What is Bytom Coin (BTM)?
What is Bytom | A Quick Overview
Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom (1.)
The Roadmap of Bytom Coin
- January 2017
- Bytom Blockchain project begins
- June 2017
- Bytom Blockchain completes PE fundraising
- Bytom Blockchain white papers published
- Bytom Blockchain public fundraising plans announced
- Q4 2017
- Bytom Blockchain test net online
- Q1 2018
- Bytom Blockchain charter published
- Bytom Coin-holder Assembly convenes for the first time
- Q2 2018
- Bytom Blockchain v1.0 is released
The BTM Coin Founders
Change Jia - Website - Co-Founder
Founder of 8BTC who has been working to populate the usage of blockchain technology in China.
Duan XinXing - Co-Founder
Executive President of 8BTC.com, and used to be Vice Presiden of OKcoin, one of the largest exchanges.
Bytom Coin Media
BTM Coin White Paper
Total Coin Supply
The Purpose of Bytom Coin
With the blockchain space continually growing there is a lot of physical items that need to be digitized.
That leads to a massive field of opportunities.
That’s why Bytom is aiming to utilize smart contracts, digital currency, and digital assets on their network with a specific protocol, unlike others.
They want to allow a mix of physical items like warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world.
Each of these different assets can then be registered, gambled, exchanged and used in any contract based application on the network.
This is all using one the UTXO (unspent transaction output) that Bitcoin uses and a few other features for the user.
Altogether, Bytom aims to be a multiple byte blockchain asset protocol.
The Features of Bytom Cryptocurrency
Three Layer Blockchain with General Address Formats
Bytom uses a UTXO compatible model that has three layers:
- Data Transaction and Transmission
- Contract Layer
- Asset Interaction
They also keep simplicity, utilizing general address formats like Bitcoin and Ethereum.
BIP32, BIP43, and BIP441are used in the design of Bytom wallet to provide support for multi-currency, multi-account, multi-address and multi-key with Deterministic Hierarchical Wallets (or "HD Wallets") (2.)
With one master private vital, users can control all of their assets that lie within that wallet.
ASIC-Chip Friendly Proof-of-Work Consensus
Similar to Bitcoin, Bytom allows for ASIC friendly proof-of-work mining.
Cross-Chain Dividends, Trading Flexibility, and Separate Transaction Signatures
The Bytom UTXO model allows for parallel processing of transactions that are looking for something similar to a nonce.
This makes it lighter than Ethereum.
Bytom also has compact transaction verification where the user only needs to verify the relevant transaction instead of the whole blockchain.
Using these calls, users can create a sidechain that helps them form an X chain (replicant of other blockchains) allowing for dividend distribution, cross-chain transfers, and much more.
While having separate transaction signatures from the rest of data, allowing for seperation between asset management and synchronized distributed ledgers.
What We Think of Bytom Coin
This is an exciting idea.
One thing that turned us off is that, not only could we not find LinkedIn for any of the members (granted it isn’t as popular in China) but the buttons to click and see full descriptions of the founders doesn’t work either.
Granted, there is a bit of a language barrier when it comes to their website and the information surrounding the coin.
Otherwise, Bytom is trying to help digitalized physical assets on their blockchain.
This means that multiple bytes are stored in blocks and it allows for the trading, holding, gambling and more of these assets secured by smart contracts.
If you liked this review and want to help support the academy donate some ETH below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Qtum Coin | A Non-technical Beginner’s Guide QTUM Coin Price What is Qtum Summary Qtum combines a modified Bitcoin core structure with a version of the Ethereum virtual machine. This allows QTUM to produce working decentralized applications which are executable on mobile devices, and compatible with many major existing blockchain ecosystems. The History…
What is Red Pulse (RPX Coin)? RPX Coin Price What is Red Pulse? A Quick Overview Red Pulse is meant to be the sharing economy for research based out of China. Essentially it is an intelligence and content ecosystem for China markets built on the NEO network, with a research content system, accuracy, and transparency,…