What is Bytom?
Bytom is a blockchain protocol designed to provide financial and digital asset applications. Individuals and enterprises can, through the Bytom protocol, register and exchange not only digital assets like Bitcoin, but also trade traditional assets as well as bonds, securities, and intelligence data.
As ownership records and exchange ledgers are being moved to the blockchain, it is becoming clearer that real-world assets are becoming tokenized. From the point of protocol though, there is not a particular way for those assets to be mapped from the physical to the digital world at the moment. Outside mapping, there has to exist some interoperability between the two assets to create a cohesive ecosystem. If this doesn’t happen, a “tokenized” world cannot be realized. This is what Bytom seeks to solve.
How does Bytom work?
The mission of Bytom is to be the bridge between the physical world and the digital world, the atomic and the byte worlds. This will enable it to build a decentralized network that allows for registration and exchange of different byte assets and atomic assets. Bytom assets are in three forms, which are:
Income assets: These assets include non-performing assets, crowdfunding campaigns, and local government investments.
Equity assets: Investor verification for transfers are required for this asset class and it includes things like private companies equity and shares of non-public investment.
Securitized assets: This asset type has a cash flow that is predictable. Some examples include automobile loans and debts.
On the Bytom protocol, you can trade all these assets on-chain. There are also a lot of other benefits that come with this. When asset ownership and exchanges are recorded on the blockchain, this creates a more efficient and secure system compared to what’s available currently. This eliminated most of the bloat caused by middlemen in asset transfers and record keeping. When the middlemen are removed, costs become lower, and transfer times are reduced.
Another benefit of this removal is that you can now control your assets. There is no need anymore for a third-party to curate records as they are now being stored on an immutable, public ledger. Since the asset records are distributed all over the world across nodes, no single point of failure exists for a malicious actor to manipulate data.
There is also the ability to perform cross-chain transactions through side chains with the Bytom protocol. Developers can do this by creating a smaller version of the chain and executing API calls through smart contracts so that they can verify network activity on the main chain. This enables them to transfer assets between chains and distribute dividends via the side chain as well.
Bytom (BTM) will be Listed on Atomars
Bytom (BTM) has announced that it will be listed on Atomars on the 16th of December with the trading pairs BTM/BTC and BTM/USDT.
Atomars exchange is the latest digital assets trading platform recently opened to the cryptocurrency marketplace. The exchange is presently removing the gap that exists between fiat and cryptocurrencies. Atomars exchange is a fast, safe, secure, and user-friendly platform that seeks to ensure everyone enjoys their time. Most of the popular cryptocurrencies like Bitcoin, Ethereum, Litecoin and many more are available on the platform. Their web and mobile apps provide ease of easy and fun trading on the go.