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Author Topic: [ANN] Bytecent - Developed By: Christopher Bouzy  (Read 26584 times)
Bytecent
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November 04, 2014, 10:33:00 AM
Last edit: January 11, 2016, 11:37:17 PM by Bytecent
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Bytecent (BYC) - Removing Barriers with Innovation

Introduction



Over the past twelve months there have been hundreds of cryptocurrencies that have launched worldwide, and more than ninety-eight percent of the cryptocurrencies launched during this time have failed for one reason or another.  The Bytecent project was conceived to bring sanity back to an industry that has drifted away from the core principles set forth with the original Bitcoin project.

Bytecent is not just another cryptocurrency in a sea of many; it is a philosophy born out of necessity.  The goal of this project is to reinvent crypto from the manner that wallets are distributed and installed, to the method that coins are mined and utilized. Bytecent is the first user-friendly cryptocurrency designed from the ground up to be as easy as sending an email. If you can point and click a mouse, you can use Bytecent.

In addition to eliminating the complexities associated with cryptocurrencies, Bytecent aspires to be the first cryptocurrency to make use of old and new media to educate both merchants and consumers on the numerous  benefits of using Bytecent.

Join the Bytecent revolution and be part of the future of crypto and financial transactions as we know it!

 

Coin Specs

Ticker:  BYC
Total Coin Supply: 33,000,000
Algorithm: Prime Six
Mining Duration: 57 years
Block Reward:  1 Bytecent
Block Time: 60 seconds
Difficulty Retarget: Every block
Confirmations:  3
Maturity: 200
Timestamping: POW/POM

 

Technology

Prime Six Algorithm

Bytecent employs a CPU friendly Proof of Work algorithm that verifies prime numbers.  It works by locating dense clusters of prime numbers beginning at a number n, where there are six consecutive prime numbers: n, n+4, n+6, n+10, n+12, and n+16.  To decipher a block, there is hashing of the block contents to generate a target number.  The objective is to locate a prime chain within a particular numerical space greater than the target number.

Unlike with other cryptocurrencies that employ similar algorithms, our motivation is not to break any world records in finding prime numbers. We are utilizing this method of mining to make CPU mining more attainable while eliminating the use of GPU & ASIC miners.

Proof of Miner (POM)

We firmly believe in the power behind mining coins and the economic benefits mining has to offer.  So we set out to develop a new mining system titled: POM (Proof of Miner). POM was developed to balance the scale between miners and people buying coins for commerce while keeping the mining process fair for the majority of miners.

Proof of Miner is an innovative mining system that employs captcha technology to limit mining abuses while keeping the mining process tangible. POM requires miners to enter a human readable captcha code every sixty minutes to maintain the mining process without interruption. Mining time can be extended without entering the captcha code by storing x amount of coins in the local wallet. For example, If 25 Bytecents are required to extend mining time for one hour, a miner will need a total of 600 Bytecents stored in his/her local wallet to extend mining time for a total of 24 hours. Coins utilized for mining can be used anytime and are not locked from being spent like with Proof of Stake coins. The number of coins required to extend mining time is based on numerous factors including current price, total volume, and demand.

POM Benefits

POM renders botnet mining ineffective, while dramatically reducing the effectiveness of mining farms.
POM generates demand for coins while keeping the available coins in circulation low.
Miners are rewarded by storing more coins in their local wallets.
Sell pressure from miner and merchant dumping is significantly reduced.
Fewer coins are stored on exchanges and other centralized platforms.
 

Wallet & Miner Distribution

Installer (Windows Version)

Within the crypto community, it has become common practice to distribute source code and binaries using the Github platform. The widespread practice of downloading zipped binaries from Github and similar websites is not practical for the majority of the population.  Downloading and installing a cryptocurrency should not require a degree in computer science.

We have taken the complexities out of downloading and installing Bytecent by employing an easy to use installer and smart configure technology. In less than 5 minutes end-users will be up and running without the annoying hassle of unzipping binaries and configuring files.

 

Bytecent Card

The Bytecent card is an improved version of older USB wallets.  The Bytecent card is an innovative approach to storing and transporting your valuable Bytecents securely. The Bytecent card act as both a hot and cold storage device, and you can use it on any Windows device. No longer do you have to carry annoying paper wallets or be concerned with installing private keys, the Bytecent card is completelty self configuring and secure.

 

Marketing & PR

Lack of marketing and PR has become the leading cause of legitimate projects to fail. Little to no focus is spent on attracting new users outside of the crypto community, and virtually no effort is made to educate consumers on the numerous benefits of cryptocurrencies. There are over 7.1 billion people living on the planet, and less than 2 million people actively use cryptocurrencies.

The Bytecent project will revolutionize the way cryptocurrencies are marketed and promoted while changing the general perception that cryptocurrencies are "nerd money."  We will make use of both old and new media to educate consumers on why Bytecent is a better option to traditional payment methods.

Press Releases

Press releases will be a vital tool in disseminating frequent information about the Bytecent project.  The press releases will focus on specific content to assist contributors, consumers, and other target groups in learning more about what Bytecent has to offer. At least two press releases will be issued each month to maintain our relevancy in the market.

Print Advertising

Print advertising is still one of the most effective ways to get information out about a product or service, and we plan to use print advertising to our advantage. Placing ads in technology and financial related magazines will allow us to educated new users while appealing to users already familiar with cryptocurrencies. The use of QR codes along with other interactive features in print advertisements will open up new channels and help bridge the gap between our offline and online presence.

