Since 2012, Bytecoin has been reigning as one of the most important cryptocurrencies in the crypto market. The credit for its prominence goes to its unique take on the crypto transactions. Bytecoin was the first ever cryptocurrency that focussed on user’s privacy. In order to fuel their ambition, they made use of ‘Crypto-Note’ technology that boasts features such as untraceable payments, un-linkable transactions, yet a scalable blockchain.
In order to push the boundaries further, they have added another feather to their hat. The company has announced that with the help of blockchain bridging system, it will enable all its users to create their very own gateways. What is blockchain bridging? Well, it is a process that gives digital assets that offer a whole range of functions and possibilities. In order to fulfill the process, a bridge is formed that links up the exact amount of a user’s assets on one blockchain to the same amount of assets on another.
The Blockchain bridging technology is offering the Bytecoin to explore new functional aspects of the assets and to offer the users a new and unique set of experience. The links made in the bridging process are created with the help of smart contracts. These smart contracts enable the bridging process to manage the original values of the two assets. This, as a result, creates the gateway interface. Further, the gateway interface surfaces a new asset which is the last step of the transfiguring of the asset structure from a different blockchain.
The bridging technology came into existence due to another smart feature from Bytecoin which is- ‘auditable wallets.’ As per the information obtained, these wallets were initially launched ‘as part of the beta of Amethyst v3.4.0 in December of last year.’ These wallets are basically optional. They allow the user whether to reveal their personal details. With the help of the auditable wallets, the users can restrict the third party with ‘view only’ aspect during transactions.
This technology holds a lot of promise both to the Bytecoin community as well as to the blockchain industry overall. One can expect good progress and expansion in the cross- chain functions, as well as the transaction method will improve several folds. Also, this technology by Bytecoin has the potential to tap the immense power of blockchain technology into direct practical everyday uses. On this the CMO of Bytecoin- Jenny Goldberg said-
“We are all really excited by the possibilities this technology brings to the table. At Bytecoin, we have a deep interest in emerging technologies that can enhance our platform, and blockchain bridging could potentially do that in a big way.”
Being one of the most significant cryptocurrencies, Bytecoin currently holds a market cap of 100 million U.S. Dollars. And with such technological advancements, only a much brighter future awaits for the company.