General Overview of Bytom (BTM)

What is Bytom?

At the center of the Bytom project is the Bytom chain, which enables organizations and individuals to build and deploy peer-to-peer financial applications that make it easier to register and exchange both digital and physical assets. The Bytom blockchain protocol helps to achieve this with the Bytom token (BTM). Bytom hopes to create the foundations of an “asset-based” internet for the future.

How Does the Bytom Protocol Work?

All the mobile and web apps work on the application layer, and this is where interaction happens the most. It is the application layer that users typically interact with.

The contract layer is basically the layer that handles smart contracts. In this layer, two smart contracts can be found. They are the genesis contract and the general contract. There are two important roles played by the genesis contract. One is to ensure all assets on the Bytom protocol use the same standardized rules. The second role is to audit and create other blockchain smart contracts.

Then there is the general contract, which is used for exchanging assets between protocol users. A general contract is necessary to create and verify the distribution of dividends. General contracts send new assets to the genesis contract before they can be approved.

The ledger is the last layer with the purpose of connecting to the blockchain itself. The function of this layer is to be a bridge of other layers to the blockchain.

Bytom Token (BTM)

  1. For payment of transaction fees
  2. Enables sharing of dividends
  3. Used for making asset issuance deposits.

The total supply of Bytom is 1,407,000,000 BTM. The coin spiked in January 2018, with its all-time high reaching $1.13 per Bytom coins one day before the launch date of April 22, 2018 with a market cap of more than USD 1 billion.

As of March 2019, BTM’s market cap was $88 million, with over 1 billion tokens currently in circulation out of 1.4 billion planned tokens.

The Bytom ICO was held between June and July of 2017, with distributions as follows:

  • 30% of the tokens were distributed to token participants. BTC/ETH from the public sale is reserved for funding Bytom Blockchain startup operations, which include development, cryptographic audits, marketing, legal, financial affairs, third-party audits, and the computing power needed for deploying the blockchain.
  • The Bytom Foundation will receive 20%. This is for project development incentives.
  • 10% will be reserved for Bytom Coin business development.
  • 33% will be reserved for mining rewards. Bytom Blockchain consensus operates using the POW mechanism, with mining rewards halved every four years until no new mining block reward is produced.

Team

Chang Jia: Founder of Bytom and creator of 8tc, one of China’s biggest bitcoin and blockchain publication media.

Dan Xinxing: co-founder of Bytom and renowned for being former vice president of OKcoin.

Lang Yu: CEO of Bytom

Zhi Yiqi: CTO of the Bytom Foundation.

Qu Zhaoxiang: COO.

Li Zongcheng: CFO

Jin Lei: Co-CTO

Others are:

Lin Haoyu: Blockchain Developer

Wang Zhang: Blockchain Engineer

Shen Ao: Blockchain Engineer

Zhang Chengcheng: Blockchain Engineer

Lin Zhiting: Front-End Engineer

Qiao Yu: Front-End Engineer

Ma Qianli: Operation Director

Zhong Lifei: Tech Operation Director

Yi Ren: Head of Bytom US

Huang Xinglong: Tech Operation Manager

Li Kaiyuan: Product Operation Manager

Wen Jiacheng: Oversea Operation Manager

Fan Mengxing: Activity Operation Manager

Competitors

Ravencoin

Enjin Platform

Polymath (POLY)

How to Buy and Store Bytom Coins

Several major crypto exchanges have the Bytom cryptocurrency on their platforms. Some of them include Huobi, OKEx, HitBTC, KuCoin, CoinEx, Gate.io, Bibox, and more. Most of these exchanges have Bytom in pairs with Bitcoin, Ether, and Tether.

BTM can be stored on Bytom’s official wallet. The wallet is available for use on your PC through the popular operating systems like Windows, macOS, and Linux. There are other wallet options for storing BTM coin besides Bytom wallet too.

Unique/Key Features Against its Competitors

  • The main focus of the Bytom blockchain protocol is on financial and digital asset applications. It not only permits registration and exchange of digital assets, but also traditional assets like bonds. It’s general address option grants support for multi-currency.
  • There are three kinds of Bytom assets, which are income assets, capital assets, and securitized assets. They can all be exchanged on the chain within Bytom’s protocol.
  • Cross-chain asset dividend distribution is permitted on Bytom through the side chains of the protocol.
  • The mission of Bytom is to build a decentralized network that allows for multiple byte and atomic asset recording and trading.
  • The PoW tensority algorithm used by Bytom permits the use of outdated AI ASIC-chips for mining.

Fast and Secure Digital Assets Exchange Platform https://atomars.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store