Cryptonote's underlying cryptography does appear to be remarkably elegant in its implementation which is why I find all the related projects so exciting. Cryptography is not an area of mathematics in which I am particularly well-read, but the project was sufficiently intriguing to get me delving into some of the literature underlying their work and left me impressed. They do seem to have made one of the first real steps forward I would say in terms of bringing something genuinely new to an altcoin.
The cryptosystem useful for a lot more than cryptocurrencies too.I'm working on a very fun application of it right now... Will post when I have usable tools.
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What do you make of the apparent schism between Cryptonote, which now appear to be the prime movers behind the technology, and the Bytecoin team? They make numerous allusions on their forum posts that there was disagreement in how Bytecoin was to be developed which led to the two teams splitting.
Thats above my paygrade other than to observe that it seems all sad and weird to me. (It's hard for me to tell what strange game of chess people are playing here, perhaps extra hard because I don't care about any of it as mentioned I think introducing alt-currencies is a dead end route). I mean, I could make guesses,... but it would just be guesses, my spider sense which usually protects me from weird situations certantly goes off around that stuff. Then again, I may just be miscalibrated relative to the baseline level of scum and villainy expected in the altcoin space.