Bytecoin is a peer-to-peer cryptocurrency network that prides itself in being the first enterprise-ready private and untraceable cryptocurrency. Nobody knows how much you have in your account or how much each transaction is worth. It utilizes a proof-of-work system called CryptoNight, which is essentially a ring signature algorithm. There are no fees on transactions, so miners have to be paid in BCN as incentive in a process called Bytecoin emission (65,000 BCN per block). Bytecoin emission is slowly decreasing, promoting the gradual deflation of Bytecoin. Transactions are also relatively fast, usually only taking around two minutes to complete. BCN is the token that can be sent over the Bytecoin network and paid out as incentive to miners.
Bytecoin system ensures that it is totally impossible to get information about your financial operations and wallet balance, unless you decide to reveal those. Only you can manage information that your business partners and third parties will see.