Radio Advertising

Radio advertising has significant advantages over TV ad spots. Radio ads are typically cheaper than TV advertising, and Radio ads can be targeted to a narrow audience and reach people within that audience wherever they go.

Radio advertising will provide us with the opportunity to introduce Bytecent to millions of people while keeping our advertising costs down.

Webinars & Offline Workshops


The biggest hurdle with any cryptocurrency is educating consumers and merchants on the benefits of using a cryptocurrency. Advertising alone will not be enough to change the way people have been buying goods and services for decades.

We will conduct monthly webinars and offline workshops to teach consumers about Bytecent and why it is a better option compared to fiat and credit cards. We will also spotlight all the advantages of accepting Bytecent as a merchant.

 

Merchant Adoption & Fiat Conversion

From the start merchant adoption and fiat conversion has been at the top of our priority list. A currency is useless if it cannot be used to buy goods and services. A major roadblock for cryptocurrencies has been convincing merchants to accept cryptocurrencies along with other forms of payment. It is also very difficult for consumers to convert fiat into cryptocurrencies because of the numerous steps involved to complete the conversion.

 

Payment Plugins

We are currently developing payment plugins for popular shopping cart systems, and self-hosted payment solutions.  Merchants will instantly be able to add Bytecent support to their current platform without expensive development costs and complicated setups. Merchants using our Bytecent plugins will be automatically listed on our Bytecent merchant directory.


Fiat Conversion

We have already begun preliminary talks with licensed money transfer services in the United States & Europe. Our goal is to create a direct pipeline from Fiat to Bytecent and  vice versa without the current conversion hassles.

 
Community Building

A cryptocurrency is only as strong as the community that supports it. In order for a cryptocurrency to succeed, a community must exist. There must be people willing to support the project, rally around the developer/community leaders, and be willing to spread the word about the project.  Without a robust community, a cryptocurrency cannot survive long.

Our core mission is to build one of the largest and most active communities in the industry. By putting together a diverse group of influencers and brilliant minds from around the planet, we can leverage the strength of the community to influence wider adoption by retail merchants and other services.




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November 04, 2014, 11:44:00 PM
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Here is a sneak peek of the Windows version of Bytecent!!!

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November 05, 2014, 03:51:49 AM
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Some people have made comments regarding the Bytecent crowdfund campaign price, so I wanted to address a few of the comments. The coin count and price for the crowdfund campaign was not pulled out of thin air. A significant amount of time and thought went into selecting an optimal coin count and pricing.

There are 33 million coins in total with 1440 coins mined per day.  It will take roughly 57 years to mine all the coins. There are 3 million coins available through the crowdfund. The current price for one Bytecent is 50000 sat, or approximately $0.16 cents.  The current market cap would be approximately $480,000 if all of the coins were sold out. Only $230 worth of Bytecent is mined per day at the current value: $0.16 x 1440 coins = $230. 

In the near future, the 3 million available coins will not be enough to supply every miner with enough coins to extend mining without captcha. Let us assume in 30 days 7000 people are mining, and they all want to mine a full day without captcha. 600 BYC x 7000 = 4200000 coins needed to satisfy demand. The value of Bytecent will dramatically increase as mining increases because there are not enough coins to extend mining for everyone.

The people who are buying the crowdfund coins will be able to dictate how easy or hard it will be to mine uninterrupted.

Note: These figures are based on 3 million coins being sold. The value dramatically increases the less coins that are sold during the crowdfund campaign, more so than traditional POW/POS coins because of the coins required for POM

If you are interested, you can buy coins through our crowdfund campaign here:  https://bittrex.com/Market/Index?MarketName=BTC-BYC


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November 07, 2014, 07:28:09 PM
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Bytecent launches Monday, but we have already started our media campaign before the end of our crowdfund campaign. This is how serious projects are launched: http://money.ca/canadian_money/2014/11/07/new-bytecent-cryptocurrency-offers-innovative-proof-of-miner-technology-in-addition-to-an-unprecedented-merchant-initiative/

I would like to thank everyone who has supported the Bytecent project!
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March 17, 2015, 11:14:34 PM
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We are happy to announce the Bytecent InstantBYC service is now available in 100 countries! http://www.instantbyc.com

Now anyone with a Visa/MasterCard credit card, debit card, and gift card can purchase Bytecent directly without using an exchange!

This is the first time in digital currency history a coin less than five months old has launched a service of this scope and scale. We have made it significantly easier to buy a digital currency. We will continue to improve the service and add more features to enhance the user experience. In addition, when we enter the next phase of promotion, InstantBYC will be vital to the success of Bytecent.

For those who still prefer to use an exchange, you can purchase Bytecent on Bittrex: https://bittrex.com/Market/Index?MarketName=BTC-BYC

Also, the Bytecent is doing well and will be available on 3rd party retail websites and brick & mortar locations in a few weeks. http://www.bytecentcard.com

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March 19, 2015, 07:58:29 PM
 #6

Here is the latest Bytecent weekly update: https://www.youtube.com/watch?v=BnAr_YEQiGA
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March 22, 2015, 03:50:45 PM
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The new thread can be found here: https://bitcointalk.org/index.php?topic=999498.0
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