Bytecoin (BCN) had two solid updates recently, but the jury is still out on them being legit cryptocurrency
Bytecoin has been showing signs of recovery as of late. It has peaked in early July around values of $0.003962/60 satoshi before shifting into a downwards motion later on throughout the month. The Drop continued into the month of August and BCN bottomed out on the 14th, with the price of $0.001516/25 satoshi. However, the currency has been moving positively as of late and has had some green closes in the last couple of weeks.
Bytecoin has been delivering some “important” updates as of late. Just recently in late August the project released its Android wallet, and the wallet comes with some “interesting” features which include the ability to purchase BCN with ETH, the ability to use the same account that you have on your web Bytecoin wallet, Chinese language support and an intuitive design. The features are pretty bang average stuff you’d expect from any crypto wallet out there so to call them interesting seems a bit much.
The Bytecoin has, on the August 31st, went ahead with a pre-planned hard fork of the project. The fork was complemented by the release of 3.3.0 version of Bytecoin Daemons and Bytecoin Desktop wallet. 3.3.0 brought about several general improvements, command line changes/additions, general/specific API improvements and some testnet/stagenet related changes. The update also came with a consensus update regarding the hard fork:
“Voting starts immediately, once 90% of mined blocks contain votes for update, the update height will be automatically selected so that consensus update will happen approximately 2 weeks after that. Market fees – any transaction fee including 0 is now legal for all transactions. Miners will increase block size only if it is profitable for them in a short run.”
The complete list of release notes can be found here. Users who have the Desktop wallet need to update it to 3.3.0 to prepare for the fork. Users who have their funds on “partner” exchanges (aka exchanges that Bytecoin is listed on) don’t have to do anything. The full hard fork will go as described by the team:
“Over this period (after August 31st) our partners, miners, and users with the Bytecoin Desktop Wallet are encouraged to update to version 3.3. Once updated, their software will start marking the blocks with specific information, showing that they have adopted the new software. Once the volume of blocks with the new version in a 24 hour period will reach 90%, the switch will happen.”
The fork will apparently bring dynamic fees (previously limited to 0.01 BCN on the low end) and over 60 improvements to the Bytecoin Software, including fixes to public methods, JSON commands, the Keccak function, and many others.
So Bytecoin greets its community with two solid updates. Still, the previous controversies we wrote about remain. It’s perhaps unjust to beat the currency over its head because of those but they have a lot of work to do before clearing their brand’s name. We will see how they plan on doing so in their upcoming updated roadmap.
