What Is Bytom?
Bytom is a blockchain application designed to allow users to interact with both atomic assets and heterogenous assets. Heterogeneous byte-assets are blockchain assets such as digital tokens and cryptocurrencies while atomic byte-assets are bonds, securities, dividends and other real-world assets which are registered on a blockchain. By using the it’s blockchain, users are able to gamble, trade and manage both types of byte-assets from anywhere in the world.
Atomic assets have always been dominant over heterogeneous byte-assets however that is changing as the world makes a mental digital shift. Information used to be the powerful entity on the internet but computational power is taking over which means that more and more digital assets can being created.
Byte-tools such as mail and word documents were the first form of assets on the internet. Byte-currencies such as bitcoin and ether were next, followed by byte-assets which are shaping up to be the next stage in the digital sphere’s evolution. In the future, equities, shares and securities will all be tradable on blockchains which offer immutable and secure platforms in the next step towards to a truly global economy.
Bytom’s goal is to be the first and premier platform that offers users the ability to interact with such assets. In the future, it will allow AI and Internet of Things devices to use this data to further expand their influence on the atomic world.
The Bytom blockchain has three layers of architecture which are:
- An application layer which enables users to interact with their assets using an easy-to-use graphical interface
- A contract layer for asset management and the development of smart contracts
- A data transmission layer to issue assets and broadcast all transactions across the network
Consensus on the Bytom network is reached using proof-of-work. Artificially intelligent ASIC miners can be used to mine it and the matrix calculations involved in the hashing process make it possible for artificially intelligent hardware to accelerate the process in a secure manner.
The Bytom Token
The Bytom token is known as BTM. The BTM coin will be distributed to miners via the proof-of-work mechanism which rewards them for securing the network. The maximum supply of coins that will be added to the network is 1,407,000,000 BTM. The tokens will be used for:
- Transaction fees when assets are traded on the Bytom network
- Sharing dividends for income generating assets
- Backing assets issued on the network
Because ti runs as a side-chain on the Bitcoin network, users are also able to back assets issued on Bytom using bitcoin. This process is done using a contract known as Xrelay which automatically converts corresponding values of BTC to BTM.
The Bytom network also allows for the transfer of three types of assets. These assets are:
- Income assets such as property
- Equity assets such as token shares in non-listed companies
- Securitized assets such as debts and other asset-backed securities
Each asset is named using the ODIN (Open Data Index Name) standard in order to ensure that every asset is unique and cannot be duplicated.
Bytom assets and BTM must be stored on the native Bytom wallet. The address are formatted using BIP32, BIP43 and BIP441 which provide users with the ability to store multiple tokens on several addresses within a single wallet. Users can manage the assets in their wallets using public and private keys which are secured by a combination of the SHA256 algorithm and ESCDA encryption.
The 8btc Team
The team that created Bytom is officially known as 8btc and is comprised of:
- Chang Jia: The leader of the team and founder of 8btc, Jia is a well-known sci-fi writer who has been pushing to make blockchain technology popular in China.
- Lang Yu: A former systems engineer for Alipay with a master’s degree in Computer Science, Yu joined 8btc in 2014 to develop 8btc’s data-center system.
- Duan Xinxing: Head of design and brand marketing for 8btc,
- Qu Zhaoxiang- Chief operating officer (COO),
- Yi Changjun: Blockchain development,
- James Zhu: Developer for the Bytom Virtual Machine,
- Zhu Yiqi: Developer for the Bytom Virtual Machine.
You can buy Bytom tokens at BTER or SZZC with Chinese Yen or bitcoin while Binance offers BTM/ETH trading pairs. It entered the market in 2017 and debuted in the top 100 coins by market cap on coinmarketcap.com.
Bytom is designed to be the blockchain platform which deals specifically with byte-assets. Governments and private companies are currently working on making their assets linked to blockchain registries which means that it will surge in popularity once this framework is in place. The network has a solid team in charge of development to guide Bytom towards accomplishing its goals.
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