Frequently Asked Questions
We have compiled a list of commonly asked questions from members of the Bytecent community, in an effort to help new community members get started with Bytecent.
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.
Earning Bytecent is the process of automatically verifying transactions while assisting with securing the Bytecent network. Users running the free Bytecent software can earn Bytecent by using the power of their CPU to help process transactions. Earning Bytecent is the digital equivalent of panning for gold, and users are rewarded when their PC processes a transaction/block. Bytecent does not require any special hardware or complex configurations to begin earning Bytecent.
There are approximately 1440 - 2050 Bytecent generated per day, so earning new Bytecent can take a few hours or even a few days depending on the speed of your computer. The longer you keep your computer working on the network, the better your chances are at mining Bytecent. It is possible to go an entire day or two before you earn your first Bytecent. Do not get discouraged, you will eventually earn your first Bytecent
Proof of Bytecent is an innovative earning system that employs captcha technology to limit network abuses while keeping the earning process tangible. POB requires workers to enter a human readable captcha code every sixty minutes to maintain the earning process without interruption. POB time can be extended without entering the captcha code by storing x amount of coins in the local wallet.
Your Proof of Bytecent address is any valid Bytecent address. The more Bytecent you have linked to that address, the longer you can earn Bytecent without entering captcha. For example, If 25 Bytecent are required to extend POB time for one hour, a worker will need a total of 575 Bytecent stored in his/her local wallet to extend POB time for a total of 24 hours. Bytecent utilized for POB can be used anytime and are not locked from being spent like with Proof of Stake coins. The number of coins required to extend POB time is based on numerous factors including current price, total volume, and demand.
No. Entering a Proof of Bytecent address is optional. You only need to enter a Proof of Bytecent address when you want to continue earning Bytecent longer than 60 minutes without captcha. Just leave the Proof of Bytcent address field blank, and the system will default to 60 minute earning time. We strongly suggest you buy a few Bytecent to extend your POB time.
Whether you are receiving 1 Bytecent or 10000 Bytecent, the amount you are receive or send does not matter.
No, Bytecent never expire and there are no limitations on how many Bytecent you can accumulate or spend. You have the freedom to conduct as many transactions as you desire.
Unlike with other rewards platforms, Bytecent does not require you to input personal information. The risk of privacy intrusion and theft is significantly reduced with Bytecent. Furthermore, compared to other platforms, all you need to receive rewards is the free Bytecent wallet and a unique Bytecent address.