BitcoiNote describes itself as an open resource distributed public network and cryptocurrency concept. BitcoiNote aims to resolve the issues existing in Bitcoin. This currency merges Bitcoin’s compatibility with CryptoNight-Lite Variant 1 algorithm's features. CryptoNight-Lite is an upgraded version of CryptoNight, a proof of work algorithm. This algorithm is mainly utilized to enhance the privacy of transactions by making them untraceable. According to the website, BitcoinNote is also termed a real people’s coin, which is available to everyone.
In the marketplace, BitcoiNote is considered a stable cryptocurrency. As stated on the website, the platform is highly secure because of its features like ring signatures, which are digital signatures that any number of users can use if they have keys. Using these signatures, users can transact anonymously, thereby maintaining the privacy of transactions.
In addition, BitcoiNote is ASIC resistant and oriented towards GPU mining. This means that any device, including a standard graphic card, can be utilized for mining BitcoiNote. Users do not need any specialized or costly devices to mine. BitcoiNote aims to be accessible to everyone. In simpler words, the platform's purpose is to make it sufficiently lightweight so that users can mine it with smartphones and even IoT devices.
The native token of the platform is BTCN. Users need to set up the BitcoiNote wallet to receive payments. BTCN services allow users to accept BTCN as a payment on the WooCommerce webshop. The BTCN wallet is built from scratch using Typescript to reduce bugs or errors. For safety purposes, BitcoiNote uses C++ compiler for wallet code and Typescript for compiler-side type safety.
As the whitepaper suggests, BitcoiNote aims to simplify online payments using a full-service online payment gateway system. Merchants need to register for a payment gateway by creating an account using their name, email address, and BTCN wallet address. Once they are done, they can access Payment Gateway API and Merchant Portal using the credentials sent via email.
Additionally, BitcoiNote seeks to provide wallet refactoring for faster improvement cycles and support for more platforms. The refactored wallet program can manage numerous wallets at a time. Users can keep records of all transactions and balances. Users can view all together if they are in one wallet or separate. Also, while making a transaction, users can take funds from individual wallets or all wallets.
