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Mastering Bitcoin

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Mastering Bitcoin ( mastering-bitcoin )

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nymity. The first such attempt is most likely Zerocoin, a meta-coin protocol for pre‐ serving anonymity on top of bitcoin, introduced with a paper in the 2013 IEEE Sym‐ posium on Security and Privacy. Zerocoin will be implemented as a completely separate alt-coin called Zerocash, currently in development. An alternative approach to ano‐ nymity was launched with CryptoNote in a paper published in October 2013. Crypto‐ Note is a foundational technology that is implemented by a number of alt-coin forks discussed below. In addition to Zerocash and Cryptonotes, there are several other in‐ dependent anonymous coins, such as Darkcoin that use stealth addresses or transaction re-mixing to deliver anonymity. Zerocoin/Zerocash Zerocoin is a theoretical approach to digital currency anonymity introduced in 2013 by researchers at Johns Hopkins. Zerocash is an alt-coin implementation of Zerocoin that is in development and not yet released. CryptoNote CryptoNote is a reference implementation alt-coin that provides the basis for anony‐ mous digital cash that was introduced in October 2013. It is designed to be “forked” into different implementations and has a built-in periodic reset mechanism that makes it unusable as a currency itself. Several alt-coins have been spawned from CryptoNote, including Bytecoin (BCN), Aeon (AEON), Boolberry (BBR), duckNote (DUCK), Fan‐ tomcoin (FCN), Monero (XMR), MonetaVerde (MCN) and Quazarcoin (QCN). Cryp‐ toNote is also notable for being a complete ground-up implementation of a crypto- currency, not a fork of bitcoin. Bytecoin Bytecoin was the first implementation spawned from CryptoNote, offering a viable anonymous currency based on the CryptoNote technology. Bytecoin was launched in July of 2012. Note that there was a previous alt-coin named Bytecoin with currency symbol BTE, whereas the CryptoNote-derived Bytecoin has currency symbol BCN. Bytecoin uses the Cryptonight Proof-of-Work algorithm which requires access to at least 2 MB of RAM per instance, making it unsuitable for GPU or ASIC mining. Bytecoin inherits ring-signatures, unlinkable transactions and blockchain-analysis resistant ano‐ nymity from CryptoNote. • Block generation: 2 minutes • Total currency: 184 billion BCN • Consensus algorithm: Cryptonight Proof-of-Work • Market capitalization: $3 million USD in mid-2014 Monero Alt-coins | 229

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