The untraceable Bytecoin value has tripled in recent months. The cryptocurrency got to its highest market capitalization of $444,000,000 before settling for about $300,000,000, currently ranking among the top 10 crypto-currencies, based on market share. This is indeed a good score for one of the foremost untraceable cryptocurrencies founded in 2012.
This upward spike is traceable to the boom in cryptocurrency markets and particularly the growing acceptance of untraceable coins. Privacy-preserving cryptocurrencies like dash, Monero, and Zcash have also appreciated in recent months. Bytecoin’s spike could as well be connected to the introduction of some new features like untraceable tokens, commonly referred to as colored coins or digital assets.
Bug Detection
Even with the boost of the Bytecoin, Monero has revealed a weakness in the CryptoNote security which affects both Monero and Bytecoin. According to the statement, the bug gives room for the generation of unlimited coins in a manner that cannot be detected by a spectator except they are aware of the flaw and know how to find it. He, in his statement, didn’t mention Bytecoin among those that have taken measures to update their protocol after the bug was detected.
Bytecoin, in an official statement, claims that its team has acknowledged the shortcoming since April 2017, when the development team detected different malicious operations were generating Bytecoin up to 504 million in the network. This figure represents 0.2% of the aggregate 183 billion Bytecoins in existence.
Pending Questions
Bytecoin development team claims that it has amended the bug and joined forces with the mining service to bring their software up to date immediately they detected the bug. A major Bytecoin mining pool, Minergate, revealed that Bytecoin team contacted them in mid-April after which the software was immediately fixed by introducing additional checks for consistency.
The update made it impossible for the creation of extra coins by preventing blocks that have malicious undertone from being mined. A problem that persists is one that concerns the exchanges and wallets of the currency, of which older versions seem safer. It is however encouraged to have the protocol updated.
The Boom In Untraceable Tokens
This bug has not in any way influenced the Crypto-based currency market negatively. Bytecoin and Monero have been gaining value, maintaining the top 10 position by market capitalization. Could it be that the investors are ignorant of the potential risk caused by the bug issues or that they are confident in the ability of their development team to keep their database secure?
Whatever is the reason for this spike, an indisputable fact is that Bytecoin and Monero’s market capital sums up to $750,000,000 currently, and this has kept smiles on the faces of early investors.
All may not be told yet, as emerging cryptocurrency teams seem to be interested in adopting the privacy-preserving CryptoNote protocol
The Ideal of Untraceable tokens has eventually become a reality as earlier revealed by the Bytecoin vision. The key factors in the crypto world could be coined in the increasing ICO concept, booming capitalization of tokens across different block chain platform as well as the growing appreciation of untraceability and privacy. Let us keenly observe to see what the future holds.
