Bytom has burnt the unburnt part of BTM token of the 2020 plan as scheduled on April 25, 2021. According to the market price, a total of 5,245,877.73 BTM will be burnt. BTM burnt this time comes from the Bytom Foundation’s own part. The hash of the burn : 555d4b00d79fddcafd184b2ecd48ca52d0b8db116c901332f92821567cc06297.
According to Bytom Coin Burn Plan, starting from May 2020, Bytom Foundation will use 20% of the MOV’s system profit to buy back BTM and burn those coins based on the public data on the chain every month. According to this, BTM worth USD 1,000,000 will be destroyed in 2020–2021. If the development of MOV does not meet the expectations, Bytom Foundation will burn the Foundation’s BTM to fill the gap throughout the year according to the public data on the chain at the end of April 2021, to ensure that the target number of coin to be burned is achieved.
Since the launch of Bytom mainnet in 2018, Bytom has gone through three years, from the original Bytom 1.0 based on the PoW consensus mechanism, to Bystack with “one-mainchain multi-sidechain” architecture, to the decentralized cross-chain value exchange protocol MOV, which officially opened the prelude of Bytom’s DeFi strategy, and then the MagnEx protocol (the protocol based on the order book), the SuperTx protocol (AMM protocol), and the lending protocol have been launched and improved. Bytom has always been firm in its own way. The original intention of “asset on the chain” is unshakable.
However, three years of practice has also allowed Bytom to discover many problems, such as defects in the economic model, such as user experience problems caused by complex architecture… So in the past year, although MOV’s development goals and development routes are correct, it is in line with the development trend of blockchain, but the development situation is not so ideal; three years of practice has gradually made Bytom understand that there is no need to build a basic blockchain such as Bitcoin and Ethereum, and it should be determined to be dedicated to Defi. , The application chain of synthetic assets is generated for asset on-chain and asset mapping. Since 2020, the rapid development of decentralized finance has further verified the correctness of this direction. Therefore, in March 2021, Bytom has adjusted its development direction in time-opening a new era of Bytom 2.0.
One of the most innovative of Bytom 2.0 is the new blockchain will be a uniform Blockchain platform rather than Mainchain — Sidechain architecture.
In 2021, Bytom will continue to improve the cross-chain gateway (OFMF). The MOV DeFi protocol will break the state of isolation between blockchains. Bytom will interact with more blockchains and introduce more assets to MOV DeFi protocol.
In 2021, Bytom will continue to improve the MOV DeFi protocol, continue to introduce new protocols and functions, MOV will integrate to be a DeFi protocol that covers trading, synthetic assets, lending features.
In 2021, Bytom will break Barrier between Bytom mainchain and sidechain, a more functional and uniform blockchain will greatly improve user experience.
In 2021 Bytom 2.0 will be more compatible with other blockchains, so MOV can work on more blockchains.
integrate transaction, synthetic assets, lending and other application protocol clusters, and increase application scenarios; by 2021, Bytom’s products will break The barriers on the main side and the unified interface are developed towards a professional application chain to improve user experience; in 2021, Bytom 2.0 will be better compatible with external ecology and smart contract systems, thus enabling the MOV protocol cluster to play a role Greater value.
The upgrade of Bytom 2.0 will bring high performance to Bytom blokchian, the MOV DeFi protocol will also be improved, a more user-friendly MOV will increase the TVL and the value of Bytom.
