The key difference between Bytecoin and EOS
If you want to change BCN to EOS for investing purposes you should know the technical basics of these two cryptocurrencies before you make a final decision. Bytecoin was launched in 2012 as an alternative to Bitcoin with the key difference concerning privacy. The ring signature that underlies Bytecoin allows its users to hide the traces of their transactions. However, as Bytecoin is based on Bitcoin, it has all the same restrictions that are related to a network capacity and the transaction fees.
EOS was created with the purpose to eliminate Bitcoin issues and to give developers a perfect platform for creating decentralized apps. If you’ve decided to convert Bytecoin to EOS you should know that EOS is much faster and also you don’t have to pay any transaction fees when sending funds to someone else. But the transactions on this blockchain are visible to everyone on the network and you won’t be able to hide your traces. Converting EOS to BCN can be useful for those who want to stay under the hood.
What is Bytecoin mining algorithm?
As Bytecoin was launched as a fork of Bitcoin it has the same mining algorithm which is called proof-of-work. However, it doesn’t require any special equipment and can be created on a usual laptop. The logic of this algorithm is that the machine resolves computational problems consuming electricity and creates the blocks where the information about transactions can be kept. The person who finds the new block gets a reward in cryptocurrency for the work the machine performs.
How is EOS produced?
If you want to perform BCN to EOS exchange remember that they last currency doesn’t require any electricity and is simply created by the block producers. There are 20 block producers in the network that are located in different regions across the globe and also one more which is selected from the pool consisting of around 150 reserve companies. If any of the active block producers breaks the rules and tries to cheat the network he is replaced by another producer. Such approach allows to make the network pretty secure and can be a good reason for changing Bytecoin to EOS.
The circulating supply of Bytecoin equals to 184,066,828,814, while its maximum supply equals to 184,470,000,000.
For EOS, the circulating supply equals to 924,080,229, while its maximum supply equals to emission infinite.
Average transaction speed
As Bytecoin is based on the Bitcoin blockchain has the same transaction speed in the same limitations. Bytecoin can only process 7 transactions per second at the maximum while the registered TPS on EOS equals to almost 4000. When you convert EOS to BCN the transaction occurs instantly, but if you make reverse transaction you might have to wait up to 2 hours to see the funds in your wallet.