Bytom Review: Blockchain Protocol and Token
What is Bytom? (opens in a new window)
Bytom is a blockchain protocol that was developed to have applications in finance and cryptocurrency. With this protocol, users are able to register and exchange both digital and real-world assets.
The protocol was launched in 2017 by a team of Chinese developers that have a great deal of experience in the blockchain space, including Chang Jia, who also created 8BTC.com– one of the biggest sites in China which cover Bitcoin and blockchain news.
The co-founder, Duan Xinxing, served as Vice President of OKCoin, which is one of the leading crypto exchanges on the market.
Bytom was designed to serve as an intermediary link which bridged generalized blockchains with specialized blockchains. Through this linking, Bytom aims to create the most expansive public blockchain in the world.
The Bytom team describes the project as being 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.”
The platform was developed to have a higher degree of compatibility, and it works seamlessly with Bitcoin’s UTXO (unspent transaction output) model.
This enables the verification of transaction in parallel, thus ensuring that the outputs which remained unspent can only be quoted by a single transaction at a time. This will resolve the double-spend problem with which any blockchain project copes.
The Bytom protocol consists of three separate layers:
- An asset interaction layer which is compatible with mobile and other terminals.
- A contract layer that employs the genesis contract and control contracts for asset issuance and management, which allows for transactions to scale. In addition, it also prevents a deadlock in Turing complete.
- A data transmission layer which handles transactional details like asset issuance, spending, transfer and other.
By using a “general address format”, the native wallet which is given to users is capable of offering support for a wide variety of currencies.
Users are also able to control their wallets for all assets by just owning a single master private key.
Bytom Token Details
The native Bytom Coin (BTM) will be used in transactions that occur on the network.
The coin was first made available to investors in an ICO held between June and July 2017. 67% of the total supply was issued in the token sale, the rest of the 33% remaining to be used as rewards for miners. Currently, the coin has a circulating supply of 1,002,499,275 BTM out of a total supply of 1,407,000,000 BTM.
Bytom’s coin had a promising start, experiencing a spike directly after its release, but then in August it dipped and its value remained mostly around $0.08 for most of 2017.
BTM grew slightly in October, but no major upward swings occurred until December 2017 when the entire crypto market surged. Like the overall market trends, the BTM coin also drastically dropped in January 2018 but has managed to bounce back. From March 18, 2018, through March 31, 2018, its price almost doubled.
However, only near the end of April, the coin’s price hit its record price of $1.13. Currently, the price of one BTM is $0.167351 USD.
How to mine Bytom
Bytom’s BTM was initially intended to be mined on an industrial scale on ASICS. Because Bytom uses the PoW confirmation algorithm, mining the coin through a PC is not cost effective at all.
Where to buy BTM
Where to store BTM
BTM tokens should be stored in the official Bytom wallet. Changes can appear in the protocol by using the three main protocols: BIP32, BIP441, BIP43.
This protocol swapping enables the user to store several different tokens in the same wallet at the same time. The wallet is compatible with Windows, Mac, and Linux operating systems.
Bytom is an ambitious project that aims to bring forth a blockchain era where all valuables will be digitized and migrated on distributed ledgers. The project has a solid team with a background in crypto and its afferent technologies which have been diligently hitting milestones after milestone since the project’s inception in 2017.
Even though it’s still early, Bytom’s future development looks quite promising considering its previous developments.