Satoshi Club x Bytom AMA recap from June 1st
June begins and with it comes many opportunities for our community to earn rewards and learn about a lot ofexciting projects. On June 1st we had the opportunity to enjoy a new chapter of our AMA (Ask Me Anything) series with our friends from Bytom. Our guest was Lang Yu — CEO.
Rewards: $150 Prize pool was split as follow:
Part 1: $50 to 5 winners.
Part 2: $50 to 5 winners
Part 3: $50 to 20 winners
In this AMA Recap we are trying to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Irina Kravchuk | SatoshiClub: Hi everyone, welcome to a new edition of our AMA series.
Serg | Satoshi Club: Hello :) Today we will have the next episode of our AMA series with Bytom! Our guest, the Bytom’s CEO, is @langyu2020. Welcome in Satoshi Club!
Lang Yu: Hello everyone, I am Lang Yu CEO of Bytom. thanks for having me here in this AMA.
Serg | Satoshi Club: Please tell us a few words about yourself :) and a small introduction of Bytom.
Lang Yu: I am Lang Yu, CEO of Bytom. Having in blockchain industry for more than 8 years, my background is computer science. I have many experience in blockchain design and development.
Bytom is a public chain with POW consensus, similar to Bitcoin. Bytom aims to let multi-asset migrate to the blockchain. Multi assets are referred to warrants, securities, dividends, bonds. Users can use Bytom blockchain to create an asset without obstacles, and those assets can circulate freely. Bytom creates an asset, and MOV is layer 2 protocol for trading assets on Bytom blockchain. MOV’s vision is DeFi, it’s the innovative tech that can transfer Bitcoin into DeFi, which is absolutely different from the many DeFi based on Ethereum. I think MOV is very unique.
And this is my LinkedIn Page: https://www.linkedin.com/in/lang-yu-b15604142/.
Serg | Satoshi Club: Have you worked for other Blockchain projects before Bytom?
Lang Yu: Bytom is the only project I involved. I am the co-author of Bytom whitepaper.
Irina Kravchuk | SatoshiClub: What did you do before blockchain?
Lang Yu: I worked in Alipay before Blockchain, mostly about payment system.
Irina Kravchuk | SatoshiClub: Do you know Jack Ma? Or is Alipay different from Alibaba?
Lang Yu: Jack Ma is the founder of Alibaba, Alipay is the product of Ant financial which is an individual company in Alibaba group.
Irina Kravchuk | SatoshiClub: Got it. Thanks for the explanation. In this part we have prepared questions from the community.
Q1 from Telegram user @alitan900
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? Are there any lingering issues with MOV? or you have added more developments with it?
Lang Yu: Good question. Yes, 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. Like in the beginning we only have magnet exchange, but currently we have lightning exchange and in the future we will add more features. In terms of lingering issues, we are making efforts to develop more DeFi functions along with current trading system and stable financial system.
Serg | Satoshi Club: what is the difference between magnet and lightning exchange?
Lang Yu: Magnet exchange is order match mode, and lightning exchange is quote mode.
Irina Kravchuk | SatoshiClub: You lost me here. Could you explain more what order match mode is?
Lang Yu: It’s similar with trading on Exchange, but the transaction of buy and sell and records are on chain.
Irina Kravchuk | SatoshiClub: So the transaction ledger is public?
Lang Yu: Yes, definitely. All can be found on blockchain, consensus nodes make the match of sell and buy.
Q2 from Telegram user @IAM12312
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 No 1 in Defi, DEX, Stable coin. We still improving our product, our product will be more user friendly.
Irina Kravchuk | SatoshiClub: What other actions do you have to control the inflation of the coin?
Lang Yu: Yes, we also provide staking in Vapor (a high performance side chain of Bytom), and our stable coin will also lock a lot BTM coins.
Irina Kravchuk | SatoshiClub: Can you estimate what % will be locked?
Lang Yu: 20% of the profit of MOV will be used to buy back BTM and burn, which will benefit BTM holders.
Serg | Satoshi Club: I see many news about MOV. I feel like we have to discuss this feature more :) Is there something you would like to add regarding this?
Lang Yu: Here is an infographic regarding MOV.
We will create a whole Defi system based on Bitcoin. Bytom’s BUTXO model is an extension of UTXO which comes from Bitcoin. So that’ s why we are very suitable for Bitcoin DeFi. And because MOV’s performance is better than Ethereum due to our innovative sidechain solution, user experience is also better than Ethereum. And currently the cross chain asset on MOV is 19.7million USDT, and daily trading volume is about 776K USDT.
Q3 from Telegram user @lvlong18
Can you list some of Bytom’s outstanding features for everyone here? What are the products that Bytom is focusing on developing?
Lang Yu: Bytom introduced tensority algorithm, which based on AI. And with BUTXO, Bytom expand the bitcoin’s UTXO. And we developed smart contract based On BUTXO, so unlike smart contract in Ethereum, our smart contract supports Bitcoin.
Irina Kravchuk | SatoshiClub: How does it expand the bitcoin’s UTXO?
Lang Yu: UTXO can only support one asset, but BUTXO supports multi-assets. Every asset in BUTXO, has its Unique identity.
Q4 from Telegram user @semihterk
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, mine, Exchange, and Asset issuer, consensus nodes, Federation Nodes and wallet partners. BTM works as a Gas and Staking asset to govern MOV ecosystem. https://bytom.io/en/ecosystem/.
Q5 from Telegram user @GoldRocket27
Tell us more about the partnership between OKChain and Bytom?
Lang Yu: OKChain is the public chain developed by OKEx. We will cooperate 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 first part.
For details, please refer to: https://medium.com/@Bytom_Official/okchain-bytom-partnership-proposal-9a8a50ff622a.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 2 minutes and a lot of questions were posted by the Satoshi Club community. Our guest chose five of them.
Q1 from Telegram user Egor Dubinin
How does Bytom use cross-chain technology? What advantages does Bytom have from Cosmos, Oracle or Polkadot?
Lang Yu: Different from Cosmos’s hub solution and Polkdot’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.
Q2 from Telegram user Alfred
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 reward.
Q3 from Telegram user Ross
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.
Q4 from Telegram user Hellkhaey
You’ve listed BTM token on many exchanges, why are there not works on exchange listing for MOV token? How soon will listing in major exchanges occur?
Lang Yu: MOV has stablecoin in the coming future. When the MOV stablecoin released, there will be a list of exchanges. It will probably happen in the second half of this year.
Q5 from Telegram user Franken
It is the first time I heard a smart contract that support 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.
Serg | Satoshi Club: Thank you for being here with us today!
Irina Kravchuk | SatoshiClub: Thank you @langyu2020for your time and answers.
Lang Yu: Thank you for having me. Anyone has question about Bytom, please join our telegram group: https://t.me/BytomInternational.
PART 3, QUIZ
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Bytom. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer.
1. What’s Bytom blockchain’s consensus algorithm?
A. POW
2. What’s the TPS of Bytom sidechain Vapor?
C. 3000–5000
3. Which part is not one of MOV’s main modules?
C. Bytom
4. What’s the name of Bytom’s official wallet?
B. Bycoin
