Bytecoin (BCN) Offers Auditable Coins Option
The anonymous coin presented a technology for monitoring coin balances, making BCN more suitable for crowdfunding.
Bytecoin (BCN) unveiled its long-awaited auditable coins technology, an approach allowing users to view balances in selected addresses. Being an anonymous coin, BCN had the problem of not being explorable by third parties, unlike Ethereum (ETH) and other networks with easily viewable balances.
The Bytecoin team highlighted the appeal of publicity and the proof of funds in a wallet, saying it wanted to build the functionality in the scheduled December 12 hard fork.
“While anonymity is at the core of Bytecoin technology, the Team believes that it could be successfully used in the realm of public technology,” the project said.
Bytecoin sees the application of tamper-proof, public wallets as ideal for charity campaigns, as well as for crowdfunding deposits. While regular BCN will be sent with heightened anonymity features, auditable coins and wallets cannot be tampered with and disappear into the anonymous network without a trace.
The current Bytecoin improvements are still available in Stagenet, and the project aims to launch its new mainnet in the first quarter of 2019.
Despite the efforts to reinvent itself, BCN has seen its price dropping steadily. The asset traded at $0.000572, down 1.43% in the past 24 hours, and has lost half of its value in a month.
BCN now trades almost completely against Bitcoin (BTC), and speculation is concentrated on a handful of less reputable exchanges. After its delisting from OkEx and Binance, BCN has seen its volumes dwindle. Nevertheless, the project persists in its efforts to re-position itself, with improved wallets coming up in 2019.
As an anonymous digital asset, Bytecoin could face skepticism going forward. After Monero (XMR) was quietly removed from some anonymous exchange services, other networks may come under scrutiny from the US Department of Homeland Security. In a pre-solicitation drive, the agency has suggested an investigation into the potential of anonymous currencies to affect business practices and conceal funds.
“This proposal seeks applications of blockchain forensic analytics for newer cryptocurrencies, such as Zcash and Monero. And, ongoing research within the field also contributes to new technological implementations and techniques that continue to multiply the specific types of consensus, privacy, security, and proof mechanisms,” the pre-solicitation document says.
It is yet unknown how much of the investigation would focus directly on blockchains, but law enforcers and regulators have continued to express interest in tracking digital assets.