What is Bytom (BTM) – All You Need to Know

Bytom (BTM) is a China-based blockchain platform that has a single mission: to unify multiple types of assets into one blockchain solution by bringing off-chain assets on-chain. More specifically, the team behind Bytom is taking a slightly different approach when compared to other interoperability projects. Instead of bringing specific off-chain assets onto the blockchain and even facilitate interaction between multiple chains, Bytom is a project focused on bringing the so-called “atomic assets” onto the chain. These atomic assets include warrants, securities, dividends, bonds, forecasting information, intelligence information, essentially, any asset that can be traded. How Bytom Works Bytom is designed to deal with asset management, in the case of both digital and real-world assets. Its goal is to ultimately bridge the gap between the virtual world and the physical one, making it the first project of its kind. There are three types of Bytom assets which can be traded on-chain within the Bytom protocol: Income assets (ex. local government investments, crowdfunding campaigns, and any non-performing assets) Equity assets (ex. equity in private companies, and shares of a non-public investment) Securitized assets (ex. debts and automobile loans) Bytom uses a three-layer architectural model that’s comprised out of an application layer, a contract layer, and a data transmission layer. The application layer is specifically designed to offer excellent compatibility with all sorts of devices and terminals (desktop, web, and mobile), as well as to be as convenient as possible for developers in creating solutions and software for asset management. It allows the apps to call smart contracts in order to facilitate asset management. The contract layer is comprised out of a genesis contract and a general contract. The genesis contract is of particular importance since it can both create and audit smart contracts. It can execute standardization and even automate the auditing process. The other type of contracts, the general contract is there to manage the trading of assets, and the verification and distribution of dividends. The final layer is the data transmission layer that is responsible for dealing with asset transactional details and asset issuance. Bytom Features Consequently, Bytom is innovative in the sense that it doesn’t feature a typical blockchain architecture with mundane ERC20 tokens. It helps lower costs and transfer times by removing the middlemen usually associated with asset transfer and record keeping. One of the most noteworthy features of Bytom is the fact that its protocol includes the capability for cross-chain transactions through side chains. The whole platform is designed to permit the creation of smaller chains. These chains are linked to the main chain and benefit from its security. The platform’s advantage in this respect is that it provides users with full control over the issuance of their coins and tokens. The consensus is being reached using a Proof of Work (PoW) protocol mechanism. Since the Bytom coin is ASIC compatible, it will make the lives of miners easy when it comes to mining and verifying transactions. The Bytom Token The Bytom Token or Coin (BTM) can be used in three ways: for transaction fees, for dividends, or for asset issuance deposits. It’s believed that 67% of the total supply was issued during the platform’s ICO. This means that there is still 33% of the supply left to be created through mining. The cryptocurrency is supposed to see an increase in numbers through mining in the following period and should reach a total supply of 2.1 billion BTM in circulation. The Bytom Team The project is headquartered in China and has big names behind it. The founder of Bytom is Chang Jia who is also the one who founded 8BTC.com, one of the most popular blockchain news sites in the country. Duan Xinxing, Bytom’s other founding partner, is the former Vice President of OKCoin, one of the most significant digital asset exchanges out there. The team is estimated to consist out of 28 other members, including Bytom’s CTO, Lang Yu, former senior system engineer at Alipay, and the mastermind behind a popular Chinese Bitcoin-based crowdfunding site. Roadmap The project began at the beginning of 2017, in January. The team released the first Testnet in September of the same year. The Mainnet launch is expected to arrive somewhere in the second quarter of 2018. Where to buy BTM When it comes to buying BTM, you can check out CoinMarketCap for a complete list of exchanges and trading partners, such as Bibox, Huobi, CoinEgg, OKEx or Gate.io. The highest volume is traded via the BTM/BTC pair on Bibox, with a daily volume of almost 14 million at the time this guide was written. Storing BTM Since Bytom comes with a bespoke official wallet, users are encouraged to use it in order to store their BTMs. It can be installed on all major desktop platforms such as Windows, macOS, and Linux, and it can be downloaded directly from Bytom’s official website. Conclusion Bytom is a unique project that creates an interoperability protocol to enable the transfer and easy handling of physical and digital assets alike. It’s also striving to develop a full-fledged ecosystem that allows its users to create and trade a wide range of assets which can’t be traded through traditional financial systems. If successful, Bytom is sure to be one of the most important entities in the asset digitization sector; however, the fact that the project is highly focused on the future might act as a deterrent for present investors. As its whitepaper states, the team speculates that the next blockchain era is one in which everything that has value can and will be digitized and migrated to the blockchain. Just one of the many cases of “time will tell” in the current crypto meta. Bytom Contacts and Additional information: Like this: Like Loading... Tags: asset, Atomic, Blockchain, Bytom, bytom 2018, bytom crypto 2018, bytom crypto guide, bytom crypto review, bytom cryptocurrency guide, bytom guide, bytom info, bytom info 2018, bytom review, bytom review 2018, bytom to know, bytom tutorial, crypto, Digitization, On-chain, Transfer, what is bytom