Established in early 2017, the Bytom (BTM) Blockchain project was launched to develop a protocol that could tokenize assets from the physical world and represent them in the digital world on a decentralized network. Aiming to help businesses and individuals to register and exchange assets such as securities, bonds, deeds and various types of information, the Bytom blockchain uses a proof-of-work protocol that designed to enable customized contracts, promote AI technology, and provide unique identifiers for assets following a standardized naming convention.
Innovative Mining Mechanism
Most people always think that the Proof of Work mechanism is not safe to the environment because of the hash operations behind the mining. To avoid this unfriendly Proof of Work algorithm that damages the environment, the Bytom uses the AI ASIC chip which is more efficient than even the Proof of Stake Mechanism. The innovative hardware for computing independently supports both the BTM mining operations and also the AI industry. This means that it fully utilizes the Matrix operation and users are free to switch between the two modes plus the Proof of Stake too.
In conclusion, Bytom (BTM) is growing at a very high rate. It is not only aiming at incorporating the innovative technological procedures but also shaping the market business forms. With independent algorithm papers, Bytom is focusing on making the best out its partnership with global companies in order come up with applications that can support both the financial institutions which are very large and the traditional institutions too.
System Architecture
The Bytom architecture is separated into three layers: Application, Contract, and Ledger.
The Application Layer is what you interact with as an end-user. This includes the mobile and web apps that you work with in order to manage your assets. Interacting with this layer triggers contract calls on, you guessed it, the Contract Layer.
The Contract Layer contains two types of contracts. The first, the Genesis Contract, issues and audits other smart contracts on the network. More importantly, though, it ensures that all the assets using Bytom adhere to the standardization rules of the protocol.
The next, the General Contract, has two similar functions. The first function facilitates the trading of assets between protocol users. The second one sets up and verifies dividend distributions. In order to deploy a new asset through the General Contract, you first need to send it to the Genesis Contract for approval.
Lastly, the foundation of the Bytom protocol is the Ledger Layer. It’s here that Bytom connects to the blockchain. This blockchain is permissionless, public, and uses a Proof-of-Work (PoW) consensus algorithm. Unlike with some other PoW projects, you can use an ASIC to mine on the network, and the team even encourages it in their white paper.
Where to buy BTM
For a cryptocurrency with a market cap as large as BTM, you may be surprised to find out that it’s not listed on many of the major exchanges.
BTM is most commonly bought on RightBTC, a Dubai-based exchange, with BTC. You can also exchange USDT, BTC, or ETH for BTM on Huobi and Bibox.
For a complete list of exchanges and trading pairs for BTM, check out CoinMarketCap.
Security & Privacy
The Bytom’s Virtual Machine (BVM) pays attention to the assets more than the instant messages sent on social media or applications like the IoT Mode for Class DAG. This means that Bytom is way more secure than most of those applications. In addition, the system and protocol layer separation takes the security to another level. For instance, the fact that the asset and system layer protocol is inseparable. That being the case, the threads beneath is killed giving the protocol loopholes as well as the wallet. This could lead to potential destructive blows which may lead to loss of millions of dollars in a blink.
Bytom also supports the hidden protocol nodes which is a great security strategy. Only the participants in a particular transaction have access to the information of the transaction made. The Contract Fingerprints ensure that any prospect attackers are not able to either decode or even attack the contracts as well as the transactions by reversing them.
Innovative Mining Mechanism
Most people always think that the Proof of Work mechanism is not safe to the environment because of the hash operations behind the mining. To avoid this unfriendly Proof of Work algorithm that damages the environment, the Bytom uses the AI ASIC chip which is more efficient than even the Proof of Stake Mechanism. The innovative hardware for computing independently supports both the BTM mining operations and also the AI industry. This means that it fully utilizes the Matrix operation and users are free to switch between the two modes plus the Proof of Stake too.
In conclusion, Bytom (BTM) is growing at a very high rate. It is not only aiming at incorporating the innovative technological procedures but also shaping the market business forms. With independent algorithm papers, Bytom is focusing on making the best out its partnership with global companies in order come up with applications that can support both the financial institutions which are very large and the traditional institutions too.
Future Plans
The next focus will be to stay one step ahead of scaling problems. The Bytom team wants to have solutions in place before the demand for expansive use. Since they have implemented a version of SegWit, Bytom’s developers will be able to use a modified version of the Lightning Network which supports multiple assets. This will allow for small, repetitive transactions to happen in milliseconds for almost no cost on a second layer.
Once the Lightning Network is operating on Bytom, the team intends to add cross-chain atomic swaps. This is a wonderful feature that allows for users of different cryptocurrencies to swap with each other in a P2P, trustless and decentralized way.
Beyond that, Bytom plans to expand their ecosystem in general by investing money and marketing. Then, once they find some actual users, they’ll need to bootstrap the entire process of digitizing assets. This will no doubt be a significant amount of work since one of their goals is to do due diligence investigations of each asset on their chain.
Website ; https://bytom.io
Twitter ; https://twitter.com/Bytom_Official
Telegram ; https://twitter.com/Bytom_Official
GitHub ; https://github.com/bytom
