Using any formula, except for the specified one, will result in an unverifiable signature. All things considered, the key image is unavoidable, unambiguous and yet an anonymous marker of the private key. Normally, when you post your public address, anyone can check all your incoming transactions even if they are hidden behind a ring signature. To avoid linking you can create hundreds of keys and send them to your payers privately, but that deprives you of the convenience of having a single public address. If you’re looking to get started in the world of cryptocurrencies or you’re already a mining pro, this calculator can help you out. It will estimate the profit you can make mining Bytecoin.
- Check out our other calculators to see if another one coin could be more profitable for you.
- All you need to do is input some information about your mining setup, whether it be a rig at home or a cloud mining service.
- It does this based on the currency difficultly level of Bytecoin (BCN) against the Dollar (USD).
- A decentralized payment system must not depend on a single person’s decisions, even if this person is a core developer.
Originally it allows two parties to produce a common secret key derived from their public keys. In our version the sender uses the receiver’s public address and his own random data to compute a one-time key for the payment. To support linkability CryptoNote introduced a special marker being created by a user while signing, which we called a key image. It is the value of a cryptographic one-way function of the secret key, so in math terms it is actually an image of this key. One-wayness means that given only the key image it is impossible to recover the private key. On the other hand, it is computationally impossible to find a collision (two different private keys, which have the same image).
Other CryptoNight algorithm cryptocurrencies
He only needs to perform a single-formula check on each transactions to establish if it belongs to him. This process involves his private key, therefore no third party can perform this check and discover the link between the one-time key generated by the sender and the receiver’s unique public address. CryptoNote solves this dilemma by an automatic creation of multiple unique one-time keys, derived from the single public key, for each P2P payment. The solution lies in a clever modification of the Diffie-Hellman exchange protocol 2.
It is the first implementation of CryptoNote technology, with the release dating back to July 2012. Up to this date Bytecoin developers has been making significant contributions to the development of CryptoNote technology. This means it is rarely traded on exchanges and hard to sell. Does any data on this page looks incorrect and you would like for us to check it? Explain the issue with as much information as possible.
Monthly Profit and Revenue Data
It does this based on the currency difficultly level of Bytecoin (BCN) against the Dollar (USD). It also uses the currently difficultly of mining the coin. All you need to do is input some information about your mining setup, whether it be a rig at home or a cloud mining service. Ring signature 1 is a more sophisticated scheme, which in fact may demand several different public keys for verification. In the case of ring signature, we have a group of individuals, each with their own secret and public key. The statement proved by ring signatures is that the signer of a given message is a member of the group.
It gives a predictable growth of the money supply without any breakpoints. Bytecoin is the first CryptoNote-based currency, which has reached mass adoption bytecoin calculator successfully. Bytecoin has been originally created in close cooperation with CryptoNote team.
Bytecoin Mining Profitability Calculator
Our Bytecoin mining calculator can provide an estimate of the profit you can expect to make, based on up-to-date data. Use it to determine whether investing in Bytecoin mining equipment is right for you. Join minerstat and explore the most effective mining software options to boost your hashrate and earnings. Our goal is to help you in your mining project by showing you the best ASIC miner to buy to optimize your mining profitability.
The main distinction with the ordinary digital signature schemes is that the signer needs a single secret key, but a verifier cannot establish the exact identity of the signer. This concept can be used to make digital transactions sent to the network untraceable by using the public keys of other members in the ring signature one will apply to the transaction. The ordinary digital signature (e.g. (EC)DSA, Schnorr, etc…) verification process involves the public key of the signer. It is a necessary condition, because the signature actually proves that the author possesses the corresponding secret key. Find the most profitable ASIC miners based on profitability and hashrates.
Moreover, even if they are both the same person, all the one-time keys will also be absolutely unique. Discover the best GPUs for mining based on profitability and hashrates. ASIC miners are devices specifically designed for cryptocurrency mining. When choosing your ASIC miner, it is important to consider the algorithm used, the difficulty of the targeted cryptocurrency, the hashrate power and the wattage consumption. It’s important to note that the longer-term data, such as the week and month periods, are subject to more speculation and fluctuation than the shorter-term data. As such, it’s important to monitor your earnings regularly and understand the potential risks involved in long-term mining of Bytecoin coin.
Bytecoin is a private, decentralized cryptocurrency with an open source code that allows everyone to take part in the network development of Bytecoin. Privacy and security are naturally proponents of Bytecoin and it’s best solution for those who want to keep their finances private. Our Linux-based mining OS is packed with advanced features and tools to help you optimize your mining performance. Check out our other calculators to see if another one coin could be more profitable for you. You’re looking for more hashing power or You want just to try mining? Fully anonymous signatures would allow spending the same funds many times which, of course, is incompatible with any payment system’s principles.
