BYC / Bytecent

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June 12th, 2017 – Version 1

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Definition from Bytecent Website

Bytecent is the first peer-to-peer rewards network powered by blockchain technology. The Bytecent network is a global chain of consumer computers running special software designed to automatically process transactions. Anyone with a PC and an internet connection can take part in the Bytecent network. Consumers running the Bytecent software are rewarded regularly with Bytecent for processing transactions, and assisting in securing the Bytecent network.

Bytecent is a superior alternative to conventional rewards programs. By harnessing the CPU power of thousands of computers globally, we are able to provide a secure scalable rewards network across 150+ countries. Whether it is a smartphone app, e-commerce website, desktop software, or any number of other platforms, our rewards solution can be integrated with minimal effort.

We offer unique features not available on any other rewards platform. Unlike other rewards programs, Bytecent is cross-site and cross-platform compatible. Consumers are not restricted to using their rewards on just one website, consumers can use their rewards anywhere Bytecent is accepted. In addition to secure transactions and portability, Bytecent never expire and there are no limitations on how many Bytecent you can accumulate or spend.

Community Enthusiasm – 1.5 out of 5

  • There is no Slack or other community chat channel.
  • There is a community Forum.
  • Bitcointalk thread is Occasionally active with a responsive dev.

Active Development – 2.5 out of 5

  • Long time active dev working in the background.
  • The development is closed source.
  • The development is slow.

Exchanges – 2 out of 5

Price – https://coinmarketcap.com/currencies/bytecent/

  • BYC has been around since 2014.
  • BYC spent the first few months of 2017 between 5k sats and 10k sats.
  • BYC has recently gone up as high as 14k sats.

Wallets – http://www.bytecent.com/download.php

  • Windows

Information

June 12th, 2017 Summary

I had a difficult time deciding if I was going to do a Bytecent review. There were a few issues I had, including…

There is nothing special about Bytecent, but when you first read about BYC it sounds like they have this amazing rewards based shopping technology, when in fact they are just talking about a PoS windows wallet.

There is no Slack or Telegram channel. They just have a forum you can sign up for. Without a way to get directly in touch with a core team the frustration from users ends up in the Bitcointalk thread. I saw at one point the developer tell someone if they wanted an answer to their question they should read through the 73 pages of Bitcontalk to get the answer since it had been previously addressed. C’mon man… people don’t have time for that. A slack channel and an active community address this kind of problem.

The code is closed source and there is no publicized GitHub link. The word ‘soon’ has been used for release dates, but no other information is provided. Maybe I just missed it, but after reading the BCT OP and the information on the webpage, I don’t know what is being worked on, if anything, or when to expect it.

The one thing I did see which was intriguing was a link where you could use your BYC to buy gift cards, but the link on the Bitcointalk OP thread was not working. Out of date broken links to me mean behind the scenes nobody is paying attention, or there is not enough help.

I think I can sum up my impression of Bytecent by simply saying I want to see the love. It feels like this project is on the brink of being abandoned. It needs basic attention to the community and information provided.

My recommendation…

I can usually read through the basic information about a project and understand what they are trying to accomplish and how they are planning to get there. I struggled to understand this when it comes to Bytecent. Perhaps if I spent the time to install the wallet and watch some YouTube videos I would have a better understanding. I would like to have a simple explanation of what this is other than a PoS digital currency.

It is a bit scary to only have one exchange. While Bittrex is one of the best in my opinion, there are enough now where an enthusiastic community should be able to buy on more than one.

According to Coinmarketcap.com it is a fairly rare coin with only 1.6 million in circulation, so if it does have anything unique it is doing, or even anything unique in the future, the current price could be undervalued. I personally would just want to see the basic issues above addressed first before buying any BYC myself.