What is Bytom?
Bytom is a cryptocurrency that employs a unique triple-layer approach to blockchain-distributed applications. The first layer is for data transactions, the second for transmissions, and the third is called the asset interaction layer. To give it a proper title, Bytom is an interactive protocol of several byte assets.
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?
There are three layers in Bytom. These layers are the application layer, the ledger layer, and the contract layer. This improvises on Bitcoin which has one layer and Ethereum which has two layers. Bytom uses this three layer approach as it believes each of the different layers will serve different purposes. One layer is in charge of transmission, another handles data transaction, and the third is where asset interaction occurs.
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)
The Bytom token has the ticker BTM. It supports the Bytom ecosystem operation in the following ways:
- For payment of transaction fees
- Enables sharing of dividends
- 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.
The Bytom team is made up of crypto enthusiasts based in China who have some history in the blockchain space. They include:
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
Yang Sheng: Blockchain Engineer
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
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How to Buy and Store Bytom Coins
During Bytom’s ICO, 67% of total token were issued. The remaining 33% are used to reward BTM miners, which means BTM miners obtain Bytom coins through the mining of BTM.
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
- Bytom is one of the technologically advanced cryptocurrency projects today. While most of the cryptocurrencies today use peer-to-peer transaction systems, Bytom unifies several digital and physical elements into one platform.
- 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.