and crowdfunding campaigns, and we can’t wait to see what the community will come up with….”
Bytecoin is set to expand its technological kingdom furthermore with their ‘most diverse’ and ‘innovation-rich’ plans. They also announced another minor release alongside the Auditable wallets, that are the HD wallets in their Amethyst beta release.