Bytom CEO Lang Yu: Three Factors in PublicChain Upgrade: Efficiency, Economic Incentives, and Application Platform
On July 25, the World Blockchain Conference 2021 was held in Hangzhou Future Science and Technology City.
In the WEB 3.0 forum, Lang Yu, CEO of Bytom delivered a speech themed with “ Self-Evolution of Bytom 2.0: New Consensus, New Economy, New Platform”.
“Bytom 2.0 Solonet was released in May, marking that the transition of Bytom consensus mechanism from POW to POS. In the transition, three important factors should be taken into consideration when upgrading the public chain: 1. A stronger platform requires the establishment of a complete ecosystem; 2. Improving the experience of trading and application with efficiency; 3. Better economic incentives, so that more participants including but not limited to application parties and community governance parties can obtain relevant incentives.”
Said Lang Yu, he concluded three factors should be taken into consideration when upgrading the public chain.
Here is the script of Lang Yu’s speech at World Blockchain Conference 2021:
Bytom 1.0 has been running stably for nearly 4 years since its birth, and it is still very complete in terms of ecological soundness, chain operation or data. The entire Bytom team (Bytom Foundation) was discussing whether to upgrade from Bytom 1.0 to Bytom 2.0 for a long time. Until in April this year, the team made up its mind to move towards Bytom 2.0.
For Bytom 2.0, Bytom’s goal is still based on the application level, allowing more different users to create and use applications based on blockchain, and at the same time integrate with the real economy. This may be the future advantage of Bytom. Therefore, the following three important factors need to be considered when upgrading the public chain:
1. A stronger platform requires the establishment of a complete ecosystem; 2. Improving the experience of trading and application with efficiency; 3. Better economic incentives, so that more participants including but not limited to application parties and community governance parties can obtain relevant incentives.
In order to accomplish these three goals, we need to achieve the following aspects:
After the upgrade, Bytom consensus mechanism is transferred from PoW to PoS. The benefit it brings is the improvement of finality. All applications do not need to consider such a problem as “Will the transaction be confirmed”. Second, the block confirmation time of the upgraded version is adjusted to 6 seconds/block, which is 25 times more efficient than before. Furthermore, extensive community governance participation is also very important. In the past, the authority to participate in the governance of the public chain community was more on the computing power provider. Now more application parties can also participate in the governance of the community and provide ideas and opinions for Bytom, which is also beneficial to the development of the public chain ecology.
First of all, New Economy is a great driving force for all participants. If a public chain is to stand out from the competition, its economic model must be optimized. After Bytom 1.0 transferred to Bytom 2.0, the total amount has been greatly reduced, as well as deflation rate; secondly, there is a wider range of staking rights. Both users and project parties can participate in maintaining the security of the entire network, and at the same time obtain the benefits of staking; finally, I think the rights of additional airdrops can be distributed to community users, community participants and builders. These is also great change brought about by New Economy.
First of all, we must build the origin and interaction platform of assets. At the moment, all public chains are actually competing for assets. The amount of on-chain assets determines the space for future development and whether it can attract more users to use applications on the chain. Secondly, it is necessary to build a platform for a strong contract application ecology. The contract ecology is actually a complete contract development tool to help the project party better implement the project and help users realize their ideas. Bytom has a completely self-developed contract system, which gives Bytom the autonomy of intellectual property rights in future competition. Finally, building a cross-chain platform that extends in all directions. All chains have their own unique asset, so how can assets on other chains be used on the Bytom, or create synthetic assets based on applications on Bytom? The role played by the cross-chain platform is crucial. In the new platform, cross-chain applications and cross-chain platforms are important components.
Currently, we have launched a relatively complete application platform called MOV. The ecology of MOV consists of:
(1) NFT, NFT assets are more the origin and creator of original assets.
(2) DeFi, it can make the on-chain assets flow. The entire DeFi products include Magnex, AMM exchange, and SuperTx to meet the interaction between native assets and NFT assets on the chain.
(3) OFMF, an open cross-chain platform, through the form of cross-chain bridge to cross-chain other assets to Bytom blockchain.
(4) Summoner, the smart contract system, in the self-developed smart contract system, you can freely create DeFi applications and NFT applications, which fully meets what EVM can do now.
Here is the roadmap of Bytom 2.0, which consists of the following three phases:
(1) Create a model of a planetary engine. The creation of consensus and the development of contracts, cross-chain interoperability has almost been completed.
(2) Stop rotation. In the end of August, we will complete asset migration and mainnet switching, separate BTM and BTMC, and at the same time, under the premise of ensuring fairness and justice, we will also destroy all foundation assets on the BTMC blockchain.
(3) Out of the solar system. The MainChain of the MOV platform will be migrated. The original MainChain of MOV is based on a one-MainChain Multi-SideChain architecture. Now all applications need to be migrated from the SideChain to the MainChain. This is something that will be carried out in the third stage. At present, the NFT platform based on Bytom 2.0 has a plan in product design, operation planning, and overall goals, and coming soon.
All in all, the future of Bytom 2.0 is boundless. Bytom2.0 has always adhered to the original intention of Bytom 1.0 and is moving towards the path of putting assets on blockchain.