Bytecoin is going to have a major update on 08/13/2014, 09:00 GMTUpcoming features:— Updated block reward scheme
— Daemon RAM consumption is optimized
— Faster wallet refresh
— Transaction priority based on tx fee
— Transactions are returned from tx pools after 24 hours
— Dynamic maximum block size limit
— Reduced default transaction fee
— Various network health updates
—
Multi-signaturesMulti-signatures is an essential strategic upgrade of Bytecoin that allows for sophisticated payment scenarios to be processed. This is the next significant step for the whole CryptoNote technology that will make Bytecoin excel in the cryptocurrency world.
Simply put, multi-signatures imply that the transaction cannot be sent unless all the private key holders have signed it.
It is applicable to the number of use cases, e.g.:
1. Escrow services built on the native Bytecoin protocol that provides secure and completely transparent way to transfer funds through a trusted 3rd party.
2. Wallets with increased security where the transaction outputs may be spent only if a certain subset of the key holders accepts it.
One example is the classic M—N case where M is the number of board members and N is the number of their signatures required to sign the transaction in order for it to be sent.
This upgrade opens the opportunities for the more robust Bytecoin ecosystem to emerge and evolve. We expect it to become one of the most wanted features in the long term as it lays the groundwork for the various smart contracts. The multi-signature API is also defined in this update so that you may already start designing new services on top of Bytecoin.
The detailed description of Multi-signatures technology can be found in the following threads:
CryptoNote forum or
Bitcointalk Tecnnical Discussion Thread. You may ask your technical questions there. We will be pleased to answer them.
You also may contact us through freenode channel #bytecoin-dev or our
technical support.
By the way, in the upcoming days we’ll be sharing with you the insights about the new features.
So stay tuned and follow the news on
Bytecoin.org,
Bytecoiner.org or sign up for newsletters.