Bytecoin is the first cryptocurrency created with CryptoNote technology. It enables users to make completely anonymous money transfers using the CryptoNote algorithm. This algorithm utilizes CryptoNote ring signatures to ensure anonymous transactions, allowing users to sign a message on behalf of a group. The signature only verifies that the message was created by someone from the group, without revealing the identity of the signer. Although outgoing transactions are untraceable, incoming payments can still be seen, potentially revealing one's income. To address this, Bytecoin employs a variation of the Diffie-Hellman exchange protocol, where the receiver has multiple unique one-time addresses derived from a single public key. Once funds are sent to these addresses, only the receiver can redeem them, making it impossible to link these payments. Bytecoin functions as a peer-to-peer (p2p) payment system and shares many use-cases with Bitcoin. It was created in 2012, making it one of the earliest cryptocurrencies. Initially, the team behind Bytecoin remained anonymous, but they have since established various communication channels, reduced some layers of anonymity, and developed local communities.