Bytecoin, recently developers focused on improving and optimizing aspects of the Bitcoin network, has reported on the arrival of the auditable coin service. This was announced through a publication on its official website in mid-December 2018.
The team of experts has indicated through its publication that:
“While anonymity is at the core of Bytecoin technology, the Team believes it could be used successfully in the field of public technology.
Previously, people could send regular virtual coins with any anonymity value, but it was not clear which coins could be mixed with others. However, it is now sought to include auditable coins for the specific case of public technology, and to reduce the anonymity value to 3 for regular coins.
The publication by the Bytecoin team compares the anonymity of common coins with that of auditable coins. In the case of common coins, they have high levels of anonymity, only the owner of the wallet having access to what currency he spent. On the other hand, auditable coins establish access to the wallet only for certain users who are selected. Despite this, the latter have a “modified cryptographic model” that guarantees the anonymity of network users.
An important point is that the term “auditable portfolios” has been introduced, which have been designed based on the technology of auditable currencies.
“Anyone who has the auditable wallet only to see can see the balance of the host wallet, but cannot spend their funds.
From there derives a point of great importance that is the security and confidence of users in the new system. As mentioned, it is not possible to spend the auditable funds of the central wallet, or to alter the balance so that it cannot be displayed.