Bytom
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Bytom

Bytom 3nd Anniversary: The Past, Present and Future

The origin of Bytom

As we all know, Bitcoin was created by Satoshi after the financial crisis in the year 2008. Whether Satoshi is an anonymous person or an organization is still unknown. Bytom is an open-source value exchange protocol based on blockchain. By extending Bitcoin’s UTXO model, Bytom’s BUTXO can support multi-asset parallel operations, and achieve multiple assets trading in a large number of blockchain transactions. Bytom focuses on solving the problem of value exchange through blockchain technology. As one of the earliest blockchain researchers in China, ChangJia, the founder of Bytom has repeatedly mentioned the three-phase theory of assets, which also confirms the feasibility of Bytom’s route.

In the early stage of asset equity and the current stage of asset securitization, subsequent assets will enter the stage of blockchain. At this stage, assets will be more conducive to circulation through infinitely divisible attributes; public and private key levels also ensure that assets are more secure, it is not easy to be misappropriated; the trading place on the chain must be more fair and transparent, reducing the possibility of black-box operation.

CrossChain+DeFi application of Bytom

If you want to make the assets interact, you must break the isolated state between blockchains, so cross-chain is a very essential step. The second step is to transfer the cross-chain assets in the ecology, requiring related DeFi applications. These applications are usually not satisfied by a single protocol. They need a group of protocol clusters, which can integrate transactions, assets, lending and other applications, and maximize the liquidity of assets through a variety of applications. Therefore, we have developed corresponding products in these two aspects: open cross-chain gateway (OFMF) and the other is the MOV DeFi protocol.

Cross-chain infrastructure: open cross-chain gateway (OFMF)

Bytom has completed the development and deployment of cross-chain infrastructure, and the open cross-chain gateway (OFMF) has been launched and deployed. We have jointly deployed the Federal Gateway with Bitpie, Math Wallet, imToken and Cobo (https://weibo .com/ttarticle/p/show?id=2309404541485189300280), the federal gateway adopts the (TSS) threshold multi-signature form, and it is also the industry’s truly earlier product that has implemented the TSS threshold multi-signature technology application. At the same time, the cross-chain gateway can already be used in Bytom’s official wallet (Bycoin), and it can also be used on the web through the Byone plug-in explorer wallet (https://ofmf.io/cross-chain).

MOV DeFi protocol (MOV.network)

Besides, Bytom has customized the MOV protocol framework for cross-chain DeFi. MOV protocol mainly has three paths.

1. Trading

2. Derivatives

3. JieDai

All products of the MOV DeFi protocol can be accessed on the mov. network:

Trading products of Bytom:

1. SuperTx (AMM, https://sup.finance/)

2. MagnEx (order book matching, https://mag.finance/),

3. FlashSwap (quick exchange between individuals and market makers (https://mag.finance/flash/)

Besides, there is JieDai protocol in Bytom’s lending path(https://jiedai.io/lending).

IEEE Blockchain Standard

Bytom has led a blockchain standard P3209 working group. This standard is about identity key management. Related parties including: Firechain Technology, Sichuan Changhong, Math Wallet, CZBank, hyperchain, Haier et al.

Past 3 Anniversary journey of Bytom

The year 2018

2018.4.24 Bytom mainnet launched

2018.7.26 Bytom smart contract launched

2018.10.17 Bytom adopted China national Encryption Algorithm

2018.11.17 Bytom SideChain launched

The year 2019

2019.8.24 Bytom DevCon 2 was held in San Francisco

2019.9.19 WhitePaper of Layer 2 value exchange protocol “MOV” was released

2019.10.4 The first BAPP based on Bytom Blockchain launched

The year 2020

IEEE working group was established 2020.3.1

MOV was launched (MagnEx+FlahSwap) 2020.3.31

BTM Coin Burn Plan Released 2020.

Bytom-related Essay was selected by BRAINS2020 conference 2020.5.25

MOV SuoerTx AMM Protocol was launched 2020. 6.23

MOV SuoerTx launched liquidity mining 2020.9.17

Cross-chain assets on MOV reached $100 million 2020.9.21

Bystack station was launched 2020.12.6

Active address on MOV exceeds 60000

The year 2021

MOV JieDai was launched 2021.2.5

Bytom 2.0 plan was released 2021.3.18

Bytom mainnet 3rd anniversary 2021.4.24

The present and the future of Bytom

Bytom will advance itself in the following three aspects,

1. Continuously improve the MOV DeFi application (mov. network) and introduce new protocols and functions. Based on the cross-chain infrastructure, Bytom will interact with more blockchains to increase asset diversity.

2. At the same time, Bytom 2.0 is also under development, and the mainnet performance is improved to support the needs of larger application scenarios in the future. Bytom 2.0 technical roadmap has also been released.

3. based on complete applications, more developers will be attracted to establish a developer ecosystem and enrich the application scenarios of Bytom.

In the future, Bytom will focus on the research&development of application&service blockchains, adhere to the spirit of open-source software, and be guided by technological innovation, explore together with industry partners, and jointly promote the construction of blockchain and the implementation of commercial applications.

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