Updated: Dec 20, 2019
Bytom is a unique triple-layer blockchain protocol, for digital and financial asset applications. BTM token or Bytom coin is the platform’s native cryptocurrency and serves the purpose of a license, needed to gain access to the blockchain. Each BTM token represents part ownership of the Bytom blockchain, allowing the holder specific usage and participation rights in the management of the overall platform.
This guide will explain the purpose of Bytom, the team behind it, how it works, and the various uses and applications.
What Is Bytom Designed For?
Bytom was designed to fill gaps between the real world and the digital world. It was created to tackle several problems that were not solved by regular cryptocurrencies, connected to asset management, including virtual assets and real assets. One of the major problems the platform seeks to solve is the lack of a mechanism, which ensures the smooth flow of assets between atomic and virtual worlds.
The creators understood that since real-world assets were becoming tokenized, because of the movement of ownership records towards the blockchain. This would demand a unified way to map those assets efficiently, from the physical to the digital world. Bytom is not just created as an answer to this dilemma, but also as a platform to offer some measure of interoperability between the two, in a singularly cohesive ecosystem.
Who Is the Team Behind Bytom?
Duan Xinxing and Chang Jia established the Singapore-based Bytom Foundation. Jia is the winner of the Galaxy Award and also a former sci-fi writer. In the crypto space, he is known as the founder of 8btc, which is one of China’s largest cryptocurrency and blockchain news services.
Duan Xinxing is the former vice-president of the OkCoin and also serves as the CEO of the company.
How Does Bytom Work?
Bytom works effortlessly to bridge the physical world to the byte or digital world, by creating a decentralized network for registration and trade of both atomic and byte assets. The platform brings several off-chain assets, such as securities, bonds, and dividends on-chain, to be traded along with digital cryptocurrencies and other assets.
Bytom is different by being a multi-layered platform with three primary layers:
● data transaction & transmission layer
● contract layer
● asset interaction layer
Bytom integrates Segregated Witness (SegWit) into its design and uses ODIN (Open Data Index Name) for its asset naming function. It assigns unique parameters for identification to all assets across the blockchain, for easier identification.
It also involves three primary asset types – income, equity and securitized. All these assets can be traded on-chain with the Bytom protocol. The protocol establishes a more secure and efficient system, as it records all asset ownership and exchanges on the blockchain network.
This helps remove a major part of the bloat created by middlemen, in asset transfers and record keeping. By removing middlemen, costs and transfer times can be significantly reduced. Another benefit of having this layer removed involves, giving the users full control over their assets and transactions. Third-parties do not have to be trusted anymore.
What are Current and Future Applications of Bytom?
There are three main uses of BTM in the Bytom ecosystem. It is used towards transaction fees, dividends, and asset issuance deposits. The token can be earned through mining as rewards since only 67% of total tokens were made available in the ICO.
The cryptocurrency is available for trading on several leading exchanges, namely OKEx, KuCoin, HitBTC, Huobi, Gate.io, CoinEx, and Bibox among others. Most of these exchanges have paired BTM with BTC, ETH or USDT.
The tokens can be easily stored in the Bytom official wallet, which is compatible with popular operating systems such as Windows, macOS, and Linux. MyEtherWallet and imToken are also BTM compatible.
Bytom provides a simplistic framework for developers to create Dapps. Some of the more popular Bytom applications include:
SeaRates is one of the most established logistics companies based in the UK.
This is a decentralized digital asset trading platform, based on Bytom and allows the exchange of the token with various stable coins, backed by digital assets and fiat currencies.
● Blue chain
This blockchain-based system is designed to manage industrial waste and water resources transparently and efficiently.
This trusted transaction solution is based on blockchain technology.
BTM is one of the more technical projects in the crypto space. While most cryptocurrencies work on a peer-to-peer transaction system, Bytom employs a complex blockchain network to unify several elements of both the digital and real-world on one platform.
Bytom also presents itself as a unique solution to the numerous problems, connected with the digital investment market. The most intriguing thing about this crypto coin is that it is not competing with other payments network, but is instead, trying to bring together several elements in the crypto market closer.
The cryptocurrency has shown rapid growth in a short period, with a lot of corporates eyeing the project. There are some groundbreaking technology launches under its belt, including the Tensority Algorithm.
The platform’s roadmap indicates that Bytom has big plans for its cryptocurrency, making it one of the more lucrative options in the market today.