Beyondcoin to USD Price Chart

What is the current price of Beyondcoin (BYND)?

As of the most recent data, Beyondcoin (BYND) is priced at $ 0.00051350. Its value has increased by +0.00% in the last 24 hours.

What Is Beyondcoin (BYND)?

Beyondcoin (BYND) is a digital currency inspired by the foundational principles of Bitcoin. It operates as an open-source, peer-to-peer (P2P) network, emphasizing decentralized control, where there is no central entity overseeing the issuance of coins or the tracking of transactions. These critical functions are conducted collectively by the network's participants. While Beyondcoin takes cues from Tenebrix, Litecoin, and Dogecoin in terms of development, it differentiates itself significantly by using a simplified version of the Scrypt algorithm for its proof of work (POW) mechanism.

What is the Proof of Work (POW) Mechanism in Beyondcoin?

Rather than utilizing the SHA256 algorithm as Bitcoin does, Beyondcoin has adopted a variant of the Scrypt algorithm for its proof of work mechanism. This means that it requires miners to validate transactions and secure the network by solving complex cryptographic puzzles. However, the Scrypt algorithm tends to be less resource-intensive than SHA256, potentially allowing for a broader set of participants to engage in mining activities due to lower entry barriers in terms of computing power.

How does Beyondcoin Claim to Be Quantum Resistant?

Creators of Beyondcoin claim that it is designed with quantum resistance in mind, implying that it aims to mitigate potential risks posed by quantum computing to digital currencies. Quantum computers hold the potential to break certain cryptographic algorithms, and Beyondcoin's approach to its development is to anticipate and resist such scenarios, although the specific details of its quantum-resistant features are not outlined in the provided information.

Who Are the Founders of Beyondcoin?

Beyondcoin was conceived and created by Kristian J. Kramer. Kramer brings the philosophy of "Go beyond the impossible" to the project and appears to place a strong emphasis on innovation and overcoming the limitations faced by earlier digital currencies.

How Is the Beyondcoin Network Secured?

As with many other cryptocurrency networks, Beyondcoin secures its network through the process of mining. The use of a Scrypt-based proof of work algorithm enables miners to utilize their computing resources to validate transactions and protect the network against fraudulent activities. This collective maintenance by the network's users ensures that Beyondcoin remains secure and resilient.

How Many Beyondcoins Are in Circulation?

The exact circulating supply of Beyondcoin is not provided here, but typically, cryptocurrencies will have a predefined total supply with a transparent and predictable issuance rate. Beyondcoin likely follows a similar model, gradually increasing its circulating supply through mining rewards.

How Does Beyondcoin Support Peer-to-Peer Transactions?

Being a peer-to-peer digital currency, Beyondcoin allows users to transact directly with each other without the need for intermediaries. This is made possible through the use of blockchain technology, which records transactions on a public ledger distributed across a global network of computers. Users can therefore send and receive Beyondcoin with relative ease, facilitated by the network’s decentralized structure.

Where Can You Buy Beyondcoin (BYND)?

Beyondcoin (BYND) can be purchased on various cryptocurrency exchanges. Buyers will need to check the most recent list of supporting platforms, but they are typically platforms that allow for the exchange of various types of cryptocurrencies for Beyondcoin.

How Can You Keep Your Beyondcoin Safe?

The security of digital assets like Beyondcoin should be a top priority for any user. It is generally recommended to store cryptocurrency in a secure wallet, with options including hardware wallets that provide offline storage and software wallets that offer convenient access with strong security measures. Always practice due diligence by researching and utilizing reputable wallets, enabling two-factor authentication, and keeping backup phrases in a secure location away from potential online threats.

View similar coins

Beyondcoin Links