Bitsum: Legit Cryptocurrency With CryptoNote Protection?
What Is Bitsum?
Bitsum is a crypto token that will incorporate faster and more comfortable transactions than any other auto generated cryptocurrency. The cryptocurrency will use the Telegram Messenger as its wallet to allow users the simplicity and convenience of a less sophisticated crypto wallet. Additionally, the cryptocurrency intends to safeguard the user wallet by linking their details directly to their mobile numbers provided within the messenger application. With exchanges facing security challenges, the Telegram Messenger was an excellent option for the coin due to its security features.
The Basics Of Using Bitsum
The uniqueness of the Bitsum cryptocurrency is that it aims to solve a majority of the problems that occur within the more popular, Bitcoin. The utilization of Cryptonote technology helps the token cover for the limitations often present in Bitcoin technology. These remedies will include:
- True anonymity through using ring signature during transactions
- Data protection
- Untraceable payments with unlinkable features from random data generators
- Only CPU-mining with ASIC-resistant protocols
- Proof of Work mechanism
Mine With Bitsum
Bitsum also intends to allow mining of its crypto by using the POW algorithm through the CryptoNight mode. Both the CPU and GPU mining will require the use of AES and SHA-3 encryption models. The maximum number coins in supply will stand at 1.8 billion with each block time taking 120 seconds to transact. The crypto will work under the decentralized platform TAS-IX
Bitsum Uses Telegram Messenger
As the first crypto to use Telegram as its wallet, Bitsum is adding potential to the already existing of the messenger application. With over 200 million users, Telegram has found popularity within the crypto world for its layers of security and use of private accounts for communication between users.
With Bitsum any user of Telegram only has to register on the messenger and can start trading or exchanging their Bitsum tokens. That is made possible through the Bitsum Online Wallet bot that is available on the messenger. Once you register with the bot, you receive a new Bitsum address to start trading, mining or exchanging your cryptos.
Benefits That Come With Using Bitsum
- Decentralized nature allows for more control over your investment
- There is a high level of anonymity due to use of extra layers of privacy and security
- Bitsum provides for convenience regarding trading due to its use of the messenger-based model
- Transactions occur within a few minutes due to the speedy process
- The Cryptonote algorithm ensures no trade is tampered or interfered with by any third party.
Is Bitsum A Viable Project?
Although much of the focus would occur on the use of Telegram messenger, there should be caution on the safety of the world. Additionally, the use of CryptoNight protocol to encrypt the transaction is no guarantee on how safe the platform or cryptocurrency is to its investors. With Telegram as its wallet, users could face a myriad of problem often related to applications. First off, hackers do have the capability to interfere with the form and gain access to your wallet.
In the future, Bitsum plans to accommodate more social apps including Facebook and Skype. That may count as a bad move with regards to the level of security within these platforms. As such, it would be best to keep off such projects as it is hard predicting their outcomes.