Bytecoin has officially launched the Bytecoin
Gateway Project, creating a bridge between the Bytecoin blockchain and that of
Ethereum with a corresponding BCN20 currency to go with it.
The Bytecoin Gateway
Project first emerged as a possibility back at the start of this
year when the Bytecoin team announced that it was looking into blockchain
bridging as a means of expanding their platform.
Blockchain bridging is a method of linking two
separate blockchains by introducing a currency that corresponds to one
blockchain onto the other. In Bytecoin’s case, the possibility of doing this
came about via the changes that were made to the system when the newest version
of their Amethyst software was released.
As part of Amethyst, Bytecoin released
Auditable Wallets, a feature that allows users to provide outside parties with
view-only access to their assets without compromising their anonymity. To build
the Bytecoin Gateway, an auditable wallet will be used to store and keep track
of the base funds which will anchor the corresponding currency on the bridged
blockchain.
To build the first Bytecoin Gateway, the
Ethereum platform has been chosen as the blockchain pairing. An Ethereum Smart
Contract will be used to put into circulation a new currency called BCN20 at a
1-to-1 ratio with the original BCN secured in the auditable wallet.
Users and interested parties can keep track of
the currency on both ends; the auditable wallet allows users to keep tabs on
the status of the original BCN, and the ERC smart contract will be a public
ledger with all available information on the new corresponding currency. To
coincide with the new release, Bytecoin has launched a standalone dashboard
with data from the smart contract and the auditable wallet.
While the new currency will be completely transparent and lack the anonymity provided by traditional BCN, it comes as part of an effort to diversify the offerings of the Bytecoin platform with the aim of making Bytecoin a hotbed of the most dynamic crypto technology. This move will also increase Bytecoin’s liquidity and help with platform expansion.
In a statement, Bytecoin CMO Jenny Goldberg
emphasized the benefit this project will have for the community: “We have done
a lot of work to make this release happen and we are very happy to be able to
expand Bytecoin to new horizons. This is another face of Bytecoin, one that we
hope will act as a catalyst for further branching out and community growth. We
believe that this launch, by increasing the capabilities of each Bytecoin user,
significantly bolsters the platform as a whole.”
About Bytecoin
Bytecoin was originally launched in 2012 as
the first privacy-oriented cryptocurrency based on CryptoNote technology. Since
its conception, Bytecoin has worked to recalibrate structures of digital
commerce in favor of the individual.