Recap of AMA with Satoshi Club community
On June 1st, Lang Yu, CEO of Bytom, conducted an AMA(Ask Me Anything) in the Satoshi Club telegram group. Among the hundreds of questions asked, ten are selected.
Q1: Your new Blockchain product MOV will be launching, And I’ve heard about this project in your Medium article since last year. Why it took so LONG to launch the project? Is there any lingering issues with MOV? or you have added more developments with it?
Lang Yu: Good question. The white paper is theoretical. We encountered some obstacles. Due to the fact that we do not have similar existing product to learn from, our team spent a lot of time doing research, thinking, designing, and testing. That’s why it took us so long to develop MOV. And during our development we added many features. In the beginning, we only have magnet exchange, but currently we have lightning exchange and in the future we will add more features.
Magnet exchange uses order book matching, and lightning exchange uses quote matching mode. It’s similar with trading on Exchange, but the transactions of buy and sell and records are on the chain.
In terms of lingering issues, we are making efforts to develop more DeFi functions along with current trading system and stable financial system.
Q2: At the end of this month, Bytom team will do its first coin burn of BTM. How do you see the Growth & adoption after that?
Lang Yu: Coin burn is only a part of our plan. Our vision is to be №1 in DeFi. In addition to DEX and stable coins, we are still improving our product and adding more features. And we will make our products more user friendly as well.
20% of the profit of MOV will be used to buy back BTM and burn, which will benefit BTM holders.
We also provide staking in Vapor ( a high performance side chain of Bytom), and our stable coin system will also lock a lot BTM coins. Staking’s amount is about 180 million, Stable coins estimated will reach 200–300 million.
Q3: Can you list some of Bytom’s outstanding features for everyone here?
Lang Yu: Bytom introduced tensority algorithm, which is based on AI. With BUTXO, Bytom expands the bitcoin’s UTXO model. UTXO can only support one asset, but BUTXO supports multi-assets. And we developed smart contract based on BUTXO, so unlike smart contract in Ethereum, our smart contract supports Bitcoin.
Q4: What is the ecosystem of Bytom? What is the role of BTM in the ecosystem?
Lang Yu: Bytom’s ecosystem includes: DEX, DeFi, developer community, miners, exchanges, asset issuer, consensus nodes, federation nodes and wallet partner. BTM works as the gas and staking asset to govern MOV ecosystem.
These are the ecosystem partners of Bytom: https://bytom.io/en/ecosystem/
Q5: Tell us more about the partnership between @OKEx OKChain and Bytom?
Lang Yu: OKChain is the public chain developed by OKEx. We will collaborate in these aspects: 1. DEX 2. Cross chain 3.Bytom’s TSS(threshold signature) 4. Participate in the construction of consensus nodes. We have a deep cooperation with OKChain, and this is only the beginning.
For details, please refer to : https://medium.com/@Bytom_Official/okchain-bytom-partnership-proposal-9a8a50ff622a
Q6: It is the first time I heard a smart contract that supports Bitcoin, how does it work?
Lang Yu: Bitcoin adopts UTXO model. We think that a design of smart contract based on UTXO is much safer though more difficult than solidity because UTXO has no status. We designed Equity language and use it to write Turing-Complete codes for assets including BTC.
Q7: You’ve listed BTM token on many exchanges, why are there not works on exchange listing for MOV token? How soon will it be listed on many exchanges?
Lang Yu: MOV will launch stable coins in the coming future. When the MOV stable coins are released, they will get listed on exchanges. It will probably happen in the second half of this year.
Q8：How many programming languages are supported in Bytom, does it have the feature of translating from one to another if necessary?
Lang Yu: JAVA， JS， C/C++， python and PHP are all supported in Bytom related development. We have SDK for all those languages and it’s easy to develop and move.
Q9: What are the rate plans that are available to market makers and for how long can they be used?
Lang Yu: Currently there is no fee for market makers and it will last for three months. Market makers with large trading volume will not only be free of fees, but also have incentive rewards.
Q10: How does Bytom use cross-chain technology? What advantages does Bytom have over Cosmos, Oracle or Polkadot?
Lang Yu: Different from Cosmos’s hub solution and Polkadot’s relay solution, Bytom(MOV) uses an open gateway to realize crosschain. Gateway’s rights are managed by threshold signature so that decentralization and security are guaranteed. Gateway solution is more flexible and efficient, especially for small amounts of assets, crosschain can be completed in 20–30 mins.